The Best Credit Cards of 2009
2009 has not been a good year for credit card companies or credit card users. In fact, its fairly safe to say that 2009 was probably the worst year to be a credit card company or a consumer with credit card debt since the inception of the credit card. On the whole, compiling a list of the worst credit cards would be much easier than putting together a list of the best credit cards. However, it would take quite a bit of time to compile a worst credit card list.
Given the behavior of most credit card companies this year, this review of the best credit cards will focus on companies rather than specific cards. In particular, this review will focus on the only remaining credit card companies that have shown respect to their customers: Discover and American Express.
Overall, Discover takes the top spot in this ranking of the best credit cards for 2009. Although they ranked second in J.D. Power’s 2009 credit card satisfaction survey, they get my nod as the best credit card company because, unlike every other major credit card company, Discover showed a continuing interest in treating their customers like human beings. You can search far and wide for negative comments about Discover, but for the most part, negative remarks are few and far between.
Unlike most major credit card companies, Discover did not pass on massive interest rate increases to its customers this year. Compare to the likes of Citibank, which recently raised rates on many of its loyal customers to 29.99%, this qualifies Discover for credit card sainthood. Even without an easy comparison to Citibank, Discover still out did every major bank by keeping interest rates relatively stable and sticking to the terms of its agreements with customers.
On all major factors, Discover scored very well in J.D. Power’s annual satisfaction survey. This includes customer service, rewards programs, fees, and other factors. While many may skip past Discover in lieu of a Visa or MasterCard, issuers of those cards let their customers down across the board.
Like Discover, American Express has also been relatively kind to its customers. However, American Express has been moving away from the credit card arena back towards the charge card arena. This move, as well as the relatively high annual fees that come with most Amex cards, puts them in second place here, although they did take the top spot in J.D. Power’s 2009 survey.
Overall, Discover credit cards are likely to continue to be the most consumer friendly credit card in the coming years. Unlike the major banks, Discover is a credit card company and cannot afford to alienate its customer base with massive interest rate increases. As the credit crunch wears on, more and more companies may follow in Citi’s footsteps, either by raising interest rates or adding annual fees. Discover, on the other hand, is likely to focus on keeping its customers happy and repaying their loyalty by treating them like human beings. If that doesn’t make them the best credit card company of 2009, I don’t know what else could.