21 November 2007
The John Lewis/Waitrose group has beaten off competition from big name credit card providers like Barclaycard and American Express to be named best for customer satisfaction in a credit card survey* by Which? Money
.84 per cent of John Lewis/Waitrose customers surveyed by Which? Money said they were very satisfied with the service they receive. The retailer was rated highly for accuracy and clarity of statements and was the provider most likely to be recommended to a friend.
Many of the well known credit card providers scored poorly - only 38 per cent of Lloyds TSB customers and 42 per cent of American Express customers were very satisfied. Mint came bottom of the table, with just 32 per cent very satisfied).
The most common reason given for choosing a card was having another financial product with the provider (28 per cent). More than one in five (21 per cent) chose their card because of its reward scheme.
Which? Money also found that 71 per cent of those surveyed have had their credit limit raised without asking. 62 per cent had been sent credit card cheques, which carry a cash handling fee and charge interest at the higher cash advance rate with no interest-free period.
Martyn Hocking, Editor, Which? Money, says:
“High street retailers are clearly stealing a march on traditional credit card providers when it comes to keeping customers satisfied – John Lewis/Waitrose is leading the field, but Marks & Spencer, Tesco and Sainsbury’s all fare well too.
“You could also be wasting money if you hold a card with one of the big four banks – only Barclays currently offers a card that makes it into the Which? Money Best Buy tables**
.“You should choose a credit card according to your spending habits and how much you repay each month. If you hold a card simply because you have another product with that provider or for reward scheme points then watch out - you’re unlikely to be getting the best deal."
– Ends –
A full article “The Insider’s Guide to credit cards” appears in the December issue of Which? Money magazine. The article includes the full results of Which? Money’s first credit card customer satisfaction survey and tips on how to cut credit card costs.
For further information, the full article, a copy of the magazine or an interview, contact Nicola Frame.
* In August and September 2007, 6,376 Which? online panel members with credit cards took part in a survey about their card providers.
** Which? Money Best Buys are categorised by overseas purchases, 0 per cent balance transfer deals, borrowing and cashback. To be included a card cannot charge an annual fee or be tied to another financial product and must be available throughout the UK. Which? is the only organisation that takes into account the different ways in which cards charge interest (the top 20 companies use 12 different methods) as well as the interest rate, to show the true cost of borrowing. All our Best Buys can be found at www.which.co.uk/money
