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Previous issue date: 2017-03-30 === The present paper uses random utility models from Perloff and Salop to analyze consumer
behavior in the credit card market in Brazil, where choices are influenced by specific shocks
in consumer preferences, "noises", and from its decisions, to determine the financial margin
and the equilibrium price with the competition between two credit cards. The first model
proposes that competition occurs with shocks in preferences linked to the amount of benefits
that the cards offer to customers. In the second, issuers dispute consumer preference through
shocks to the quality of these benefits. In this sense, the cards with the highest score in the
relationship program or the discount percentage offered in the next purchases are preferred.
Finally, the third model explores the relation of the interest rate of the revolving credit to the
annuity price. In case the customer comes to use this facility, it will evaluate as best card what
to offer the lowest rate of interest in the revolving credit. The results show the positive
correlation of the quantity and quality of the benefits offered with the demand for the card
and, consequently, the financial margin established for its issuer. On the other hand, the
consumer is less likely to buy the card with the higher interest rate. === O presente trabalho utiliza de modelos de utilidade aleat??ria, com origem em Perloff e Salop,
para analisar o comportamento do consumidor no mercado de cart??es de cr??dito no Brasil, no
qual as escolhas s??o influenciadas por choques espec??ficos nas prefer??ncias dos
consumidores, ???ru??dos???, e a partir das suas decis??es, apurar a margem financeira e o pre??o de
equil??brio com a competi????o entre dois cart??es de cr??dito. O primeiro modelo prop??e que a
competi????o ocorra com choques nas prefer??ncias vinculados ?? quantidade de benef??cios que
os cart??es oferecem aos clientes. No segundo, os emissores disputam a prefer??ncia do
consumidor por meio de choques na qualidade desses benef??cios. Nesse sentido, os cart??es
com a maior pontua????o no programa de relacionamento ou do percentual de desconto
oferecido nas pr??ximas compras s??o os preferidos. Por ??ltimo, o terceiro modelo explora a
rela????o da taxa de juros do cr??dito rotativo com o pre??o da anuidade. No caso do cliente vir
usar essa facilidade, ele ir?? avaliar como melhor cart??o o que oferecer a menor taxa de juros
no cr??dito rotativo. Os resultados obtidos evidenciam a correla????o positiva da quantidade e
qualidade dos benef??cios oferecidos com a demanda pelo cart??o e, consequentemente, na
margem financeira apurada para o seu emissor. Por outro lado, o consumidor fica menos
propenso a adquirir o cart??o com a maior taxa de juros.
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