A multidimensional analysis of customer loyalty across customer lifetime value segments in credit card services

Abstract This study examines the factors influencing customer loyalty in credit card services and analyzes whether the structural relationships among loyalty determinants differ across customer segments defined by Customer Lifetime Value (CLV). A k-means clustering algorithm was applied to segment a population of 544,046 cardholders from a Colombian financial institution, followed by a survey of 664 customers. The proposed model was tested using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that perceived value, satisfaction, reputation, trust, and commitment significantly influence loyalty. Although statistically significant differences are observed in construct levels across CLV-based segments, the structural relationships remain invariant. This suggests that the mechanisms underlying loyalty formation are consistent across customers with different economic value. By integrating CLV-based segmentation with relationship marketing constructs, this study contributes to bridging economic and relational perspectives in financial services, demonstrating that customer heterogeneity in value does not imply structural differences in loyalty formation.