One in five credit card users unhappy in UK
More than a fifth of credit card users are not happy with their provider, according to a study released today.
Almost a year on from a clampdown on the industry from the Office of Fair Trading, research from uSwitch.com found that 21% of customers are still dissatisfied.
Despite this, cardholders stick with the same firm for an average of six years, the study found.
Overall, Nationwide customers were the most content with their provider, with a satisfaction level of 94%.
This compares with Capital One, which scored the lowest, with almost a third of its credit card users dissatisfied.
Satisfaction with the level of interest being charged on cards was low – with every provider having at least two out of three customers that are not happy with interest rates charges.
More than 10,000 people were polled as part of the study.
It found that for 31% of credit card users, the main factor in choosing their current provider was an existing relationship with the bank or building society.
The larger banks tended to have a greater retention level, with customers sticking with them for an average eight years, research found.
Mike Naylor, personal finance expert at uSwitch.com, said: “Credit card companies are relying on customer lethargy, and, with over half of consumers never comparing their existing deal with the rest of the market, clearly people are playing directly into their hands
“Providers have spent the last year constantly introducing ’get rich quick schemes’ for their own benefit yet customers are still prepared to stick with them for years.”
