New credit card frontrunner emerges as Amex-Chase battle heats up
Now, new contenders are shaking up the leaderboard.
Bank of America climbed to second place from fifth. Capital One stays in third place in JD Power's latest customer satisfaction rankings.
Chase fell to fourth, while Amex held onto the top spot.
The annual survey scores issuers across seven factors, including rewards, customer service, account management, and fees.
In addition to naming an overall winner across all card types — from airline-branded to no-fee and premium rewards cards — the study also highlights leaders in each category.
Capital One's Savor card was ranked best among no-annual-fee rewards cards, a category especially popular with younger, budget-conscious users.
Among premium cards — with annual fees ranging from $95 to $795 — Amex's Platinum returned to first place after dropping last year. Chase's Sapphire Reserve fell to fourth.
The survey comes as consumers juggle tighter finances: 53 percent of cardholders now carry a balance month to month, and 56 percent are classified as 'financially unhealthy.'
Average monthly credit card spending also dipped to $1,058, down from $1,126 a year earlier.
Still, satisfaction climbed among cardholders who pay their balances in full, said J.D. Power's John Cabell.
Rewards credit cards with fee
American Express's Platinum Card is the overall pick for rewards cards that come with an annual fee this year, leaping up from fourth place last year.
Chase's Sapphire Reserve fell from third place last year, to fourth place this year as competition for travel rewards heats up.
Rewards credit cards with no-annual fee
Capital One's Savor Rewards card held on to the top spot for the second year in a row.
Chase's Freedom Flex fell from second to fifth.
American Express landed the top spot. It is known for its lavish perks and use of celebrities to promote its cards. Australian model Elle MacPherson is seen here promoting the Amex Red card
Airline co-brand credit cards
Most popular airlines issue their own credit cards in partnership with a bank.
Last year Southwest's Rapid Rewards Premier Card, in partnership with Chase, was ranked the best. Frequent fliers appear to have turned on the card, which has tumbled to ninth.
American Airlines' AAdvantage Executive World Elite card issued with Citi soared to first place
Credit cards have perks for frequent flyers, including cashback for hotels
Other co-brand credit cards
Hilton Honors American Express was the highest-ranked co-branded card overall, knocking Apple's Goldman Sachs-issued card off its perch.
Costco's Citi Visa also outranked Apple. Apple's future in the credit card business remains uncertain as Goldman retreats from consumer banking.
Meanwhile, a recent report showed how the value of credit card reward points has been gradually falling - as inflation has taken hold.
A reward point has long been worth around one cent when used to cover other purchases.
But one cent has lost around 20 percent of its purchasing power since 2018, according to the Bureau of Labor Statistics.
This means a point has also fallen in value by about the same amount.
If you built up 50,000 points with a major credit card issuer in 2020 and still have not spent them, they are now worth about 41,300.
Inflation starts to bite into the value of points if users redeem them directly through a bank's portal or online app
Card issuers are also adjusting their offerings.
Venture X cardholders will soon lose the ability to extend Capital One airport lounge access for guests and additional cardholders from February.
The move is to tackle overcrowding. Amex has rolled out digital waitlists at its lounges to tackle long lines.
Citibank is entering the premium travel card market with its upcoming Strata Elite, designed to appeal to affluent travelers.
The 'Strata Elite', due later this year, will be a direct rival to Chase's Sapphire Reserve card and American Express's travel-focused Platinum card.
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