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The lower your self-esteem, the flashier your credit cards

In the credit-card turf war, platinum wraps plastic.

A premium credit card is typically associated with high social status and higher fees, but recent research suggests that people will choose them because it signifies higher income “over and above its benefits. Economists worked with an Indonesian bank that markets premium platinum credit cards to high-income customers. “Demand for the platinum card greatly exceeds demand for a nondescript control product with identical benefits,” according to the study distributed Monday by the National Bureau of Economic Research, a Cambridge, Mass.-based research group.

What’s more, the lower your self-esteem, the more likely you will opt for flashy credit cards with higher fees.

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