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Brits are 'unhappy' with credit card providers
The annual uSwitch Credit Card Satisfaction Survey revealed that customer satisfaction is at its lowest level for five years.
High street banks have underperformed again this year, the study found, with consumers rating them badly, while non-traditional providers such as Tesco and Sainsbury's Finance performed well.
Not a single high street bank won the top spot for satisfaction in any of the 11 categories for the third year in a row, indicating that customers are not happy with the services they offer.
Michael Ossei, personal finance expert at uSwitch.com, explained that with 2012 shaping up to be another tough year financially speaking, and customer credit card satisfaction dropping, people need to look around for better deals and friendlier service.
"Instead of putting up with poor service or an uncompetitive rate, consumers should look around for a better deal – and sometimes they have to venture off the high street," he explained.
"With trust in the banks still low, and more players in the market, consumers have a bigger choice when looking for a new credit card, and with three in ten card users choosing their most recent card based on the rewards or points it offered … it's easy to see why Marks and Spencer, American Express and the supermarkets are doing so well."
Research by First Direct earlier this month revealed that most Brits do not have enough savings to last them until the weekend.
When questions as to how they would afford to live if they unexpectedly lost their main source of income, over ten per cent said they would rely on credit cards.
However, around a third admitted they would not be able to cover their rent or mortgage if they lost their job.
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Back2012-01-19 12:28:29 © Moneyextra.com
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