Which credit card has the highest customer satisfaction rate?

AMEX cards scored 755 in card satisfaction, beating DBS and PSOB.

Amongst the card issuers that customers are currently subscribed to, American Express (AMEX) credit card recorded the highest satisfaction rate with an overall score of 755, followed by DBS Bank’s with 737 and PSOB ranking third with a score of 721, according to a report by J.D. Power Singapore.

Dissatisfaction among three in four of cardholders is due to lofty transaction fees and forex rates incurred when transacting overseas. Fears relating to the possibility of fraud also emerged to downplay credit card payments, with cash accounting for 50% of total spend abroad.

On average, Singapore residents travel twice a year, according to a study by SingStat. The report by JD showed that during these trips, Singaporeans spend approximately $4,800 annually.

Cash is still king, however, as cardholders showed to still prefer cash over card transactions, with customers’ overall satisfaction with their primary credit card issuer dipping 6 points to 712 in 2019.

As other payments options are launching in the market, the preference of cash to card signals a missed opportunity for issuers to capture overseas spending, notes Anthony Chiam, Regional Practice Leader for Asia at J.D Power.