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04 December 2013 ProQuest

Table of contents

1. Factors affecting credit card use in India...................................................................................................... 1

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Document 1 of 1 Factors affecting credit card use in India Author: Khare, Arpita; Khare, Anshuman; Singh, Shveta Publication info: Asia Pacific Journal of Marketing and Logistics 24.2 (2012): 236-256.ProQuest document link Abstract: Purpose - The purpose of this paper is to understand the moderating influence of Multi-item List ofValue (MILOV) on credit card attributes, age, and gender in credit use among Indian customers. The researchexamines the impact of "lifestyle" variables (convenience, use patterns, and status) on credit card use.Design/methodology/approach - Data were collected through mall intercept technique in six metropolitan citiesof India. A self-administered questionnaire was distributed to customers visiting the malls. Findings - Use andconvenience emerged as the major determinants of credit card use among Indian customers. Use,convenience, and status attributes were moderated by "sense of belonging" and "sense of fulfilment"dimensions of MILOV. Young customers were likely to use credit cards. Research limitations/implications - Thestudy does not examine the influence of customer income, occupation, and education on credit card use, asmany customers were not willing to disclose the information. These demographic factors can influencecustomers' perception towards credit card ownership and use. Practical implications - The findings can be ofimmense use to international and Indian banks in marketing of credit cards. The convenience attribute can beemphasized to instill confidence among consumers and motivate them to use credit cards. Originality/value -There is no previous research on Indian credit cards which examines the influence of "lifestyle" and values onits use among Indian customers. Links: Base URL to Journal Linker: Full text: 1 Introduction Credit card use represents a customer lifestyle and increase in the standard of living. India is one of fastestgrowing economies in Asia; however credit card use remains limited ([78] The Times of India , 2010). The creditcard market in India had witnessed a steady growth in the late 1980s and early 1990s, but currently standsstagnant. Indian banks like State Bank, Citi Bank, Axis Bank, Bank of Baroda, and HDFC offer credit cardservices to their customers ([31] Goyal, 2008). The growing income of the upper middle class is an importantdriver of the credit card use. During the year 2007, credit card use in the Asia Pacific region stood at $1.3trillion, which was 30 percent of global credit card transactions ([46] KPMG, 2009). Japan led the region in totaltransactions made through credit cards ($209 billion), followed by South Korea ($203 billion). The totaltransaction made through credit cards in India was merely $2 billion. Nearly 70 percent transactions madethrough credit cards in India were for purchase of goods and services. For credit card companies targeting theIndian market, understanding credit card use patterns would be of great significance. [56] Mitchell and Mickel (1999) define credit cards as source of money which enables the customer to makepayments later. The advancement of technology has made credit card a convenient mode of transaction ([63]Phau and Woo, 2008). John Biggins, a consumer credit specialist introduced the concept of credit card. Thecredit card was introduced as a credit plan called "Charge-It" in the year 1946. This was in a form of scrip whichfacilitated customers to make payments to the merchants or traders. After the transaction, the scrip wasdeposited in the bank and the payments were advanced to the trader ([32] Gnanapushpam, 2007). The creditcard serves the function of making precautionary money easily available to customers for transactions, andsince credit cards have a "grace period", customers' can make the payment of the balance at the end of themonth ([12] Brito and Hartley, 1995). It was just a matter of time before such credit facility was made availableto individuals through credit cards.

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[15] Chan (1997) states that growing income and changes in education system has led to an increase in thecredit card use in Hong Kong. Credit cards symbolize a lifestyle ([9] Bernthal et al. , 2005) and convenience([49] Lee and Kwon, 2002). The popularity of credit cards has risen because of the convenience of not having tocarry cash. Credit card research states that credit card ownership is dependent on increase in income ([14]Canner and Cyrnak, 1986; [18] Delener and Katzenstein, 1994; [15] Chan, 1997), and compulsive buyingbehaviour ([66] Roberts and Jones, 2001; [62] Park and Burns, 2005; [58] Norum, 2008; [63] Phau and Woo,2008; [23] Fogel and Scheider, 2011; [57] Nga et al. , 2011). In India, credit card use has been slow to catch on as compared to other countries such as China, Saudi Arabia,and Turkey. However, it is hoped that recent introduction of security features in credit cards is likely to increaseits use among Indians ([78] The Times of India , 2010). One of the major problems related to credit card use isthat about 40 percent people in India do not have a bank account. In the years 1987-2000, the Indian creditmarket comprised of 3.8 million card holders with 25-30 percent growth rate ([32] Gnanapushpam, 2007). TheIndian credit card market comprises of 18 banks and major credit card providers are: Standard Chartered,HDFC, Axis Bank, State Bank of India, Bank of Baroda, CitiBank, MasterCard, Barclays Bank, Deutsche Bank,Canara Bank, and Diners' Club. The credit card companies offer customized services in the form of premiumcard, gold credit cards, cash back credit cards, silver credit cards, business credit cards, airline credit cards,lifetime free credit cards, etc. ([21] Economy Watch , 2010). Several studies have examined usage patterns, age, gender and income influences on credit card ownership,and relationship of attitudes towards money with use of credit cards. However, there has been limited researchto understand the influence of lifestyle and values as moderators on credit card attributes and demographics.There has been much research on credit card use and ownership in economies like China, Hong Kong, SouthKorea, Sri Lanka, and Saudi Arabia. Credit card research in India is limited and has focused on the influence ofsupplementary services on customers' attitude towards credit card. There has been no research to understandthe customers' predisposition towards using credit cards regularly. India presents a huge untapped market forcredit card companies. Developing economies have witnessed increased consumer spending and growth inincome levels but regular use of credit cards is limited; especially in the Indian context. Understanding thelifestyle variables affecting credit card can help companies in targeting decisions. China and India present alarge middle class that has been spending on services, real estate, and consumer durables. The currentresearch can provide valuable insights not only to credit card companies but also to other companies targetingIndian middle class for making purchases through credit cards. [35] Gupta (2011) found that youngerconsumers in India are highly materialistic. The lower income groups exhibited high materialistic traits than highincome group. The materialistic tendencies have an impact on Indian consumers' buying behaviour andpredisposition towards global brands. There has been much research on Chinese credit card market ([76] Sunand Wu, 2004; [83] Willis and Worthington, 2006; [86] Worthington et al. , 2007) however, research on Indiancredit card market is limited. Further, increased use of credit cards could lead to increase in online shopping.The findings related to understanding the lifestyle variables that influence credit card use in India, can be ofimmense help to banks as well as organizations selling products and services in the Indian market. 2 Literature review 2.1 Lifestyle and values Lifestyle segmentation is a strategic approach for marketing of products and services. The lifestyle conceptrelates to interests people have, how they spend their time and resources, and views they hold aboutthemselves and other people ([48] Kucukemiroglu, 1999). [73] Sjöberg and Engelberg (2005) suggest threedifferent interpretation of the word "lifestyle": Lifestyle refers to the "value" person expresses related to dimensions like freedom, justice, equality, etc. It refers to individuals' attitudes, interests, opinions, and activities. This approach can be used for classifyingsegments according to the above factors.

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It refers to "actual patterns" of usage of products and services. Lifestyle is, therefore, different from personality. Lifestyle or psychographics give insight about why certainbrands are purchased, and differentiate users from non-users ([73] Sjöberg and Engelberg, 2005). Values are beliefs that influence the motivation for desirable goals. Values "surpass specific actions orsituations, and act as guides for selection and evaluation of behaviour, people, and events" ([75] Smith andSchwartz, 1997). Values are organized around attributes like need for warm relationships, security, excitement,fun, and achievement ([40] Kahle et al. , 1986). [71] Schwartz (1992) states that values are "beliefs, end statesof existence, it transcends certain situations, guides behaviour, and are organized in a hierarchical order". [67]Rokeach (1973) posits that the immediate function of values is to guide human behaviour in daily activities andtherefore have a strong motivational component. Values are abstract in nature whereas attitudes are organizedaround certain beliefs and objects ([52] McCarty and Shrum, 2000). Values become a part of the individual'svalue system and are prioritized with respect to other values. Values help individuals in adjusting to socialsituations and resolving conflicts ([67] Rokeach, 1973). [68] Rokeach and Ball-Rokeach (1989) state that valuesdiffer across countries and individuals can be compared not only on the basis of their values but also valuepriorities. [44] Kim (2005) states: "Values are general representations of the basic needs and goals individuals use toguide beliefs about and evaluations of products". Personal values may be referred as motives ([64] Pieters et al., 1995), cognitive evaluations ([41] Kamakura and Novak, 1992), "standards" that guide actions ([67] Rokeach,1973) and, directly influence consumer behaviour ([45] Koo et al. , 2008). Within consumer behaviour researchseveral studies have examined the influence of social values on consumption of food items ([28] Goldsmith etal. , 1997), involvement with fashion products ([29] Goldsmith et al. , 1993), group affiliation ([69] Rose et al. ,1994), smoking ([47] Kropp et al. , 1999), wine consumption ([60] Orth and Kahle, 2008), consumption oforange juices ([33] Grankvist et al. , 2007), financial services ([11] Bloemer and Dekker, 2007), and relationshipbetween personal values and shopping orientation ([77] Tai, 2008). Research has examined role of personal values on customers' product evaluations and consumption decisions.[17] Daghfous et al. (1999) state, that adoption of innovation varies across individuals, and is influenced bypersonal values. [45] Koo et al. (2008) studied the influence of personal values on use of online shopping websites. They examined the influence of personal values on customers' evaluation of online shopping web sites,their benefits, attributes, and re-patronage motives. The results state that "social affiliation" value relates tohedonic benefit and "self-actualization" to utilitarian benefits consumers' seek from online shopping web sites. [9] Bernthal et al. (2005) suggest that credit cards have the capacity to propel customers towards a lifestyle. Thecredit cards convey certain values and lifestyle patterns about the users. The study revealed that credit card useenable customers to attain desired lifestyle. An individual's controlled and uncontrolled use of credit carddepends on "internationalizing of ideologies of entitlement and frugality" ([9] Bernthal et al. , 2005). The creditcard use involves aspiring to become someone or adopting a certain lifestyle. 2.2 Research framework There are several measures available to study influence of lifestyle and values on consumer decision making([20] Drenth and Cornelisse-Koksma, 1970; [67] Rokeach, 1973; [79] Vinson et al. , 1977; [39] Kahle, 1983; [55]Mitchell, 1983; [72] Schwartz and Bilsky, 1987; [38] Homer and Kahle, 1988; [37] Herche, 1994; [5] Allen andNg, 1999; [6] Amatulli and Guido, 2011). [67] Rokeach's (1973) and [40] Kahle et al. 's (1986) list of values(LOV) and human values by [72] Schwartz and Bilsky (1987) are most popular instruments used in marketing. [67] Rokeach (1973) had identified 18 terminal values (end states of existence) and 18 instrumental values(desirable mode of conduct). The Rokeach Value Survey (RVS) measures individual's values and the terminaland instrumental values are ranked in order of importance. [39] Kahle (1983) modified RVS and developed adifferent LOV. [39] Kahle (1983) modified the terminal values into smaller set of values which coveredindividual's roles and were person oriented ([8] Beatty et al. , 1985). The LOV scale includes values like sense

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of belonging, excitement, fun and enjoyment in life, warm relationships with others, self-fulfillment, being well-respected, sense of accomplishment, security, and self respect. [37] Herche (1994) developed a multi-item scale for measuring social values. The 44 item scale was anadaptation of the LOV scale. It includes dimensions of security, self respect, being well-respected, self-fulfillment, sense of belonging, excitement, fun and enjoyment, warm relationship with others, and sense ofaccomplishment. The multi-item list of value (MILOV) measures social values with respect to life goal view ofvalues. For the current research directed towards measuring customers' credit card use, [37] Herche's (1994)MILOV was adapted. Only four dimensions of MILOV scale were used for the research. These dimensions wereconsidered appropriate measures to explain Indian customers' perceptions towards credit card use. Thedimensions of security, being well-respected, and sense of fulfillment were taken as they communicateindividual's values and may be linked with adopting credit card for regular transaction. Sense of belongingdimension was adopted as it reflects individual's desire for social acceptance. Credit card use would depend onthe individual's value to gain acceptance and social conformity. [25] Fu and Wu (2010) suggest that credit carduse was dependent on cultural factors and is a case of product internationalization. Credit cards facilitate purchase of products/services without having funds available at the time of purchase ([82]White, 1975). [53] Meidan and Davos (1994) in their research on Greek credit card market found that credit carduse depends on five factors: convenience, indication of prestige, sense of security, economy, and shoppingabroad. They identified 15 items related to credit card use and these items were factor analyzed to present theabove mentioned five factors. The most important factor identified was the "convenience attribute" of the creditcard which accounted for 37 percent of use. The convenience was related to extended credit facilities, andacceptance of credit cards in different shopping outlets. [51] Maysami and Williams (2002) replicated the research of [53] Meidan and Davos (1994) to understand creditcard use in Singapore. Their findings revealed similar credit card use patterns as identified by [53] Meidan andDavos (1994). [26] Gan et al. (2006) suggest credit card selection in Singapore was influenced by low interestrate and absence of annual fees. In their later research, [27] Gan et al. (2008) analyzed credit card usagepattern of Singaporean customers. Their results indicated that credit card use was influenced by income andgender. Other factors like "credit card leads to over-spending", "savings as payment source", "unreasonableinterest rates", "credit card as status symbol" were also identified. [19] Devlin et al. (2007) explored the underlying reasons for preference of two types of credit cards: main cardand subsidiary card among customers in Singapore. They concluded that 85 percent of the customers preferredthe main card due to favorable discounts and promotions. The main card was used for a broad range oftransactions while the subsidiary card was used mostly as a stand-by. The customers identified discounts as themain reason for credit card use (25 percent). They were able to buy products and services from retailers atdiscounted prices, and this was a major motivator for building loyalty for credit cards. The second mostimportant reason (22 percent) for using credit cards were the loyalty programs which gave special discounts tothe card holders. The next reason cited by customers was that they preferred to use the credit card of the bankswhere they maintained savings account. The customers stated that they believed that credit cards enabled themto plan and manage their expenditures. [42] Kaynak et al. (1995) in their study on credit card use in Turkey, found that the most important reason forusing credit cards was availability of emergency funds, convenience during travel, and availability of cash forshopping. The factors indicated that credit card in Turkey was primarily due to the convenience attribute. In arecent study [4] Akin et al. (2010) studied the benefits provided by Turkish banks and how they differentiate theircredit cards. They suggest that banks differentiate their credit cards by offering card benefits such as travelmiles, bonus points, rewards, shopping discounts, and facilitating payment in installments. Customers perceivecredit cards and other banking service as a bundle. [15] Chan (1997) examined the role of demographic and attitudinal factors in determining credit card use in

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Hong Kong. Income emerged as a single most important factor in determining credit card use in Hong Kong.The credit card use could be increased by improving monetary incentives and financing convenience. [62] Parkand Burns (2005) analyzed the role of fashion orientation as a direct predictor to compulsive buying behaviourthrough credit card in South Korea. Customers more conscious about latest fashions were likely to considercredit cards as fashionable and trendy. The results indicate that fashion orientation affected compulsive buyingdirectly and credit card use indirectly. [2] Abdul-Muhmin and Umar (2007) found that Saudi Arabians had apositive attitude towards credit card usage and women were more likely to own credit cards than men. [54]Metwally (2003) studied credit card use in the State of Qatar where customers were willing to use credit cards ifit was accepted by the local merchants. [1] Abdul-Muhmin (2010) found that electronic payment modes wereacceptable by Saudis in low transaction purchase, while credit card payments were preferred for hightransaction value purchase. [83] Willis and Worthington (2006) suggest that credit cards communicate high "status and value". The Chinesecustomers give importance to the "status value" communicated by the international credit cards. Theyrecommended that the multinational companies marketing credit cards in China should attempt to retain theirinternational brand value, so as to symbolize status ([83] Willis and Worthington, 2006). [76] Sun and Wu (2004)concluded that credit card use in China differed across urban and rural regions, and China should not be treatedas a homogeneous market as economic development determined credit card use. [86] Worthington et al. (2007)conducted an exploratory research to understand the credit card use among affluent urban Chinese customers.Their results suggest that this segment primarily used credit cards for travel and entertainment. [84] Worthington(2005) states that structural, cultural, and historical factors restrict customers' use of credit card in China. Creditcard use and petty installment in China was related to consumers' attitude towards credit cards, money, anddebt ([80] Wang et al. , 2011). [50] Liu (2009) posit that awareness of redemption reward points influencedconsumers' attitude towards incentives and credit card use. Awareness about reward points could improveconsumers' attitude and credit card use behaviour. [66] Roberts and Jones (2001) conducted research on money attitudes, credit card use, and compulsive buyingbehaviour of American students. The findings show that money attitude factors like power-prestige, distrust, andanxiety are positively related to compulsive buying and credit card use moderates these factors. [70] Rutherfordand DeVaney (2009) found that credit card users in the USA had college education, higher incomes, andbelonged to older age groups. The convenience users of credit card believed using credit was bad, and hadlong financial planning horizons. [10] Blankson (2008) suggests that credit card use among US students wasrelated to "purchasing power, incentives, firm's reputation, and good credit ratings". Credit card use amongyouth was related to high disposable income which accounted for compulsive buying and money anxiety ([23]Fogel and Scheider, 2011). [63] Phau and Woo (2008) investigated money attitudes and credit card use among Australian customers. Theirfindings revealed compulsive buyers perceived money as a symbol of power and prestige. They were morelikely to use credit cards as compared to non-compulsive buyers. There was no difference between compulsiveand non-compulsive buyers with respect to time retention, anxiety, and distrust dimension of money attitudescale. [24] Foscht et al. (2010) explored the Austrian customers' choice and usage of credit cards versus debitcards. The customers' choice of payment method was determined by their personal characteristics, andfeatures of the payment method. [65] Pulina (2010) studied the demographic, socio-economic, and bankingspecific factors influencing credit card use in Italy. The results indicate that women preferred "classic creditcards", older customers (aged above 66 years) preferred "gold credit cards", customers aged 56-65 were likelyto hold "classic credit card", whereas younger customers (18-25 years) preferred "revolving credit cards". [85] Wickramasinghe and Gurugamage (2009) attempted to understand the credit card use patterns in SriLanka. The findings suggest that credit card use was dependent on debt ceiling, income, and marital status ofthe customers. Credit card use was popular as customers could purchase routine items on credit; it symbolized

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status, and was used for short term financing. The results are different from the credit card use in developingcountries which suggest that customers use credit cards for household products, clothing, travel, andentertainment. The credit cards were often used for paying for medical bills in Sri Lanka. [7] Amin (2008) conducted a research in Malaysia to study the acceptability of mobile phone credit cards. Theresults indicate that perceived usefulness, perceived ease of use, perceived credibility, and amount ofinformation available were important determinants in predicting Malaysian customers' mobile credit use. [3]Ahmed et al. (2010) studied the impact of personal attributes on credit card use and customers' attitudestowards credit card debt. The results indicate that "lifestyle" influenced credit card use in Malaysia. Theattributes like self-esteem, time consciousness, peer group pressures, influence of advertisement, andgregariousness were not important in influencing credit card use. There was no significant impact of attitude oncredit card debt, as credit card use had led to compulsive buying in Malaysia ([3] Ahmed et al. , 2010). [57] Ngaet al. (2011) studied image consciousness, materialism, and consumer spending on credit card usage inMalaysia. Materialism emerged as a partial mediator in the relationship between image conscious andcompulsive spending of Malaysian consumers and their credit card use. [30] Goyal (2004) conducted a study on understanding the importance of availability of supplementary servicesin determining pre-purchase decisions of credit cards of Indian customers. Indian customers have a positiveattitude towards supplementary services offered along with credit cards like "ATM facility, acceptance of petrolpumps, zero/limited lost card liability, acceptance at airlines and railway counters, and cash withdrawal-withincredit limit". The study suggests that supplementary services can act as positive tool in encouraging credit carduse. [31] Goyal (2008) examined the role of supplementary services offered with credit cards in reducingperceived risk of customers. She suggests that supplementary services can help in controlling psychologicaland financial risks and influence customers' credit card purchase decisions. The discussions so far are summarized in Table I [Figure omitted. See Article Image.]. Customers across different cultures have different views about credit card use. The acceptance of credit carddepends not only on the psychographic or cultural factors, but also on the economic factors. As economiesdevelop, there is an increase in income levels and changes in lifestyle coupled with improved (financial)infrastructure which can be a major influencer towards credit card use. 3 Current research: methodology To fill the gap identified above in the research on credit cards in India, the researcher set out to examine thecurrent situation in India with the help of the following research questions: RQ1. Would frequency of credit card use depend on credit card attributes? RQ2. Does customers' age and gender influence credit card use? RQ3. Do MILOV variables have a moderating influence on age, gender, and credit card attributes in influencingcredit card use? Figure 1 [Figure omitted. See Article Image.] shows the model which was tested regarding credit card use inIndia. 3.1 The survey instrument The survey instrument contained measures of gender, age, and "I use credit card regularly". Four dimensions ofMILOV scale viz. security, being well-respected, self-fulfillment, sense of belonging were selected. The secondpart of the questionnaire was adapted from [86] Worthington et al. (2007) and some items were modifiedaccording to Indian customers. The MILOV scale contained 17 items and there 18 items related to credit carduse. All responses were taken on five point Likert scale, with 5 for strongly agree and 1 for strongly disagree. 3.2 Data collection A self-administered questionnaire was administered through mall intercept survey technique ([13] Bush andHair, 1985). The mall intercept method has the potential to provide complete in-depth response. Data werecollected in six cities of India: Gurgaon, Delhi, Noida, Chennai, Lucknow, and Kolkata. These cities were

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selected so that a diverse population could be accessed for sampling. The cities selected represented themetropolitan cities of the country. The reason for selecting these cities was that income levels are higher ascompared to smaller cities and people are more likely to own credit cards. A sample size of 100 from each citywas desired. The respondents were credit card users or those who had owned credit card but canceled it. Mallintercept technique has been used in other studies for collecting data ([61] Pak and Pol, 1995; [34] Griffin et al. ,2000; [43] Keng et al. , 2007; [3] Ahmed et al. , 2010; [81] Wang et al. , 2010) and is considered free of bias.The respondents experience anonymity in mall intercept technique than in telephone or personal interviews.Nine major malls located in the six cities were selected (three in each city). For the final analysis a total samplewas 565 could be used. Some of the questionnaires were incomplete and had to be removed. The samplecontained 68.5 percent males and 31.5 percent female respondents. The total percentage of 20-30 yearsrespondents were 48.5 percent, 30-40 years 7.8 percent, 40-50 years 29.9 percent, and above 50 years 13.8percent. Though mall intercept technique is a random sampling procedure, the current research comprised of alarge young population. 4 Analyses and findings To ascertain the reliability of the MILOV dimensions, the Cronbach's α values were computed (Table II [Figureomitted. See Article Image.]). Since MILOV scale was being used on Indian customers for the first time, it wasimportant to understand if the scale fitted the Indian settings. The total items in the different dimensions ofMILOV scale were 17. [16] Cronbach's (1951) coefficient α measures the extent to which the scale items cohere with each other. TheCronbach's α for the four MILOV sub-scales ranged between 0.608 and 0.719 (Table II [Figure omitted. SeeArticle Image.]), showing that the scale was reliable. The α values for MILOV sub-scales meet the [59]Nunnally's (1967) desired criteria of 0.5. [59] Nunnally (1967) states that scale item reliability values of 0.50 and0.60 suffice in early stages of questionnaire development, however, 0.70 is desirable. The MILOV scale hadbeen developed for Western customers and therefore gives low α value for Indian context. Factor analysis is a multivariate statistical method for data reduction by observing the nature of common factorsthat account for observed correlations ([22] Fabrigar et al. , 1999). Although confirmatory and exploratory factoranalyses (EFAs) techniques measure the variance in the dataset, EFA is used for scale development or whenthere is little theoretical basis for studying the variance ([36] Hayton et al. , 2004). In the current research, EFAwas used as there is no prior research on credit card use in India. EFA test run on the 18 items examined thedimensionality of the scale to measure customers' attitude towards credit card use and construct ameasurement model. [22] Fabrigar et al. (1999) state: "EFA is used when a researcher wishes to identify a setof latent constructs underlying a battery of measured variables". Table III [Figure omitted. See Article Image.]represents the results of the EFA. The analysis revealed three factors, which covered 58.27 percent ofvariability. All items had factor loadings of more than 0.5 and met [59] Nunnally's (1967) recommended level ofinternal consistency for scale development. No item was excluded from the analysis. The results are shown inTable III [Figure omitted. See Article Image.]. Extraction method: principal component analysis: - Factor 1: use. - Factor 2: convenience. - Factor 3: status. The first factor was termed "use" comprised of items related to usage rate, it had seven items. The secondfactor labeled as "convenience", it had five items. The third factor labeled "status" covered aspects like creditcards makes people feel wealthy; it had six items. Table III [Figure omitted. See Article Image.] shows the factorloadings and Cronbach's α values. The Cronbach's α for variable 3 is 0.631, and is lower than other twovariables. The factor analysis results provided 18 items under three variables. None of the scale items wereremoved.

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4.1 Findings of the research Correlation test administered to study to understand the relationship between the credit card variables and theMILOV dimensions (Table IV [Figure omitted. See Article Image.]). The correlation test revealed that use variable of credit card use had a positive relationship with MILOVdimensions of well-respected (r =0.160, p <0.01) and self-fulfillment (r =0.204, p <0.01). The credit cardconvenience attribute had a positive relationship with all MILOV dimensions. With security dimension (r =0.104,p <0.05), well-respected (r =0.139, p <0.01), self-fulfillment (r =0.174, p <0.010 and with sense of belonging (r=0.232, p <0.01). The MILOV dimensions of being well-respected and self-fulfillment have positive relationshipwith status variable (r =0.127, p <0.01 and r =0.134, p <0.01). To understand the moderating influence of MILOV, step-wise regression analysis was run (Table V [Figureomitted. See Article Image.]). For the first model, use emerged as the predictor variable for "use credit cardregularly" (R2 =0.293, p <0.01). The first model suggests that convenience variable accounts for 29.3 percent ofcredit card use. In the second model, use and convenience emerge as predictors (R2 =0.394, p <0.01), and both these variablesaccount for 39.4 percent of credit card use. In the third model, age was introduced. Use, convenience, and age emerge as predictors to credit card use andaccount for 41.4 percent of (R2 =0.414, p <0.01) credit card use. The ßvalue for age variable is negative whichsuggest that there is a negative relationship between age of customers and their credit card use. The youngercustomers are more likely to use credit cards than older customers. As the age increases the credit card usedecreases. The results are in line with research findings of [27] Gan et al. (2008), where they suggest thatyounger population use credit cards. In the fourth model, gender was introduced. Use, convenience, age, and gender influence credit card use andaccount for 42.1 percent of credit card use. The ßvalues for age and gender are negative, indicating that thereis a negative relationship between credit card use and gender and age. As age of customers' increase, theircredit card use decreases. Similarly gender affects credit card use, wherein it appears that men in India aremore likely to own and use credit cards. In the fifth model, moderating influence was studied. The sense offulfillment dimension was introduced as the moderating variable. Use, convenience, age, gender, and sense offulfillment are important predictors to use of credit cards ( R2 =0.427, p <0.01 for use, convenience, age, andgender, and p <0.05 for sense of fulfillment). The ßvalues are negative for age and gender. The sense offulfillment moderates credit card use among Indian customers. In the sixth model, sense of belonging is introduced. The results suggest that credit card use depends on use,convenience, age, gender, sense of fulfillment, and sense of belonging. These variables account for 43.3percent of credit card use (R2 =0.433, p <0.01 for use, convenience, and age, and sense of fulfillment, and p<0.05 for gender and sense of belonging). The adjusted R2 value of 42.7 percent indicates that a high model fitwas achieved. The two MILOV dimensions moderate the use attribute of credit cards, age, and gender. Theresults indicate that credit card use reflects a lifestyle and self-fulfillment has a positive impact on credit carduse. The main predictor of credit card use was use (45 percent), convenience (37.2 percent), age (19.3percent), gender (8 percent), and MILOV values of self-fulfillment (9.6 percent) and sense of belonging (8.4percent) and moderate these factors. The increase in the value of the use and convenience variabledemonstrates the impact of lifestyle variable on credit card use. The results are in tandem with other researchthat state that use and convenience were important predictors in credit card use ([42] Kaynak et al. , 1995; [51]Maysami and Williams, 2002; [2] Abdul-Muhmin and Umar, 2007; [3] Ahmed et al. , 2010; [24] Foscht et al. ,2010). The moderating effect can be understood with respect to the impact MILOV have on the credit cardattributes and demographic variables of Indian customers. The other two MILOV variables of "security" and"being well-respected" do not influence the credit card use. The findings suggest that credit card use amongIndian customers was not related to status or financial security aspects of lifestyle.

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5 Discussion The present study has considered the lifestyle and values as predictors to credit cards use in India. The Indiancredit card market is projected to grow in the coming years and the findings can be helpful to credit cardcompanies in targeting customers. The previous study on Indian credit card market has focused on thesupplementary services in changing customers' attitude towards credit card. Credit card use is still limited asmost Indians prefer to make payments through cash and believe that credit cards may not be a secure mode oftransaction. The present study focused on credit card use attitude of customers. The findings reveal thefollowing: - Use was a major determinant in credit card use. However, credit card use in India is restricted to limited use.The items in the use category show that most Indians do not use it regularly. Companies can focus onmarketing the credit cards by focusing on its use related benefits. The results may be interpreted in the light thatthere is lack of trust regarding credit card use. - Convenience: credit cards were considered convenient in financial transactions. The "convenience" attributecan increase the use and adoption of credit cards. - Age: the credit card use is influenced by the age of the customers. Younger people are more likely to usecredit cards while older people are comfortable with cash payment methods. For the younger generation creditcard use relates to a "lifestyle" and enables them to improve "sense of fulfillment". Credit card companiesshould target the younger generation as the credit card communicates a lifestyle to them. - Gender: in India gender differences exist related to credit card use. Men are more likely to have credit cardsthan women. This is because women are still in most cases financially dependent on their families. Credit cardownership is with men and it is used for shopping for the family. - Sense of belonging: this has a negative impact on the perception towards credit cards. In India, mosttransactions with the local retailer are on credit, and people make payments later on. The credit facilities areextended because the retailer knows the customers and shares a personal relationship with them. Credit carduse is perceived to have a negative impact on people's sense of belonging. - Sense of fulfillment: had a positive impact on credit card use. People feel that possessing credit cards adds totheir sense of achievement and accomplishment. It connotes a feeling of fulfillment and symbolizes havingaccomplished important things and position in life. The use and convenience attribute emerged as the main predictor of credit card use, and sense of fulfillmentand sense of belonging moderate the age, gender, and credit card factors. One major implication is related to"use attribute". Indian customers' have inhibitions about using credit card as they may fear that owning creditcards is costly. The concerns may be related procedural delays if the credit card gets lost, harassment from theadministrative authorities, and difficulty in getting credit card. The findings are similar to other studies whichstate that credit card use is depends on the perception of convenience ([53] Meidan and Davos, 1994; [42]Kaynak et al. , 1995; [51] Maysami and Williams, 2002), age, and gender of the customer ([74] Slocum andMatthews, 1970; [2] Abdul-Muhmin and Umar, 2007; [27] Gan et al. , 2008; [85] Wickramasinghe andGurugamage, 2009). The sense of fulfillment dimension increases the propensity of customers to use creditcard. This is an important finding, because India has one of the largest markets in the world with a highpercentage of young customers. The increase in income is likely to affect the customer lifestyle and their desirefor "better things". Credit card symbolizes global reach (people can buy things they want online and have themshipped to India), comfortable lifestyle, and a sense of achievement. These factors can help in improving creditcard use. The credit card companies can use themes of "good quality life" to promote credit card use. TheIndian customer does not relate credit card use with "status", as is the case with Chinese ([83] Willis andWorthington, 2006; [86] Worthington et al. , 2007;) and Australian customers ([63] Phau and Woo, 2008). One important deterrent is that local traders do not have the infrastructure for accepting credit card. Indians getcredit facilities from their local retailers on their purchases, this diffuses their desire to avail credit card, as the

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benefits are the same. Local retailers are willing to extend credit facilities over months to their customers, whichmakes payment easy. The credit card research in other economies posits that credit card use is related toconvenience, acceptance of credit card at local stores, and status symbol. 6 Conclusion The relevance of the findings of this research for practitioners and researchers cannot be emphasized enough.The lifestyle dimensions examined in this research can help credit card companies in profiling the Indiancustomer market. The sample comprised of customers from different regions of India. The Indian customers'risk and utility perceptions towards owning credit cards should be addressed while designing marketingstrategies. Lifestyle appears to play an important role in credit card ownership. Since income levels haveimproved in the past few years, lifestyle marketing of credit cards can help in positioning and segmentingstrategies. At the global level India presents an attractive market with a large middle class, dual incomehouseholds, and a large population which is between age groups 30 and 45 years. These demographic andpsychographic factors can play an important role in marketing of credit cards. Multinationals and Indian bankscan link credit card use with lifestyle and convenience and this can help them in strategically marketing creditcards. The results indicate that Indians perceive credit card use to be related to sense of fulfillment and thisdimension can be used for credit card advertising. Themes portraying accomplishment and fulfillment can beused to market credit cards. Banks need to explain to the customers about the benefits of using credit cards.Most Indians, lack knowledge about credit card and are afraid to use it. These fears should be tackled bycounseling customers and informing them about the benefits of credit cards. 7 Future research The future research can be directed to understand the implications of collectivist factors on credit card use. Thesusceptibility to interpersonal relationships can be studied to understand its influence on Indian customers creditcard use. Credit card use would depend on social influence and individual's desire for group conformity. Thesefactors may also reduce the customers' perception of risk and increase their acceptability of credit cards. Thefinancial risks in transaction act as a major deterrent in credit card usage. Therefore, trust/security relatedperceptions can be examined with respect to credit card use. The trust and risk attitudes of Indian customerscan be explored with reference to multinational and national credit card companies and banks. The income andeducation variables may be also considered to understand their influence on credit card behaviour. Influence ofmaterialist values and money attitudes can be studied to predict credit card use. Further analysis can be doneto identify the purchases customers' make through credit cards (products and services). References 1. Abdul-Muhmin, A.G. (2010), "Transaction size effects on consumers' retail payment mode choice",International Journal of Retail &Distribution Management, Vol. 38 No. 6, pp. 460-78. 2. Abdul-Muhmin, A.G. and Umar, Y.A. (2007), "Credit card ownership and usage behavior in Saudi Arabia: theimpact of demographics and attitudes toward debt", Journal of Financial Services Marketing, Vol. 12 No. 3, pp.219-35. 3. Ahmed, Z.U., Ismail, I., Sohail, M.S., Tabsh, I. and Alias, H. (2010), "Malaysian consumers' credit card usagebehavior", Asia Pacific Journal of Marketing and Logistics, Vol. 22 No. 4, pp. 528-44. 4. Akin, G.G., Aysan, A.F., Kara, G.I. and Yildiran, L. (2010), "Non-price competition in the Turkish credit cardmarket", Contemporary Economic Policy, Vol. 29 No. 4, pp. 1-12. 5. Allen, M.W. and Ng, S.H. (1999), "The direct and indirect influences of human values on product ownership",Journal of Economic Psychology, Vol. 20 No. 1, pp. 5-39. 6. Amatulli, C. and Guido, G. (2011), "Determinants of purchasing intentions for fashion luxury goods in theItalian market", Journal of Fashion Marketing &Management, Vol. 15 No. 1, pp. 123-36. 7. Amin, H. (2008), "Factors affecting the intentions of customers in Malaysia to use mobile phone credit cards",Management Research News, Vol. 31 No. 7, pp. 493-503.

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chain management, sustainable development related to public policies, regulations and strategic developmentsdue to climate change regulations and initiatives, ecopreneurship, sustainable cities and impact ofenvironmental/climate change regulations on technology, innovation and corporate strategy. Dr Shveta Singh has more than eight years of academic and industrial experience behind her. An AssistantProfessor with IIT-Delhi, she teaches courses on Finance to the students of the Master's in BusinessAdministration and the Bachelors in Technology in Information Technology program. Her current researchinterest areas are financial services in India, security analysis and corporate finance. AuthorAffiliation Arpita Khare, Indian Institute of Management-Rohtak, Rohtak, India Anshuman Khare, Department of Operations Management &Sustainable Development, Athabasca University,St Albert, Canada Shveta Singh, India Institute of Technology, Delhi, India Illustration Figure 1: Credit card use research questions Table I: Summary of main research findings on credit card use Table II: The reliability coefficients of the four MILOV sub-scales Table III: Factor loadings for credit card use factors Table IV: Correlation Table V: Step-wise regression Subject: Credit card industry; Credit cards; Electronic commerce; Research; Loan agreements; Banks;Influence; Attitudes; Marketing; Lifestyles; Location: India Classification: 9130: Experimental/theoretical; 8120: Retail banking services; 9179: Asia & the Pacific Publication title: Asia Pacific Journal of Marketing and Logistics Volume: 24 Issue: 2 Pages: 236-256 Publication year: 2012 Publication date: 2012 Year: 2012 Publisher: Emerald Group Publishing, Limited Place of publication: Patrington Country of publication: United Kingdom Publication subject: Business And Economics ISSN: 13555855 Source type: Scholarly Journals Language of publication: English Document type: Feature DOI: http://dx.doi.org/10.1108/13555851211218048

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