{"id":22097,"date":"2024-10-28T17:13:41","date_gmt":"2024-10-28T11:43:41","guid":{"rendered":"http:\/\/www.sachdevajk.in\/?p=22097"},"modified":"2024-10-28T17:13:41","modified_gmt":"2024-10-28T11:43:41","slug":"survey-on-credit-card-benefits","status":"publish","type":"post","link":"http:\/\/www.sachdevajk.in\/?p=22097","title":{"rendered":"SURVEY ON CREDIT CARD BENEFITS"},"content":{"rendered":"

Tittle<\/u><\/strong>– <\/u>Factor analysis of product (credit card<\/u><\/strong>)<\/u><\/p>\n

Author<\/strong>– <\/strong>Siddharth Singh (021330324003)<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0Anushka Namjoshi (021330024066)<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Mrinal Das(021330024343)<\/p>\n

Introduction<\/u><\/strong>– Credit card which is globally used card is a financial tool issued by banks and financial institutions that allows individuals to borrow funds to make purchases, pay bills, or withdraw cash within a specified credit limit. Credit cards are widely used for convenience, security, and the ability to spread out payments over time.<\/p>\n

The 10 Characteristics of Credit card are:<\/p>\n

    \n
  1. Cash Back<\/li>\n
  2. Emergency financial access<\/li>\n
  3. Credit limit<\/li>\n
  4. Free airport lounge access<\/li>\n
  5. CIBIL benefits<\/li>\n
  6. Buy on credit<\/li>\n
  7. Convenience of Transaction<\/li>\n
  8. Improve spending habits<\/li>\n
  9. Foreign Transaction Convenience<\/li>\n
  10. Discount and offers<\/li>\n<\/ol>\n

    Objective<\/strong>– To reduce the dimension<\/p>\n

    Data Collection<\/strong>-The survey was conducted using Google Forms to evaluate perceptions of Credit Card based on ten essential characteristics: Cash back , Emergency financial access Credit limit \u00a0,Free airport lounge access ,CIBIL benefits ,Buy on credit Convenience of Transaction ,Improve spending habits ,Foreign Transaction Convenience ,Credit limit.A total of 50 respondents, consisting of friends and relatives, participated in the survey. Each question targeted one of these specific characteristics, as outlined below-<\/p>\n

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    1.Discounts and offers<\/u>: \u201cDo you get discount and offers by using credit card\u201d?<\/p>\n

    2.Cash Back<\/u>– \u201cHow often you get cash back by using credit cards\u201d?<\/p>\n

    3.Emergency financial access<\/u>– \u201cDo you agree that credit card help you in emergency financial access\u201d?<\/p>\n

    4.Credit limit<\/u>– \u201cDo you have flexible credit limit\u201d?<\/p>\n

    5.Free airport lounge access<\/u>: \u201cDo you get benefit of free airport lounge access by using credit card\u201d?<\/p>\n

    6.CIBIL benefit<\/u>: \u201ccredit card help you to improve your CIBIL score\u201d?<\/p>\n

    7.Buy on credit:<\/u> \u201cCredit card help you by buying on credit\u201d?<\/p>\n

    8.Convenience of Transaction:<\/u><\/p>\n

    9.Improve spending habitsn<\/u>: \u00a0\u201cDoes credit card help you in improving your spending habits\u201d?<\/p>\n

    10.Foreign Transaction Convenience<\/u>: \u201cDoes credit card make your foreign transaction convenience\u201d?<\/p>\n

    Participants rated their responses on a Likert scale with the following values<\/p>\n

    –\u00a0 lowest rating \u2013 One star<\/p>\n

    – \u00a0Moderate rating \u2013 Two star<\/p>\n

    – Highest rating \u2013 Three star<\/p>\n

    This approach enabled us to gather detailed feedback on each characteristic, providing comprehensive insights into the overall perception and satisfaction with CREDIT CARD among the respondents.<\/p>\n

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    Data Analysis:<\/u><\/strong><\/p>\n

    1.KMO AND BATLETTERS TEST<\/u><\/strong><\/p>\n\n\n\n\n
    \n

    KMO and Bartlett’s Test<\/u><\/strong><\/p>\n<\/td>\n<\/tr>\n

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    Kaiser-Meyer-Olkin Measure of Sampling Adequacy.<\/u><\/strong><\/p>\n<\/td>\n

    		\n

    .878<\/u><\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u00a0<\/p>\n

    The KMO Measure of Sampling Adequacy is 0.878, indicating that this dataset is highly suitable for factor analysis. With values above 0.8, data is considered \u201cmeritorious,\u201d meaning strong relationships exist among variables, making them ideal for extracting meaningful factors. A KMO above the 0.5 threshold confirms that shared variance is present, enhancing interpretability and ensuring reliable factor extraction. This high adequacy suggests the data has coherent structures, making it robust for analysing preferences.<\/p>\n

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    2.Total Variance Explained<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n

    Total Variance Explained<\/strong><\/p>\n<\/td>\n<\/tr>\n

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    Component<\/p>\n<\/td>\n

    		\n

    Initial Eigenvalues<\/p>\n<\/td>\n

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    Extraction Sums of Squared Loadings<\/p>\n<\/td>\n

    		\n

    Rotation Sums of Squared Loadings<\/p>\n<\/td>\n<\/tr>\n

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    Total<\/p>\n<\/td>\n

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    % of Variance<\/p>\n<\/td>\n

    		\n

    Cumulative %<\/p>\n<\/td>\n

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    Total<\/p>\n<\/td>\n

    		\n

    % of Variance<\/p>\n<\/td>\n

    		\n

    Cumulative %<\/p>\n<\/td>\n

    		\n

    Total<\/p>\n<\/td>\n

    		\n

    % of Variance<\/p>\n<\/td>\n

    		\n

    Cumulative %<\/p>\n<\/td>\n<\/tr>\n

    \n

    1<\/p>\n<\/td>\n

    		\n

    5.335<\/p>\n<\/td>\n

    		\n

    53.347<\/p>\n<\/td>\n

    		\n

    53.347<\/p>\n<\/td>\n

    		\n

    5.335<\/p>\n<\/td>\n

    		\n

    53.347<\/p>\n<\/td>\n

    		\n

    53.347<\/p>\n<\/td>\n

    		\n

    3.384<\/p>\n<\/td>\n

    		\n

    33.842<\/p>\n<\/td>\n

    		\n

    33.842<\/p>\n<\/td>\n<\/tr>\n

    \n

    2<\/p>\n<\/td>\n

    		\n

    1.085<\/p>\n<\/td>\n

    		\n

    10.845<\/p>\n<\/td>\n

    		\n

    64.192<\/p>\n<\/td>\n

    		\n

    1.085<\/p>\n<\/td>\n

    		\n

    10.845<\/p>\n<\/td>\n

    		\n

    64.192<\/p>\n<\/td>\n

    		\n

    3.035<\/p>\n<\/td>\n

    		\n

    30.350<\/p>\n<\/td>\n

    		\n

    64.192<\/p>\n<\/td>\n<\/tr>\n

    \n

    3<\/p>\n<\/td>\n

    		\n

    .817<\/p>\n<\/td>\n

    		\n

    8.170<\/p>\n<\/td>\n

    		\n

    72.362<\/p>\n<\/td>\n

    		\n

    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n<\/tr>\n

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    4<\/p>\n<\/td>\n

    		\n

    .669<\/p>\n<\/td>\n

    		\n

    6.686<\/p>\n<\/td>\n

    		\n

    79.048<\/p>\n<\/td>\n

    		\n

    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n<\/tr>\n

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    5<\/p>\n<\/td>\n

    		\n

    .563<\/p>\n<\/td>\n

    		\n

    5.630<\/p>\n<\/td>\n

    		\n

    84.678<\/p>\n<\/td>\n

    		\n

    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    6<\/p>\n<\/td>\n

    		\n

    .444<\/p>\n<\/td>\n

    		\n

    4.442<\/p>\n<\/td>\n

    		\n

    89.120<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n<\/tr>\n

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    7<\/p>\n<\/td>\n

    		\n

    .350<\/p>\n<\/td>\n

    		\n

    3.502<\/p>\n<\/td>\n

    		\n

    92.622<\/p>\n<\/td>\n

    		\n

    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n<\/tr>\n

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    8<\/p>\n<\/td>\n

    		\n

    .281<\/p>\n<\/td>\n

    		\n

    2.813<\/p>\n<\/td>\n

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    95.435<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    9<\/p>\n<\/td>\n

    		\n

    .235<\/p>\n<\/td>\n

    		\n

    2.345<\/p>\n<\/td>\n

    		\n

    97.780<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n<\/tr>\n

    \n

    10<\/p>\n<\/td>\n

    		\n

    .222<\/p>\n<\/td>\n

    		\n

    2.220<\/p>\n<\/td>\n

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    100.000<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

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    \u00a0<\/p>\n<\/td>\n

    		\n

    \u00a0<\/p>\n<\/td>\n<\/tr>\n

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    Extraction Method: Principal Component Analysis.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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      \n
    1. Total variance explained<\/strong><\/li>\n<\/ol>\n

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