Back in the 20th century, the credit card you pulled out of your wallet conveyed status. Some credit card companies ran ads emphasizing exclusivity to convince consumers to join a club of elites.
In the 1990s, American Express popularized the slogan, "Membership has its privileges." While the company continues to market the benefits that come with its cards, it has expanded its messaging to focus on how the card enables members to savor experiences and make memories.
American Express tied for first in this year's IBD Most Trusted Financial Companies survey of credit card customers. The 2023 results from IBD's fourth annual survey show Amex's overall score of 84.6 is even with Discover Financial Services. U.S. Bank followed them at 78.3.
It's been a bit of a two-horse race. Discover beat American Express for first place in 2021's survey, and the two switched positions in 2022. This year was a solid tie for first place.
IBD's list of the Most Trusted Financial Companies is based on a June-July survey in which thousands of people rated their financial service providers on the trust attributes that consumers said were most important to them.
Read our overview story, "IBD's Fourth Annual Survey Of The Most Trusted Financial Companies," here. Our sister company, MarketWatch, is co-branding the report for a second year.
For IBD's Most Trusted Financial Companies in 2023, we asked 7,597 survey participants about how they judged the financial soundness of the financial companies they do business with. We also added online banks to our survey this year. The survey was conducted in June and July by IBD's polling partner TechnoMetrica Market Intelligence. Nine credit card companies were included in the survey analysis.
3 Most Trusted Credit Card Companies
| Company | Overall rating | Soundness | Quality | Privacy | Ethics | Customer service | Prices | Sensitivity to customer needs | |
|---|---|---|---|---|---|---|---|---|---|
| American Express | 84.6 | 92.2 | 89.8 | 88.5 | 82.5 | 88.5 | 64.3 | 77.3 | |
| Discover | 84.6 | 90.6 | 86 | 90.2 | 83.2 | 82.5 | 77.9 | 75.3 | |
| U.S. Bank | 78.3 | 81.4 | 79.3 | 83.2 | 77.1 | 82.6 | 69.6 | 70.5 |
American Express Adds Services, Expands Digital Offers
"We've redefined membership by expanding the services we offer, from payments and digital banking to travel, dining and exclusive events just for members," said Howard Grosfield, president of U.S. consumer services at American Express. "We can help you get a table at the most popular new restaurant or plan the perfect itinerary for every trip imaginable."
In March, Amex opened Centurion New York, a private restaurant designed for its Centurion card members. Spanning the 55th floor of One Vanderbilt, a Manhattan skyscraper, it offers casual and fine dining created by Michelin-starred chef Daniel Boulud.
Amex Comes Through In A Crisis
Amex cultivates customer loyalty. Some of its credit card holders have stuck with the company their whole adult life.
Rick Haas has carried the American Express card since 1979. Whenever he calls Amex, the customer service rep thanks him for his 40+ years as a member.
In 2013, Amex proved its value when Haas faced a crisis. He was in Chicago when he learned his daughter was in an Atlanta hospital. As a Platinum cardholder, Haas called its travel service and said, "I need to be in Atlanta ASAP. Get me on a plane."
"Within minutes, they made it happen," he recalled. "Their customer service has always been great."
Andy Schenk, a national sales manager in Boise, Idaho, has carried an Amex card for 22 years. Like Haas, he cites its top service. But he's also a fan of its purchase protection benefit that covers stolen or damaged items.
Years ago, Schenk bought his son a digital camera. Soon after his son opened the present, it fell off the table and broke.
"If you buy something and it breaks within a certain time, Amex will reimburse you," he said.
Read Our Category Stories On The 2023 Most Trusted Financial Companies In Investing, Insurance, Credit Cards And Banking
Discover And U.S. Bank Cards Score Highly
Just as Amex members praise the benefits and responsive service, Discover's credit card holders express similar levels of satisfaction. But Discover made news in August for a different reason: the sudden resignation of its longtime CEO, Roger Hochschild, in a matter related to compliance issues.
The company disclosed in July a regulatory review of how it classified some accounts. Cardholders were not affected by the misclassification, Discover said in Securities and Exchange Commission filings.
And many of its customers remain firmly on board.
"I've had the Discover card for decades," said Gene Solio, who lives in Highland Park, Ill. "They're very good at dealing with the unusual."
Discover Delivers On Service, Speed
For example, he lauds how the company acted quickly when fraudsters tried to use his credit card. Discover reversed unauthorized charges to his account "with alacrity," he says.
Customer Bill Jetter has carried the Discover card for around 30 years. The Arizona-based retiree recalls that Discover was among the first cards to offer a cash-back feature.
"Over the years, they've been very reliable," Jetter said. "They don't make mistakes. They don't credit you the wrong amount."
He likes getting 5% cash back on a rotating set of categories every quarter, such as grocery stores and restaurants. By linking his credit card to his Amazon account, he redeems his Discover points to make Amazon purchases "with one click," he says.
For Wayne Phillips, a Discover credit card holder in Orinda, Calif., the cash-back feature stands out. "It amounts to real money," he said. He uses it to lower the amount due on his credit card balance.
He also appreciates the ease with which he can increase the credit limit with a quick call. "It was the easiest thing," he said. "I just have to ask them and they raise the limit."
U.S. Bank Provides Rewards, New Services
With this year's No. 3 ranking, U.S. Bank wins fans through innovation. It is among the first credit card issuers to reward cardholders for electric vehicle charging transactions, says Steve Mattics, head of U.S. Bank's retail payment solutions. And its U.S. Bank Shopper Cash Rewards Visa Signature Card is the first card that offers a cash-back choice from multiple retailers, rather than only through categories.
"Cardmembers have an option for 6% cash back on not one, but two of the nation's top 24 retailers," Mattics said, including Amazon, Home Depot and Walmart.
(Read all our 2023 Most Trusted Financial Companies content.)
