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Credit Card Satisfaction and Financial Literacy: Evidence from an Emerging Market Economy

Listed author(s):
  • G. Gulsun Akin
  • Ahmet Faruk Aysan
  • Serap Ozcelik
  • Levent Yildiran

Default problems and complaints about credit cards do not seem to diminish with declining credit card rates. Using a nationwide credit card user survey, we try to identify the determinants of customer satisfaction in the Turkish credit card market. Controlling for customer and card characteristics, we find that financial literacy is a major determinant of satisfaction. When people know more about financial matters and use their knowledge in their financial activities, they make more efficient decisions and have fewer financial problems, which in turn leads to higher satisfaction. We also find that people who tend to use their credit cards for unnecessary shopping and who have a history of credit card delinquency are less satisfied.

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File URL: http://hdl.handle.net/10.2753/REE1540-496X490100
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Article provided by Taylor & Francis Journals in its journal Emerging Markets Finance and Trade.

Volume (Year): 48 (2012)
Issue (Month): S5 (November)
Pages: 103-115

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Handle: RePEc:taf:emfitr:v:48:y:2012:i:s5:p:103-115
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  1. Annamaria Lusardi & Olivia S. Mitchell, 2008. "Planning and Financial Literacy: How Do Women Fare?," American Economic Review, American Economic Association, vol. 98(2), pages 413-417, May.
  2. Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 42(1), pages 35-44, January.
  3. Calem, Paul S & Mester, Loretta J, 1995. "Consumer Behavior and the Stickiness of Credit-Card Interest Rates," American Economic Review, American Economic Association, vol. 85(5), pages 1327-1336, December.
  4. Annamaria Lusardi & Olivia Mitchell, 2006. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs," Working Papers wp144, University of Michigan, Michigan Retirement Research Center.
  5. G. Gulsun Akin & Ahmet Faruk Aysan & Gazi Ishak Kara & Levent Yildiran, 2011. "Nonprice Competition In The Turkish Credit Card Market," Contemporary Economic Policy, Western Economic Association International, vol. 29(4), pages 593-604, October.
  6. Ausubel, Lawrence M, 1991. "The Failure of Competition in the Credit Card Market," American Economic Review, American Economic Association, vol. 81(1), pages 50-81, March.
  7. G. Gulsun Akin & Ahmet Faruk Aysan & Gazi Ishak Kara & Levent Yildiran, 2010. "The Failure of Price Competition in the Turkish Credit Card Market," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 46(0), pages 23-35, May.
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