RDP 2018-11: Consumer Credit Card Choice: Costs, Benefits and Behavioural Biases Appendix F: End of Survey Questionnaire

QUESTION 7: USING YOUR CREDIT CARD(S)

Q7.1. Do any of your credit cards accrue rewards, loyalty points or other benefits?

• ◻ Yes
• ◻ No – please go to question 7.2

Q7.1.1. How do you normally redeem your credit card rewards? (Please tick one box only)

[NOTE] If your points are automatically converted (e.g. into a gift card or airline points), please select the product they are converted into.

• ◻ A gift card
• ◻ Other products/shopping in my bank's rewards store
• ◻ Airline points and redeem them for flights
• ◻ Airline points and redeem them for other products
• ◻ Shopping (online or in-store)
• ◻ Cash back/reduce annual fee
• ◻ I haven't redeemed my rewards before
• ◻ Other, please specify ______________

Q7.2. Have you paid or owed interest on a credit card in the past year?

• ◻ Yes
• ◻ No – please go to question 7.3
• ◻ Don't know – please go to question 7.3

Q7.2.1. Thinking about the last time you had interest outstanding on a monthly credit card bill – what was the main reason? (Please tick one box only)

• ◻ I usually or often pay interest on my card/I am paying off a long-term debt
• ◻ I used my credit card for a cash advance
• ◻ I missed the repayment deadline
• ◻ I accidently spent more than I budgeted for, but I usually don't
• ◻ I decided to spend more than I could pay back, but I usually don't
• ◻ Other, please specify ______________

For the following questions, please answer thinking about your main credit card (the card you most commonly use).

Q7.3. Did an annual fee apply to your main credit card this year? (Please tick one box only)

• ◻ Yes
• ◻ Yes, but I paid a discounted rate
• ◻ No, because it was waived
• ◻ No, because my card has no annual fee
• ◻ Don't know

Q7.4. What is the total amount that you spent on your main credit card in your most recent monthly statement (to the nearest whole dollar)?

AMOUNT: $ ______________

• ◻ I prefer not to answer

Q7.4.1. How much were you charged in credit card interest in your most recent monthly statement?

[NOTE] In most cases, you can find your interest charges either in the summary at the beginning of your statement, or at the end of your list of transactions. Please report the sum of ‘interest charged on purchases’ and ‘interest charged on cash advances’ if they are listed separately on your statement.

AMOUNT: $ ______________

• ◻  None
• ◻ I prefer not to answer

QUESTION 8: CREDIT CARD CHOICE

Q8.1. Did you sign up to your main credit card with a special offer (e.g. bonus rewards points, annual fee waiver or 0% balance transfer)?

• ◻ Yes
• ◻  No – please go to question 8.2
• ◻ Can't remember – please go to question 8.2

Q8.1.1. Does this offer still apply to your card now?

• ◻ Yes
• ◻  No
• ◻ I'm not sure

Q8.2. Have you considered changing your main credit card in the past year? (Please tick one box only)

• ◻ Yes, I have opened a new credit card and made it my main card
• ◻ Yes, I closed my main credit card and now I usually use one of my other credit cards
• ◻ Yes, but I have not actually switched cards
• ◻  No

Q8.3.1. Thinking about credit cards in general, what are the key features that made you decide to have a credit card at all? (Please tick all boxes that apply)

• ◻ Interest-free period (that is, the time between when you make a purchase and when repayment is due – usually 40–60 days)
• ◻ An easy way to borrow money
• ◻ Reward points or flight points
• ◻ Travel insurance or extended warranty
• ◻ Other benefits (e.g. concierge, entertainment)
• ◻ Ability to shop online
• ◻ Widespread acceptance in Australia
• ◻ Acceptance overseas
• ◻ It helps me smooth spending between pay periods
• ◻ Convenience of not having to check how much money is in my account before making a purchase
• ◻ Fraud protection
• ◻ A credit card is a convenient way of paying
• ◻ Other, please specify ______________

Q8.3.2. Thinking about credit cards in general, what is the most important feature that made you decide to have a credit card at all? (Please tick one box only)

• ◻ Interest-free period (that is, the time between when you make a purchase and when repayment is due – usually 40–60 days)
• ◻ An easy way to borrow money
• ◻ Reward points or flight points
• ◻ Travel insurance or extended warranty
• ◻ Other benefits (e.g. concierge, entertainment)
• ◻ Ability to shop online
• ◻ Widespread acceptance in Australia
• ◻ Acceptance overseas
• ◻ It helps me smooth spending between pay periods
• ◻ Convenience of not having to check how much money is in my account before making a purchase
• ◻ Fraud protection
• ◻ A credit card is a convenient way of paying
• ◻ Other, please specify ______________

Q8.4.1. Thinking about when you first opened your main credt card account, what factors influenced your decision to choose this card over other credit cards? (Please tick all boxes that apply)

• ◻ The fees
• ◻ The interest rate
• ◻ A bonus points/flight/cash back offer
• ◻ A balance transfer deal
• ◻ Reward points or flight points
• ◻ The interest-free period
• ◻ Travel insurance or extended warranty
• ◻ Other benefits (e.g. concierge, entertainment)
• ◻ Card offered by my main/preferred bank
• ◻ Linked to my mortgage/other bank accounts
• ◻ Customer service or quality of the card issuer's website/apps
• ◻ Less costly to use overseas
• ◻ Other, please specify ______________
• ◻ Don't know/can't remember – please go to question 8.5

Q8.4.2. Thinking about when you first opened your main credit card account, what was the most important factor that influenced your decision to choose this card over other credit cards? (Please tick one box only)

• ◻ The fees
• ◻ The interest rate
• ◻ A bonus points/flight/cash back offer
• ◻ A balance transfer deal
• ◻ Reward points or flight points
• ◻ The interest-free period
• ◻ Travel insurance or extended warranty
• ◻ Other benefits (e.g. concierge, entertainment)
• ◻ Card offered by my main/preferred bank
• ◻ Linked to my mortgage/other bank accounts
• ◻ Customer service or quality of the card issuer's website/apps
• ◻ Less costly to use overseas
• ◻ Other, please specify ______________
• ◻ Don't know/can't remember

Q8.5. If you did not have a credit card, would you borrow money in some other way? (Please tick one box only)

• ◻ No, I would not want to
• ◻ I would want to but I don't think I would be able to get a loan
• ◻ I would use money from my offset account or increase my mortgage
• ◻ Yes, I would take out a personal loan
• ◻ Yes, other, please specify ______________

Q8.6. Thinking of all the monetary features of your card (annual fee, rewards, the interest you pay, the interest-free period), overall, how do you see the monetary benefits and costs of owning your card? (Please tick one box only)

• ◻ Neutral – the benefits and costs are roughly equal
• ◻ Overall I'm worse off – I pay more in fees and interest than I receive in benefits
• ◻ Overall I'm better off – I receive more in benefits and rewards than I pay in fees and interest
• ◻ Not sure

Q8.6.1. Now consider both the monetary and non-monetary features of your card (e.g. fraud protection, widespread acceptance, convenience, insurance, concierge services). Overall, how do you see the benefits and costs of owning your card? (Please tick one box only)

• ◻ Neutral – the benefits and costs are roughly equal
• ◻ Overall I'm worse off – I pay more in fees and interest than I receive in benefits
• ◻ Overall I'm better off – I receive more in benefits and rewards than I pay in fees and interest
• ◻ Not sure