This Week in Credit Cards: American Express Tops Card Satisfaction as Financial Stress Deepens

More Americans are struggling financially, but that hasn’t knocked American Express from the top of the credit card rankings. Cardholders rated Amex higher than every other major issuer, according to a new J.D. Power study.

The consumer research and ratings company found that, among credit card issuers, Amex ranks first in customer satisfaction. J.D. Power said in a press release that this is the seventh consecutive year that American Express has taken top honors in this category. Chase ranks second in the 2026 study, and Bank of America came in third place.

Amex keeps its customer satisfaction crown, card delinquencies may not be as bad as they seem, and the "Paze craze" that's sweeping the nation. Find out what else happened This Week in Credit Cards 💳 https://t.co/ZlukEwXDoK pic.twitter.com/2f3O66wUaf

— CardRates News (@CardRatesNews) August 14, 2026

American Express announced it was raising the fee on its Platinum Card from $695 to $895 during the study period. Despite the fee increase, the Platinum Card ranked highest in its segment for the second consecutive year.

The study highlighted that premium cards overall are seeing an increase in value satisfaction, suggesting that cardholders continue to enjoy high-end rewards programs even if they do come with relatively high price tags.

Three senators have signed on as co-sponsors of the Credit Card Competition Act (CCCA), giving new life to a bill that could lead to lower interchange fees for merchants. Angus King (I-ME), Cynthia Lummis (R-WY), and Bernie Moreno (R-OH) are the latest members of the Senate to back the CCCA.

The act calls for banks with assets of more than $100 billion to allow for at least two networks that aren’t affiliated with each other to process credit card transactions. Supporters of the act believe that increased competition would lead to lower interchange fees.

Merchant groups are in favor of the CCCA because it stands to let businesses that accept credit card payments save money on card transactions. But the fallout from the CCCA could present problems for cardholders.

Critics of the act point to how it could harm consumers. Issuers can use interchange fees to fund card programs, including popular rewards offerings. But if those fees decrease, credit card rewards could be devalued or go away altogether. Credit card issuers may also tighten access to credit and roll out new fees to cardholders if the CCCA advances.

Square announced enhancements to its credit card program this week that can make it easier and potentially less expensive for small businesses to pay vendors.

Sellers that use the Square Credit Card can now get 3% cash back on transactions they make with it through Square’s bill pay service. The card offers 1.5% cash back on other purchases.

In addition, a new feature allows cardholders to pay vendors with the card even if those partners don’t accept card payments. That feature stands to be a welcome addition for cardholders who prioritize efficiency in their payment processes.

The updates should also help cardholders improve their cash flow management. Andrea Raj, Head of Product for Square Banking, indicated in a press release on the new capability that in too many cases, small business owners have to make a choice between making payments to vendors on time and hanging onto their funds.

One thing to be aware of with the new 3% rewards offering is that Square charges a 2.9% fee when people use its card through its bill pay service. CardRates calculated that the fee leaves a nominal 0.1-percentage-point reward before other costs.

A number of news stories this week covered the fact that credit card debt in the U.S. has risen to $1.26 trillion, which isn’t too far from the all-time record. But the picture may not be as gloomy as it appears at first glance.

That’s because some delinquencies are remaining on credit reports for a longer time than they once did when people didn’t pay their credit card bills.

Around 40% of charged-off debts were still being reported after one year between 2004 and 2012. But that rate had doubled by 2024, the Wall Street Journal highlighted in a report citing data from the Federal Reserve Bank of New York.

“That one little data point has been the one thing that doesn’t really make sense.” — Brian LeBlanc, PNC

When researchers took a different approach — one that stripped away balances that were considered severely derogatory — they discovered that the pace of new delinquencies stabilized after 2024, though credit card stress remained elevated.

Representatives from PNC Bank have suggested that the method the New York Fed uses to assess credit card performance doesn’t offer a clear view of the situation.

“That one little data point has been the one thing that doesn’t really make sense,” Brian LeBlanc, Head of Economic Analysis at PNC, said, according to the Journal. “It’s one of those things that people point to as alarming, and it’s just incongruent with everything else.”

Online checkout solution Paze rolled out a promotion earlier this year that’s making waves among people who don’t mind putting in a little effort to save some money.

The deal allows people who activate a Paze wallet to receive a $10 statement credit on an eligible credit or debit card after spending at least $10 at a participating online merchant. Eligibility depends on the card issuer, transaction, and merchant. Cardholders can access the deal for up to 10 transactions they make per card at participating retailers, including Dunkin’, GNC, United Airlines, and Wendy’s.

The current state of the economy can motivate people to go the extra mile to access savings. And some shoppers are so into trying to make the most out of this deal before it ends that it’s been dubbed the “Paze craze,” according to a Bloomberg report.

One shopper told Bloomberg that for roughly four years they’ve been involved in credit card travel hacking, yet they’ve never come across an offer quite like this one. Cardholders who haven’t been swept up in the Paze craze still have plenty of time to do so. The promotion runs through September 10.