J.D. Power Ranks American Express Top Card Issuer

The annual survey ranks credit cards by consumer satisfaction and reports on trends, like rising credit card debt.

Man holding a tablet showing five stars ard reading "customer survey"
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A recent study from J.D. Power ranked rewards credit cards by customer satisfaction, finding American Express the top card issuer for the fourth year in a row. The J.D. Power 2023 U.S. Credit Card Satisfaction Study℠ also reinforced that many Americans are struggling with credit card debt. 

Highest ranked credit cards

This is no small study; it tallies the responses of over 31,000 credit card customers. It measures seven areas of consumer satisfaction with credit cards, such as benefits, customer service and rewards earning and redemption.

These are the rankings for customer satisfaction. 

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  • Credit card issuers: American Express ranks highest in customer satisfaction among credit card issuers, followed by a tie for second between Bank of America and Discover. To learn more about Amex cards, see our article on American Express Credit Cards: The Best Pick for You.
  • Bank rewards credit cards with no annual fee: Capital One SavorOne Rewards Card ranks highest. Discover it Student Cash Back ranks second and Blue Cash Everyday Card (American Express) ranks third.
  • Bank rewards credit cards with an annual fee: Bank of America Premium Rewards Elite ranks highest. American Express Gold Card ranks second and The Platinum Card from American Express ranks third. 
  • Co-branded credit cards with no annual fee: Apple Card (Goldman Sachs) ranks highest. This is the third year in a row in which Apple Card and issuer Goldman Sachs have collectively won a segment award. Hilton Honors American Express Card ranks second, while Amazon Prime Rewards Visa Signature Card (Chase) and PayPal Cashback Mastercard (Synchrony Bank) each rank third in a tie.

Credit card debt rises

The study found that just over half of U.S. credit cardholders carry revolving debt at an average interest rate of almost 15%. These findings reinforce government data showing that Americans' credit card debt is now over $1 Trillion.

“The pandemic-era savings cushions are gone, the economy is shaky and consumers are leaning more heavily than ever on their credit cards to cover day-to-day expenses,” said John Cabell, managing director of payments intelligence at J.D. Power.

Surprisingly, the study found that financially secure customers are more likely to use payment plans than financially stressed customers. J.D. Power recommends that issuers focus on outreach to customers who could most benefit from these plans; customers who use payment plans typically report higher satisfaction with their credit card.

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Ellen Kennedy
Personal Finance Editor, Kiplinger.com

Ellen writes and edits personal finance stories, especially on retirement. She also covers the nexus between sustainability and personal finance. She worked in the mutual fund industry for 15 years, as a manager and sustainability analyst at Calvert Investments. She focused on consumer staples, consumer goods, climate change and water. She served on the sustainability councils of several Fortune 500 companies and led corporate engagements. Before joining Calvert, Ellen was a program officer for Winrock International, managing loans to alternative energy projects in Latin America. She earned a master’s from U.C. Berkeley in international relations and Latin America.