1.data
The data used in the study were provided by credit card issuers in the UK. This data comes from a random sample of all British consumers (covering nearly 100% of British cardholders) who held credit cards from 20 13 to 2012 in Argus database. Including credit card identification code, balance, minimum required repayment amount, purchase amount, purchase type, repayment amount, various expenses and interest, etc. The observation unit in the sample is card/month, and the repayment amount is displayed on the billing date of the next month. During the whole data period, users can switch the repayment mode to the automatic repayment option at any time.
design
Researchers use the double difference method (DID) to identify the effect of the minimum automatic repayment of credit cards according to the changes in the repayment amount of cardholders before and after using the minimum automatic repayment service (relative to the control group). Because only the cardholder's repayment (that is, not leaking repayment) has entered the researcher's sample, and those cardholders who have not repaid (not leaking repayment) for several months before and after using the minimum automatic repayment service have not entered the sample, there is an endogenous problem. Therefore, researchers regard the card holding period as an exogenous and exclusive constraint variable, and use a single-column model to estimate the probability of not missing repayment. On this basis, we can estimate the effect of the minimum automatic repayment of credit cards.
In addition, the matching process between the treatment group and the control group is as follows: first, they extract the card months that have been converted to the minimum automatic repayment service and have six months (a total of 12 months) as the treatment group, the continuous 12 card months of non-converters and the first 12 card months of converters as the observation period of the control group; Secondly, the covariables such as card balance, utilization rate, consumption amount, annual payment rate of merchants, annual payment rate of cash, write-off rate and service life of cards in the first six months of these samples are averaged. Finally, the nearest neighbor 13360 1 is used for matching. Finally, there were 33 1 1 samples in the treatment group and 3239 samples in the control group (one sample in the control group matched several samples in the treatment group).
3. Results
Related question and answer: What is the minimum repayment amount of credit card? The minimum repayment amount of the credit card is 65438+ 00% of the bill amount. The minimum repayment amount means that when the credit card holder can't repay all the payables on the repayment date, he can repay according to 10% of the minimum repayment amount stipulated by the issuing bank to avoid the influence on personal credit due to overdue, but the cardholder can't enjoy the interest-free repayment treatment. Usually the minimum repayment amount will be shown on the monthly bill. Specific provisions: 1, the minimum repayment coefficient of most credit cards is generally 5% of the current consumption amount or 10% (depending on different banks). Calculation method of minimum repayment amount of current bill II. Consumption within the credit line * Proportional factor (5% or 10%)+ Annual fee 100%+ cash transaction amount in advance 100%+ outstanding portion of the previous minimum repayment amount 100%+ consumption exceeding the credit line * Proportional factor (5 3. A simple general formula: the minimum repayment amount = 65,438+00% of the consumption within the credit line (65,438+00% of most banks and 5% of some banks) +65,438+000% of the cash advance transaction amount+65,438+000% of the outstanding minimum amount in the previous period+65. 4. So you don't need to apply for the minimum repayment amount of credit card. When the repayment amount is greater than or equal to the minimum repayment amount stipulated by the bank, it is the default minimum repayment amount; After the minimum repayment amount of the credit card, you can't enjoy interest-free treatment, and the interest is calculated at five ten thousandths per day; Only the minimum repayment amount is paid, and interest-free repayment is not enjoyed. Interest is charged on all transactions of the current bill from the bookkeeping date, with a daily interest rate of 0.5 ‰ until the repayment date; The minimum repayment amount will be shown on the bill of the current month without special application. If it is overdue for more than 3 days, it is recommended to contact the credit card to manually confirm the specific minimum repayment amount before repayment. Legal basis: Article 196 of the Criminal Law of People's Republic of China (PRC)? If one of the following circumstances constitutes the crime of credit card fraud or theft, and the amount is relatively large, he shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan; If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan; If the amount is especially huge or there are other particularly serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan, or his property shall be confiscated: (1) using a forged credit card or using a credit card fraudulently obtained with false identification; (2) Using an invalid credit card; (3) Fraudulent use of another person's credit card; (4) malicious overdraft. The term "malicious overdraft" as mentioned in the preceding paragraph refers to the behavior that the cardholder overdraws beyond the prescribed limit or time limit for the purpose of illegal possession, and refuses to return it after being urged by the issuing bank. Whoever steals a credit card and uses it shall be convicted and punished in accordance with the provisions of Article 264 of this Law.