Supermarket champs
Once upon a time, credit cards are applied over bank counters. Today, consumers can walk up to a supermarket and apply for a co-branded credit card. Apparently, customers of these credit cards are so happy with them that satisfaction for these supermarket credit cards have surpassed levels of that from major banks’ credit cards. Telegraph.co.uk reported that supermarket credit cards are now rated the highest amongst all card products in the market, triumphing over cards issued by big names like Halifax, Lloyds and NatWest.

Just who are the ones who dared topple the traditional banks in their bid to provide more satisfaction to credit card users? Supermarket giants Tesco and Marks & Spencers, that’s who. A survey done by comparison and switching service entity uSwitch.com last year revealed that Tesco as well as Marks & Spencer emerged the people’s credit card champions while Halifax and other traditional bank cards were at the bottom of the satisfaction meter.

Satisfaction matters
10,000 cardholders were questioned and asked what cards they preferred in terms of categories that include:

• Best value for money credit card
• Most satisfying customer service
• Best payment service
• Best recommended card

Out of the group, 89.4% of Tesco and Marks & Spencer cardholders were happy with their current cards while the percentage of satisfied Halifax, Lloyds and NatWest cardholders only made up between 62% and 64%.

Other findings
Based on the surveys, uSwitch.com also reported that one in three cardholders are clueless about how their interest rates fared in comparison with other cards. More worrying is the 8% of consumers who have known all along that their credit card rates are not satisfactory but are not acting proactively to obtain better rates.

All is not lost
Some good came out of this survey. A Halifax representative said: “We take customer service very seriously and are always looking at ways to improve our offering. We are committed to listening to our customers and improving wherever possible.”

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