This Week In Credit Card News: Consumers Unhappy With Card Perks; Concerns Rise With Consumer Spending

Consumers Grow Unhappy with Credit Card Perks as They Spend at Record Levels

Credit card rewards top the list of what consumers are the least satisfied with, according to the J.D. Power 2023 U.S. Credit Card Satisfaction report. The dissatisfaction stems from the rewards earned per dollar spent, especially among cashback cardholders. Cardholders paying $500 or more in annual fees said they were less happy with the rewards and benefits offered by their credit cards because of the unreasonable fees they paid, the report said. For example, airline cardholders said they were highly satisfied with rewards and benefits but were less impressed with their card terms. Additionally, the search for better rewards programs was the primary reason why consumers switched card providers in the last twelve months. [Fox Business]