Shariah compliant credit cards: Disputes and steps forward

2018 ◽  
Vol 6 (1) ◽  
pp. 44 ◽  
Author(s):  
Zaimy Johana Johan
Keyword(s):  
Credit Card ◽  
Research Work ◽  
Credit Cards ◽  
Basic Needs ◽  
The Other ◽  
Key Features

The major studies on Islamic credit card (ICC) started in 2011 until 2013 specifically examining operations and structures of ICC and behavioural studies.  The other studies mostly explored and investigated behaviour and intention to utilise ICC.  There are however, few studies comparing between ICC and conventional credit card (CCC) preference.  On the same note, only a small number of studies have explored the importance of shariah compliance in influencing the behaviour of ICC adoption.  Since shariah compliant credit cards are not popular as compared to the conventional ones, it is timely to review the breadth and depth of ICC studies in order to acknowledge the existence of the product in the market.  Whether the product has been unattractive, lack of marketing and promotion from the bankers’ part or the public’s ignorance, insensitivity and unconsciousness about the products, the paper will provide an overview of the research work that has been conducted thus far.  The studies on ICC are still limited in numbers and the focus areas are only skewed towards behaviour, satisfaction and the structure of the cards.  The key features of ICC that differentiate the product with CCC still remain invisible and unnoticed.  There is a critical need to further investigate another perspective of ICC by identifying the key features of shariah compliance and leverage on the benefits to consumers by protecting and preserving basic needs as well as promoting healthy banking environment. 

scholarly journals Does the visual salience of credit card features affect choice?

2021 ◽  
pp. 1-18
Author(s):  
Matthew D. Hilchey ◽  
Matthew Osborne ◽  
Dilip Soman
Keyword(s):  
Interest Rates ◽  
Random Sample ◽  
Credit Card ◽  
Credit Cards ◽  
Salient Feature ◽  
The Other ◽  
Visual Salience ◽  
Product Features ◽  
Hypothetical Scenario

Abstract Regulators require lenders to display a subset of credit card features in summary tables before customers finalize a credit card choice. Some jurisdictions require some features to be displayed more prominently than others to help ensure that consumers are made aware of them. This approach could lead to untoward effects on choice, such that relevant but nonprominent product features do not factor in as significantly. To test this possibility, we instructed a random sample of 1615 adults to choose between two hypothetical credit cards whose features were shown side by side in tables. The sample was instructed to select the card that would result in the lowest financial charges, given a hypothetical scenario. Critically, we randomly varied whether the annual interest rates and fees were made visually salient by making one, both, or neither brighter than other features. The findings show that even among credit-savvy individuals, choice tends strongly toward the product that outperforms the other on a salient feature. As a result, we encourage regulators to consider not only whether a key feature should be made more salient, but also the guidelines regarding when a key feature should be displayed prominently during credit card acquisition.

scholarly journals Fuzzy Particle Swarm Optimization Feature Selection and Aggrandized Classifier for Uncovering Frauds in Credit Card Deals

2020 ◽  
Vol 9 (3) ◽  
pp. 227-234
Keyword(s):  
Feature Selection ◽  
Particle Swarm Optimization ◽  
Credit Card ◽  
Drift Rate ◽  
Detection Method ◽  
Concept Drift ◽  
Research Work ◽  
Credit Cards ◽  
Fraud Detection ◽  
Swarm Optimization

In today's economy, credit card plays a very important role. The rise of credit card customers improved, credit card scam cases were also on the rise. Numerous procedures are anticipated to challenge the evolution of the frauds in credit cards. In this research work, proposed an innovative fraud detection method which utilizes the similar cardholder’s behavioral patterns to construct a current cardholder’s interactive profile in order to stay away from the credit card scams. However, the selection of optimal features from the samples and the decision cost for accuracy becomes main important problem. To illuminate these issues this proposed research work presents an innovative fraud detection technique that makes out of four phases: 1. To augment a cardholder’s behavioral styles, first we divide all cardholders into distinctive groups making use of the cardholder’s historical transaction data such that the members of each group have the similar transaction behavior by K-means. 2. Introduces a new Fuzzy Particle Swarm Optimization (FPSO) feature selection for the amplification of fraud detection in credit cards. 3. By means of a prolonged wrapper method, an ensemble classification are performed by Aggrandized Kernel based Support Vector Machine (AKSVM).4.Refreshing the cardholder’s social profile with an input system. This Proposed work adopts the external quality metrics as Accuracy, Recall, Concept drift rate and Fraud feature rate. The UCI dataset is used and is done in MATLAB framework. The analytical measures were used to estimate the routine of the mentioned fraud detection technique. The simulation results show that this proposed innovative fraud detection method provides better accuracy results than other fraud detection techniques. The low concept drift rate results the gain of the innovative method to classify the transactions accurately.

scholarly journals The Usage of Credit Cards: An Empirical Analysis on Turkish College Students

2019 ◽  
Author(s):  
Aslı Okay Toprak ◽  
Canan Özge Eğri ◽  
Güldenur Çetin
Keyword(s):  
University Students ◽  
Credit Card ◽  
Financial Risk ◽  
Adult Life ◽  
Credit Cards ◽  
The Other ◽  
Full Time ◽  
Financial Responsibility ◽  
Negative Results ◽  
Credit Card Usage

In recent years, there has been a dramatic increase in the number of credit card usage among university students. Credit cards can be a convenient payment tool that gives university students a number of advantages and benefits to learn financial responsibility when it can be used in a controlled and responsible manner. On the other hand, using credit cards also have serious financial consequences when mismanagedly used. The excessive credit card debt and overdue payments give burden on university students’ shoulders before starting their full-time jobs. Besides that, when the other debts such as education credits are added, inevitable stress and anxiety make negative impacts on their newly started adult life. Also, lack of experience on using credit cards and personal financial information, tend to put some students at a higher financial risk due to a large and perhaps unmanageable debt burden. Therefore, rising number of students who use credit cards increases the concern for these long-term negative results of the credit card. In this context, we aim to evaluate the basic demographic and socio-economic factors that affect the attitudes of Kırklareli University students towards credit card ownership, credit card usage, and to evaluate the students' ability to manage their financial situation.

Consumers‟ Acceptance of „Halal‟ Credit Card Services: An Empirical Analysis

2015 ◽  
Vol 3 (1) ◽  
pp. 51 ◽  
Author(s):  
Zaimy Johana Johan ◽  
Lennora Putit
Keyword(s):  
Perceived Control ◽  
Credit Card ◽  
Credit Cards ◽  
Product Knowledge ◽  
Key Factors ◽  
Developing Nation ◽  
Business Transactions ◽  
Factors Influencing ◽  
Financial Credit ◽  
Survey Questionnaires

Many past researches have been carried out in an attempt to continuously understand individuals‟ consumption behaviour. This study was conducted to investigate key factors influencing consumers‟ potential acceptance of halal (or permissible) financial credit card services. Specifically, it anticipated the influence of attitude, social influences and perceived control on consumers‟ behavioural intention to accept such services. In addition, factors such as religiosity and product knowledge were also postulated to affect consumers‟ attitude towards the act of using halal credit cards for any retail or business transactions. Using non-probability sampling approach, a total of 500 survey questionnaires was distributed to targeted respondents in a developing nation but only 220 usable feedbacks were received for subsequent data analysis. Regression results revealed that religiosity and product knowledge significantly influence consumers‟ attitude toward using halal credit card services.  Attitude in turn, subsequently has a significant impact on consumers‟ intention to accept halal financial credit card services. Several theoretical and managerial contributions were observed in this study.   

Introduction

2018 ◽  
Author(s):  
Abraham A. Singer
Keyword(s):  
General Structure ◽  
The Other ◽  
Main Argument ◽  
Methodological Issues ◽  
Normative Analysis ◽  
Key Concepts ◽  
Key Features

This chapter introduces the main argument of the book, describing key concepts such as the idea of “norm-governed productivity,” the use of norms to structure cooperation instead of prices. It then defines the concept of the corporation, describing the institution’s key features, and lays out the general structure of the book. Finally, it considers some conceptual and methodological issues that frame the rest of the book: the distinction between economic and political approaches, and the problem of trying to subsume the topic wholly into one or the other; and an argument for why a normative analysis of the corporation has to take certain features of markets and capitalism for granted.

scholarly journals Influence of Physicochemical Properties and Parent Material on Chromium Fractionation in Soils

Processes ◽  
2021 ◽  
Vol 9 (6) ◽  
pp. 1073
Author(s):  
Claudia Campillo-Cora ◽  
Laura Rodríguez-González ◽  
Manuel Arias-Estévez ◽  
David Fernández-Calviño ◽  
Diego Soto-Gómez
Keyword(s):  
Physicochemical Properties ◽  
Contaminated Soils ◽  
Research Work ◽  
Parent Material ◽  
The Other ◽  
Oxidation States ◽  
Diethylenetriaminepentaacetic Acid ◽  
Remediation Strategies ◽  
Exchangeable Aluminum ◽  
Efficient Extraction

Chromium is an element that possess several oxidation states and can easily pass from one to another, so its behavior in soils is very complex. For this reason, determining its fate in the environment can be difficult. In this research work we tried to determine which factors affect the chromium fractionation in natural soils, conditioning chromium mobility. We paid special attention to the parent material. For this purpose, extraction experiments were carried out on spiked soils incubated for 50–60 days, using H2O, CaCl2 and diethylenetriaminepentaacetic acid (DTPA). The most efficient extraction rate in all soils was achieved using water, followed by CaCl2 and DTPA. We obtained models with an adjusted R2 of 0.8097, 0.8471 and 0.7509 for the H2O Cr, CaCl2 Cr and DTPA Cr respectively. All models were influenced by the amount of chromium added and the parent material: amphibolite and granite influenced the amount of H2O Cr extracted, and schist affected the other two fractions (CaCl2 and DTPA). Soil texture also played an important role in the chromium extraction, as well as the amounts of exchangeable aluminum and magnesium, and the bioavailable phosphorus. We concluded that it is possible to make relatively accurate predictions of the behavior of the different Cr fractions studied, so that optimized remediation strategies for chromium-contaminated soils can be designed on the basis of a physicochemical soil characterization.

scholarly journals Neural mechanisms of credit card spending

2021 ◽  
Vol 11 (1) ◽  
Author(s):  
Sachin Banker ◽  
Derek Dunfield ◽  
Alex Huang ◽  
Drazen Prelec
Keyword(s):  
Credit Card ◽  
Credit Cards ◽  
Purchase Behavior ◽  
Facilitation Effect ◽  
Product Price ◽  
Personal Credit ◽  
Psychological Mechanisms ◽  
Network Activation ◽  
Payment Instruments ◽  
Reward Network

AbstractCredit cards have often been blamed for consumer overspending and for the growth in household debt. Indeed, laboratory studies of purchase behavior have shown that credit cards can facilitate spending in ways that are difficult to justify on purely financial grounds. However, the psychological mechanisms behind this spending facilitation effect remain conjectural. A leading hypothesis is that credit cards reduce the pain of payment and so ‘release the brakes’ that hold expenditures in check. Alternatively, credit cards could provide a ‘step on the gas,’ increasing motivation to spend. Here we present the first evidence of differences in brain activation in the presence of real credit and cash purchase opportunities. In an fMRI shopping task, participants purchased items tailored to their interests, either by using a personal credit card or their own cash. Credit card purchases were associated with strong activation in the striatum, which coincided with onset of the credit card cue and was not related to product price. In contrast, reward network activation weakly predicted cash purchases, and only among relatively cheaper items. The presence of reward network activation differences highlights the potential neural impact of novel payment instruments in stimulating spending—these fundamental reward mechanisms could be exploited by new payment methods as we transition to a purely cashless society.

Money growth variability and output: evidence with credit card-augmented Divisia monetary aggregates

2020 ◽  
Vol 24 (5) ◽  
Author(s):  
Jinan Liu ◽  
Apostolos Serletis
Keyword(s):  
Financial Stability ◽  
Credit Card ◽  
Negative Impact ◽  
Balance Sheet ◽  
Credit Cards ◽  
Money Growth ◽  
Monetary Policies ◽  
Growth Variability ◽  
Significant Negative Impact ◽  
Growth Volatility

Abstract We reexamine the effects of the variability of money growth on output, raised by Mascaro and Meltzer (1983), in the era of the increasing use of alternative payments, such as credit cards. Using a bivariate VARMA, GARCH-in-Mean, asymmetric BEKK model, we find that the volatility of the credit card-augmented Divisia M4 monetary aggregate has a statistically significant negative impact on output from 2006:7 to 2019:3. However, there is no effect of the traditional Divisia M4 growth volatility on real economic activity. We conclude that the balance sheet targeting monetary policies after the financial crisis in 2007–2009 should pay more attention on the broad credit card-augmented Divisia M4 aggregate to address economic and financial stability.

scholarly journals Credit card cue effect

2019 ◽  
Vol 38 (2) ◽  
pp. 368-383
Author(s):  
King Yin Wong ◽  
Michael Lynn
Keyword(s):  
Credit Card ◽  
Design Methodology ◽  
Credit Cards ◽  
Well Being ◽  
Financial Security ◽  
Consumer Spending ◽  
Content Type ◽  
Moderation Effect ◽  
Show Evidence

Purpose The extant literature has mixed results regarding the credit card cue effect. Some showed that credit card cues stimulate spending, whereas others were unable to replicate the findings or found that cues discourage consumer spending. The purpose of this paper is to investigate how consumers’ sensitivity to the pain of payment affects their mental associations about credit cards and how the differences in credit card associations moderate the credit card cue effect on spending, providing a possible explanation for the mixed results in the literature. Furthermore, this paper examines the role of consumers’ perceived financial well-being, measured by their perceptions of current and future wealth and their sense of financial security, in mediating this moderation effect. Design/methodology/approach An experimental study was conducted with a sample of 337 participants to test the hypothesized model. Findings After being shown credit card cues, spendthrift participants had more spending-related thoughts and less debt-related thoughts, perceived themselves as having better financial well-being and consequently spent more than tightwad participants. Originality/value To the authors’ knowledge, this is the first study to investigate the direct link between an exposure to credit card cues and perceived financial well-being, and one of the few to show evidence of the moderating effect of consumers’ sensitivity to the pain of payment on spending when credit card cues are present. This study suggests that marketers may use credit card cues to promote consumer spending, whereas consumers, especially spendthrifts, should be aware of how credit card cues may inflate their perceived financial well-being and stimulate them to spend more.

Does knowing overcome wanting? The impact of consumer knowledge and materialism upon credit card selection with young consumers

2015 ◽  
Vol 16 (1) ◽  
pp. 50-70 ◽  
Author(s):  
Jakob Cakarnis ◽  
Steve Peter D'Alessandro
Keyword(s):  
Comparative Study ◽  
Survey Research ◽  
Credit Card ◽  
Design Methodology ◽  
Credit Cards ◽  
Consumer Knowledge ◽  
Content Type ◽  
Young Professionals ◽  
The Impact ◽  
Selection Of

Purpose – This paper investigates the determinants of credit card use and misuse by student and young professionals. Critical to the research is the impact of materialism and knowledge on selection of the appropriate credit card. Design/methodology/approach – This study uses survey research and partial least squares to investigate credit card behaviors of students versus young professionals. Findings – In a comparative study of young professionals and students, it was found that consumer knowledge, as expected, leads to better consumer selection of credit cards. Materialism was also found to increase the motivation for more optimal consumer outcomes. For more experienced consumers, such as young professionals, it was found that despite them being more knowledgeable, they were more likely to select a credit card based on impulse. Originality/value – This paper examines how materialism may in fact encourage some consumers to make better decisions because they are more motivated to develop better knowledge. It also shows how better credit card selection may inhibit impulse purchasing.

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