American Express has finally found a competitor in the race to be America's favorite credit card, CNN Money reported.

After topping the list for seven years, American Express (AXP) tied with Discover (DFS) for the number one spot this year, according to J.D. Power's annual report on credit card satisfaction.

Based on survey responses from 20,000 credit card customers who rated issuers on their terms and conditions, interaction with customers, billing and payment policies, rewards programs, resolution of cardholder issues, and other services, both companies received scores of 819 out of 1,000.

On being questioned about what made American Express and Discover the best candidates, survey respondents listed the companies to have extremely effective and accessible customer service, especially when it comes to getting help from representatives over the phone, online or via a mobile app.

Meanwhile, the average satisfaction score was 778 this year among the 10 biggest card issuers, a record high that was up from 767 last year. Much of the bump is likely due to issuers piling on rewards, hoping to stand out from competitors, said Jim Miller, senior director of banking services at J.D. Power.

However, issuers are also in a competition to lure customers away from each other to succeed since the pool of creditworthy Americans without a card is decreasing each day, according to CNN Money. "And it seems to be working: 10 percent of customers said they switched cards this year -- up from 8 percent last year."

"The market is ultra-competitive and credit card companies are using reward programs to make their card more attractive," said Miller. "However, [what's really important is] understanding your customers, knowing what motivates them and aligning rewards and benefits to their needs."

Here is a complete list of where your credit card issuer might rank:

1. American Express, Discover 
2. Chase 
3. Barclaycard 
4. U.S. Bank 
5. Wells Fargo 
6. Bank of America 
7. Capital One 
8. Citi 
9. GE Capital Retail Bank