J.D. Power and Associates recently completed their 2009 Credit Card Satisfaction Survey which began just recently in 2007. According to the latest numbers customer satisfaction with credit cards is at its lowest in at least three years, reaching just 703 out of 1,000 on the company’s survey.

For the most part this drop was due to consumers’ reports of increases fees, higher rates and lowered credit limits. 37 points of the drop was attributed just to rates and fees alone, although cardholders that carry a balance on their cards are much more likely to report dissatisfaction in this area.

About one in every 5 people that participated in the survey stated that their interest rate has been increased in the last year, whereas only one in ten reported the same last year. Again, those that carry a balance on their credit card were hit especially hard in this area as one in every four of them saw an increase in their credit card rate.

More people were also finding themselves hit with late fees this year when compared to last, up 3 percent to 14%. Those that carry a balance (or revolvers, as they’re often referred to as) were much more likely to see late fees: 22% of so-called revolvers pay up for late fees while only 6% of others do.

Overall, people that carry balances on their credit cards from one month to the next were finding themselves in much more trouble this year. They experienced more late fees and rates than anyone else.

Despite the recent rise in claims from people being hit with decreased credit lines–often with excellent credit and having done nothing wrong–only 5% of the people surveyed reported a decrease in any of their credit lines. Still, this number is up from 1% last year. Meanwhile, one in 5 people saw an increase in their credit limits.

Credit card issuers were also scored in the report in six areas: fees and rates, billing and payments, benefits and service, resolution of problems and customer interaction and support. In total seven issuers ranked above the industry average. American Express (762) came out number one, followed by Discover (751) and National City (740). U.S. Bank (715), Chase (708), Wells Fargo (724) and Barclaycard (717) also came out above the industry average score of 703. American Express was found to get especially high ratings on rewards, services and benefits and payment and billing processes.

Card issuers at the bottom of the list for customer satisfaction? First PREMIER Bank (616), Credit One Bank (618), GE Money (661) and WaMu (663).

The survey seems to raise some concern over the effectiveness of the new credit card legislation. This, however, may change with time as much of the law is yet to take effect. It should be noted that 53% of the customers that were surveyed were completely unaware of the APR on their credit cards, even though this number is printed on every statement. It seems that following regulations and laws isn’t enough for the credit card industry to see an improvement in customer satisfaction.

The report and press release offers advice for consumers to help them find more satisfaction in their dealings with credit cards. First, use the survey to compare the ratings of the top card issuers. You should also look for a credit card that has features you find important, such as good customer service. You may also desire to find a credit card with a low interest rate if you carry a balance or a good reward system if you pay off your balance monthly. Consumers should also make themselves aware of all the benefits on their credit cards. Lastly, the press release urges consumers to speak up when they find a problem on their statement. If you don’t feel a fee or interest rate is correct try requesting that it be waived or fixed.

If you’re interested in the press release regarding this survey you can read it at J.D. Power’s website.

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