For many consumers, choosing the right credit card can make a big difference to spending habits, savings, cash flow and rewards, not to mention protecting sensitive financial information. So when they're asked to rate their trust in credit card companies, a lot of factors can influence their ratings.
Among cardholders' minimal expectations is that their rates and fees are competitive, they can access a customer service representative easily, their data and identities will be protected, they can earn rewards that they deem valuable and they can tap useful features such as mobile payment services or credit score updates.
Launched in 1986, Discover Financial Services popularized perks that are commonplace today. With no annual fee and a cash-back rewards program, it differentiated itself from rivals.
Discover Wins Most Trusted Credit Card, Followed By American Express And Citi
Discover nabbed first place among credit card companies on Investor's Business Daily's list of the Most Trusted Financial Companies, and it was eighth among the top 25 financial companies of all kinds. Discover had a trust rating of 87.0, and was No. 1 among credit card issuers on four of the five trust attributes: quality, privacy, price and customer service. It placed second on ethics to American Express. American Express was second overall among the seven credit card companies included in the consumer survey. Citi captured third place.
- See The Full List Of The IBD Most Trusted Financial Companies
- Learn How The Most Trusted Financial Companies Survey Was Conducted
- Read Our Full Special Report On Most Trusted Financial Companies
In addition to its flagship cash-back card, Discover offers a handful of specially branded cards that target groups such as students and frequent travelers. The cards still do not have an annual fee.
In addition, the company does not charge foreign transaction fees or a fee for the first missed or late payment. And monthly statements often come with an updated FICO score.
Perks That Set Discover Apart
Bill Cole has carried the Discover card for more than 20 years. Based in Salisbury, Md., Cole appreciates the lack of card fees and the high level of customer service.
"Awhile back I had a minor snafu and I had to call them," he said. "It resulted in a fee that they wiped out right away. I didn't have to fight them over it. They were very easy to deal with."
While Cole is a Discover fan and deems it his primary card, he concedes that it's not accepted as widely as some of its competitors.
"A few places don't take it," he said. "So I sometimes have to use another card."
3 Most Trusted Credit Card Issuers
| Company | Overall Trust Rating | Privacy | Quality | Ethics | Price | Customer Service |
|---|---|---|---|---|---|---|
| Discover | 87.0 | 90.5 | 90.1 | 84.5 | 80.5 | 88.1 |
| American Express | 83.4 | 89.1 | 89.8 | 84.6 | 65.1 | 85.1 |
| Citi | 76.8 | 82.5 | 82.6 | 75.5 | 65.2 | 75.3 |
Customer Service Reps Who Don't Put You On Hold
Investor's Business Daily conducted a survey with polling partner TechnoMetrica Market Intelligence to find out which are the 25 Most Trusted Financial Companies. Analysis of the IBD survey revealed which are the most trusted credit card issuers based on trust ratings by their own customers. We recognize the top three as the most trusted in their business category.
In the credit card category, other companies that were included in the survey were: Chase, Capital One, Bank of America and Wells Fargo.
Discover says that all of its customer service reps are based in the U.S. They are usually easy to reach without excessive hold times, based on cardholders' reports of their experience.
"I've found they never pass you onto someone else," said Donna Neese, a longtime Discover customer who lives near Omaha, Neb. "I have a lot of credit cards, and some of these other credit card companies pass me from one person to another to take care of something. They might make me call back and talk to the billing department. Discover has always treated me better than the others, and I can call them 24/7."
