2023 Small Business Credit Card Satisfaction Tops 2019 Highs
three small business credit cards

2023 Small Business Credit Card Satisfaction Tops 2019 Highs

The latest small business credit card study from J.D. Power shows satisfaction continuing to rise.

About the study and results:

This week, J.D Power released its 2023 U.S. Small Business Credit Card Satisfaction Study, which includes responses from more than 3,400 small business credit card customers. In this case, the study looked at businesses with annual revenues between $10,000 and $10 million.

First, it was discovered that overall satisfaction among small business credit card customers reached 858 points on a 1,000-point scale. That’s not only up seven points from the 2022 study but also nine points from 2019. Satisfaction was highest among businesses that spend $20,000 or more per month on their cards. These businesses cited increased interaction and rewards programs as their biggest sources of satisfaction.

Also notable is that 38% of small businesses said they are financially better off now than they were one year ago. That response was up four percentage points from 2022.

Elsewhere, the percentage of small businesses that carry revolving debt declined in this year’s study. In 2023, 41% of businesses reported carrying balances compared to 44% last year.

The top issuers:

For the third year in a row, American Express ranked highest in terms of small business credit card customer satisfaction. Amex’s 2023 score came in at 873 — which is up from 862 last year.

Meanwhile, the runner-up slots both changed since 2022 as Capital One and PNC displaced Chase and Bank of America to land in second and third respectively. Capital One’s score ended up at 866 followed by PNC’s 858. They were followed by Citi (853), Bank of America (849), Chase (849), and U.S. Bank (847).

What they’re saying:

Commenting on the results of this year’s study, J.D. Power managing director of payments intelligence  John Cabell stated, “Card issuers have done a great job of delivering to small business owners services and rewards programs that have helped them through a tough economic period, and now, as the business outlook improves, issuers are being rewarded with higher spend and higher levels of customer satisfaction. However, with interest rates still elevated, two areas of the customer experience that are still lagging are reasonableness of fees and competitiveness of rates.” Cabell added, “These will need to be managed carefully by issuers during the next year as more small businesses seek low interest payment plans.”

My thoughts:

Just as we’ve seen rewards credit cards grow more competitive in the consumer space in recent years, it seems as though the small business credit card industry is also upping its game. Take, for example, Capital One, which launched a business version of its popular Venture X card. While it’s unclear if this is the reason behind the bank’s jump into second place this year, it’s worth noting nonetheless.

Overall, while high interest rates may make it difficult for small businesses that do carry a balance on their cards, those who pay off their cards each month will likely continue to benefit from rewards and other perks.


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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