Credit Card Selection Criteria: Singapore Perspective

Abstract

This study used factor analysis to examine credit card selection criteria among Singaporeans. The results showed that convenience of use and protection, economics, and flexibility were the main drivers, while the reputation of card was the least important in determining credit card selection in Singapore. Demographic results showed that high-income earners, the better educated, the elderly, married and the professional preferred the convenience-protection factor to the economic-promotional factor. Females were shown to value the promotional factor more, while males preferred the economic factor. The ethnic Malays placed a greater emphasis on the economic factor than did the ethnic Chinese. The results also showed that the number of credit card owned in Singapore is positively related to education, income, age group, and marital status. Those holding a single credit card stressed the economic factor more than those holding many cards. In Singapore, the higher income earners, the better educated, older adults, females, married, and both Chinese and Indians are more receptive to paying their monthly credit card balances in full. The results demonstrated that Singaporeans do not view the credit card selection criteria much differently from respondents from other developing and advanced nations.

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