For those headline readers who are interested in the bottom line, the short answer to the question is American Express.

If you want an explanation as to who says American Express is the best credit card service provider or why American Express can claim to be the best at providing credit card services, read on.

According to a 2010 study just released by JD Power and Associates, consumers have given American Express the highest customer satisfaction ratings of the nation’s top 10 credit card issuers. American Express not only rated highest in in customer satisfaction in the 2010 study, the company also took top honors each year since the study’s inception in 2007.

JD Power and Associates, a global marketing information service that has been in business over 40 years and is probably most well-known for their customer satisfaction reports on new car quality, conducts research on six key areas of credit card customer satisfaction: interaction; credit card terms; billing and payment process; benefits and services; rewards; and problem resolution. The data gathered is then put through a mathematical formula which weights each of the key areas according to importance. The final result for each of the 10 companies will be a numerical value on a 1000 point scale.

Outstripping competitors significantly, American Express scored 769 in overall satisfaction. Discover Card ranked second with a score of 758. US Bank came in a distant third with an overall satisfaction score of 727. Not only is it significant that the American Express Company earned the JD Power Highest Customer Satisfaction Award, but the company’s score was a whopping 55 points above the customer satisfaction average score of 714.

Another item of note is that the average customer satisfaction score has risen from 703 points recorded in the 2009 report. On one hand, 11 points seems somewhat negligible. However, school teachers have repeatedly pointed out to struggling students that it is much more difficult to bring up a low grade than to maintain a high score from the outset. The overall customer satisfaction score in 2009 was the lowest in three years. Perhaps the increased average over last year is another minor indicator that the economy and the public’s trust in the economy is, like the media has recently begun to state, beginning to recover.

From the outset of the study in 2007, American Express has consistently maintained high performance scores in benefits and services. Past reports on the study have also singled out consumer satisfaction with American Express problem resolution. High scores in both billing and payment and in rewards have been highlighted in previous years’ reports. The 2010 JD Power and Associates report simply states American Express “performs well across all six factors that drive satisfaction.”

Two of the most talked about factors driving customer satisfaction seem to be a card’s rewards program or a card’s low interest rates or lack of annual fees. The importance of each of those factors is usually determined by whether or not the card holder carries a monthly balance. People who pay their card balance off each month generally seek a card offering an attractive rewards program while people who maintain a balance from month to month generally place an emphasis on finding a credit card issuer offering low interest rates and no annual fees.

Since the study was begun in 2007, two factors consistently influencing lower consumer satisfaction scores are an increase in interest rates or fees and a lack of clear communication on the part of the card issuer, specifically in relation to credit card terms. Because of legislation that went into effect in Feb. 2010 (the CARD Act), many credit card companies have made huge efforts to help consumers more clearly understand their credit card terms. The JD Power and Associates report indicates that although progress has been made, many consumers still feel they do not fully understand the credit card terms, and some of those consumers do not believe the card issuers are concerned with what is in the customer’s best interest.

In an economy that, over the past three years, has seen an extreme down turn in the housing market, multiple bank failures, and government bailouts of huge corporations, the good news is, along with an increase in the average of overall customer satisfaction, consumers generally believe that their card issuers are financially stable and reliable.

Source: JD Power and Associates

The CARD Act goes into effect today, February 22, 2010. This Act was established to protect credit card consumers and is monumental because it will change the way credit card companies do business. It entails the most significant changes ever to be made in credit card history.

What will the Act entail?

1.  There will be new limits on rate increases.
2. It will prohibit credit card companies from ’surprising’ consumers.
3. Credit card lenders will have to do a better job informing the consumer regarding interest rate increases and fee increases.
4. It will make it much more difficult for consumers under the age of 21 to qualify for a credit card.
5. Interest rates will not be allowed to undergo an increase until after the account has been open for at least 12 months.
6. Credit card companies will not be allowed to charge “over limit” fees unless the consumer specifically allows over limit charges.
7. Monthly credit card statements will have to undergo a face-lift. Each statement must contain detailed information, including a detailed pay-off plan. This plan will show you how long it will take to pay off the balance on your credit card by only making minimum payments.
8. If the interest rate is increased after one year, the new interest rate will only affect new charges. It will not affect the previous balance at all.

Congress is hopeful that the Act will place more power in the hands of consumers. Of course, credit card companies will still have access to a wealth of power. Lenders will seek other avenues for the amount of lost revenue provoked by the Act.

However, the Act is not a “saving grace” for credit card holders. Some credit card holders believe that all of their credit card problems will be solved by the bill. Many people need to realize that if you have gotten out of the habit of reading everything from your credit card company, the Act isn’t going to do much for you. You will be required to change your old habits and start reading every correspondence between you and your lender.

The CARD Act of 2009 is here to help the millions of credit card holders around the country. But, it isn’t here to save you from all of your credit card woes. Learn as much as you can and be sure to read everything that your credit card company sends you.

New credit card reform or the CARD Act of 2009, goes into effect on February 22, 2010. This legislation signed by President Obama, will serve to protect credit card consumers more than ever before and is the largest piece of legislation ever to be passed related specifically to credit cards.

But, how will it affect you if you are a college student?

In the past, credit card companies have aggressively marketed to college students, spending a great deal of marketing time and money towards students. Credit card companies target college students and convince them to get a credit card now…before they graduate. These companies often “sweetened” the deal with freebies and introductory 0% offers.

In the United States, the age of eighteen seems to be the magic number for young adults. It is the age at which teenagers officially become ‘adults.’ However, the CARD Act will add one more thing to the list of “can’t do’s” for young adults until they reach the age of 21. The new CARD Act will prohibit consumers under the age of 21 from obtaining a credit card.

Of course, there are a few exceptions. These exceptions are:

• If the consumer has a steady flow of income, they may be eligible to get a credit card.
• If the consumer has a responsible co-signer, they may be eligible to get a credit card.

Why?

Barbara Mikulski, a Senator from Maryland, says that the Act is in college students’ best interest. It is supposed to prohibit the old practices of credit card companies…to “weigh” students down with credit card debt before they even graduate.

The CARD Act will help protect college students from what is an ever-increasing amount of credit card debt. Rather than graduating with credit card debt, more college students will graduate with little or no credit history.

Here’s how you can work with the CARD Act to make sure that you can graduate with a credit history.

1. Get a job. It is possible to complete your college studies and have a job at the same time. Millions of students have done it and so can you; proving that you have adequate income to cover your credit card account.

2. Find a co-signer. Find a parent, guardian or spouse that is willing to co-sign with you. This gives you the opportunity to build your credit before you graduate.

It is extremely important for students to graduate with an established credit history. Having an established credit history or not can affect your ability to get a job, buy a home or car and even the rates you pay for insurance. The CARD Act has been established to help all consumers, so let it help you establish credit; even while finishing college.

After almost a year since our site last offered Chase credit cards, we are pleased to announce their much anticipated return. We had hoped to begin offering Chase credit cards earlier this year, but financial market conditions did not allow for a timely return of their credit cards to our site. The news that we would once again be able feature cards from Chase this week was somewhat of a surprise. As a result of their return, we are able to expand our current credit card offerings and visitors will once again have access to one of the best cash back credit cards available.

At this time we are able to feature the Chase Freedom card along with introduction of the Chase Slate credit card. Both cards share the Visa logo and feature Chase’s new program to help cardholders better manage their spending and finances with Blueprint. Blueprint provides cardholders the flexibility to choose how payments are applied, choose different payment options, track spending habits and more; all for free.

Each Chase credit card offers something different and one may be just right for you. Be sure to check them out.

Chase has recently unveiled a new financial service that is free to use and only available to Chase customers. Blueprint is easy to set up and lets each customer specify their own set of financial blueprints.

The Blueprint program has been designed to simplify your finances. It allows you to design custom payment plans and other options. Each payment option will be highlighted on monthly statements. This allows you to really organize your finances and your credit card purchases.

You don’t have to wait until you receive the monthly statement each month to see what progress you’ve made towards reaching your goal. The Blueprint program allows you to monitor your progress online. You can check your progress fifteen times a day or once a day.

Everyone uses their credit card for different reasons. Some people use it for everyday purchases. Some people use it only in emergencies. Others use it for large purchases. The Chase Blueprint program allows you to pay off large purchases first, thus reducing the amount you pay in interest.

There are so many advantages for using the new Chase Blueprint program. First, the Blueprint program itemizes all of your purchases. This allows you to know your spending trends and habits. This is updated constantly so you can always be sure you are given accurate information. It also allows you to see clearly the areas that you want to improve.

Chase Blueprint really helps you pay your balance down faster. It lets you make payments towards large purchases and reduces the total amount you pay in interest. Similarly, Blueprint lets you completely avoid paying interest. It comes with free online calculators that allow you to know what payments you need to make in order to pay $0 in interest.

Chase Blueprint is the first of its kind. Since when does a credit card company or financial institution go to so much trouble to help you avoid paying interest? Chase credit cards are available to help with the new Blueprint program.