信用卡公司甄别客户的行为偏差吗？
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资源简介
Do Credit Card Companies Screen for Behavioral Biases?
Hong Ru, MIT (now at Nanyang Technological University )
Antoinette Schoar, MIT and NBER
April 7, 2015
First version: January 2014
Abstract
We look at the supply side of the credit card market to analyze the pricing and advertising strategies of credit card offers. We show that credit cards which have reward programs have lower regular APR but rely more heavily on backward loaded and more hidden payment features such as late fees, default APR or over limit fees. Issuers target different reward programs at different types of the population: Programs such as miles, cash back and points are offered to richer and more educated customers, while low intro APR offers are offered to poorer and less educated customers. The results support the idea put forward in models of behavioral contract theory that credit card companies use reward programs to either shroud aspects of a card offer or exploit their time inconsistency. Our results also suggest that card features that are mainly demanded by sophisticated consumers cannot be shrouded and need to be priced upfront. Finally, using shocks to the credit worthiness of customers via increases in state level unemployment insurance, we show that card issuers rely more heavily on backward loaded credit terms when customers are more protected.
