Eighty percent of the credit card market is controlled by five issuers - JP Morgan Chase, Bank of America, Citibank, Capital One, and HSBC. With so much credit on the line, it was surprising to learn that a survey conducted by Consumer Reports National Research Center gave them a mediocore score in consumer satisfaction. Issuers were rated on reports of unexpected rate increases, billing problems, and problem resolution when respondents contacted the card issuer for support.

Surveying 36,298 Consumer Report readers with a combined total of 61,944 credit cards, the results showed that those using cards from the largest issuers had more problems and were more likely to complain of unfair late fees or unexpected interest-rate increases. Twenty-seven percent of respondents reported having trouble getting help from customer service; including difficulty navigating voice systems, unreasonable wait times, or multiple calls to get a problem resolved.

The highest rated card in the survey is one that is limited to members of the military, retired military personnel and their families - USAA Federal Savings earning a score of 95 out of a possible 100. Also at the top, Navy Federal Credit Union along with a group of other credit unions with a median interest rate between 9% and 11% compared to 17% by the two issuers at the bottom of the list - Direct Merchants and Providian (with the lowest score of 61).

For more information, the full report can be found in the October 2007 issue
of Consumer Reports.

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