A new survey from JD Power indicates that this spring, nearly one in four customers of the major credit card companies were unable to make monthly payments.
JD Power’s May and June survey of more than 6,700 credit card holders suggests that consumers whose incomes fell during the pandemic were generally less satisfied with their credit card companies.
The annual survey – which assesses factors such as perks, credit card terms, customer interaction, and rewards – comes in the wake of COVID-19 accommodations that allowed some people to defer payments.
JD Power says that while overall credit card satisfaction is stable from last year, people are less satisfied with online help and call centers from credit card companies.
The survey also indicated that wait times at credit card company call centers reached 12 minutes during the pandemic, compared to less than eight minutes before the pandemic.
The professional association of the survey industry, the Marketing Research and Intelligence Association, says online surveys cannot be given a margin of error because they do not sample the population at random.