By Mary Auestad Arnold
"Not so much" was how customers of Capital One answered this question posed by Consumer Reports in its recently released annual survey of 36,298 subscribers who described their experiences with 61,944 credit cards.
Capital One, which heavily advertises its "No Hassel Cash Rewards" with the tagline "What's in Your Wallet?" scored 71 points out of 100 in the survey, with consumers criticizing it for "interest rate problems" and "problem resolution." Capital One's interest rate was also one of the highest reported.
Appearing near the top of the heap for consumer satisfaction was--drum roll, please--Navy Federal Credit Union, with 93 points to take second place in the survey. A group of other credit unions named by respondents scored an aggregate 89 points for third place.
At the very top, scoring 95 points, was USAA.
Kudos to Navy Fed and the other winning credit unions rated in this survey for their combination of low rates and good service! Now, the question becomes, how to wrestle some attention for CU cards, when Capital One has such captivating commercials?
Mary Arnold is VP/publications for CUES and editor of Credit Union Management magazine.
