Credit Card Practices of Public and Private Employee Millennial in the National Capital Region

Abstract

The study aims to assess the credit card management practices of public and private millennial employees in the National Capital Region. The descriptive-survey method of research was used in this study. Purposive sampling was used to determine the sample size and employed a researcher-made questionnaire for the purpose of gathering data. Millenial government employees were single card owners and used the card 2 or 3 times a month. They voted ‘effective’ on their credit card management practices in terms of credit card fraud avoidance; whereas in terms of repayment patterns, spending patterns, and credit card preferences and purpose of use, it resulted to ‘somehow effective’. Private employee millennials were also single card owners band used the card 2 or 3 times a month. They were voted ‘effective’ on their credit card management practices in terms of credit card fraud avoidance and credit card preference; ‘effective’ on spending patterns, and ‘somehow effective’ on repayment patterns and purpose of use. There were no significant differences in the respondents’ assessment on the effectiveness of their credit card management practices when grouped according to age. When grouped by sex, assessments on the number of credit cards, frequency of credit card use, purpose of use and spending pattern were statistically the same, except on credit card fraud avoidance and credit card preferences. Credit card issuers/providers must improve their own marketing strategies focusing on the most availed promos and freebies by the millennials, to encourage them to patronize their services. Since annual fee has been the main consideration by credit card holders, both from the millenial government and private employees, setting it on a low price can increase the rate of prospective clients and can maintain current cardholders. Credit card providers/issuers must encourage clients to enroll in their paperless billing statement services which will be sent on earlier date before due; consequently, billing notifications like text messages or e-mail must be sent as a reminder of credit settlement.