News

SMBs want better credit card rewards, benefits

December 5, 2019

While small business credit cards are generally getting high marks from their customers, they are falling short in a key area that involves terms, rewards and benefits provided by those cards, according to an inaugural study by J.D. Power. 

Discover gets the highest customer satisfaction scores among small businesses, followed by American Express and Bank of America. 

The report, called the J.D. Power U.S. Small Business Card Satisfaction Survey, shows that small businesses are much more satisfied than consumers regarding their respective credit cards, however ,small businesses are not that happy with the rewards offerings, benefits and overall terms they get from these targeted cards. 

"Some of the lowest satisfaction is in the areas of the amount of rewards earned per dollar and the range of benefits offered," John Cabell, director of wealth and lending intelligence at J.D. Power, told Mobile Payments Today via email. "There is probably both a mix of actual gaps in these offerings, but also in the issuers effective communications of these features."

The report warns that small businesses are more than twice as likely as consumers to switch cards and Cabell said that improved benefits and rewards as well as higher credit limits are among the main reasons for switching. 

The report also shows that 80% of small business customers have used online tools to interact with the card over the past three months, while 69% have used mobile devices to use their cards. 

Cover image: iStock