Capital One Got the Most Complaints Compared with Its Market Share

In terms of picking the best credit card, most of the consumers take into consideration the interest rates and rewards. However, a recent study found another factor: complaints against credit card issuers filed with federal authorities.

Based on a report by Ken Thomas, a Miami banking analyst, some of the credit card issuers that got the most complaints in relation to their market share are SunTrust, TD Bank, GE Financial and Capital One. On the other hand, issuers with the least complaints in relation to their market share are HSBC, American Express, Discover, JPMorgan Chase, Bank of America and Citigroup.

According to Thomas, besides getting a good interest rate and benefits, it’s also sensible to check complaints so that you are aware of the kind of customer service offered. Reports like the one conducted by Thomas will convince banks to work more in order to meet the needs of their customers.

Thomas examined 13,502 credit card complaints filed with the Consumer Financial Protection Bureau that had the name of a particular user. The bureau started getting complaints on July 21 until May 15. Due to the Freedom of Information Act, Thomas was able to get the necessary information.

The results showed that Capital One had the highest number of complaints, accounting for 20 percent. Following is Citigroup, with 17 percent and tie at third are JPMorgan and Bank of America, with 16 percent each.

American Express and Discover got only a few complaints because both are known for their high customer satisfaction, according to credit card surveys done by researcher J.D. Power.

At present, credit card accounts in the United States have reached more than 500 million, which is more than the country’s residents of approximately 310 million. Credit cards have the highest interest rate among all loans that consumers can apply for. Outstanding credit card debt already exceeded $730 billion.

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