Credit Cards, Confusion, Computation, and Consequences: What Can We Uncover About Language Model Reasoning?

Abstract

We introduce CreditCardQA, the first financial literacy benchmark for numerical reasoning derived from real credit card agreements. The dataset contains 1,800 questions, including first-person variants that reflect how consumers naturally ask about fees, interest, and payments. We evaluate a range of large language and reasoning models under Chain-of-Thought (CoT) and Program-of-Thought (PoT) prompting. Overall, PoT yields consistent performance gains, particularly for models with weaker baseline reasoning, and narrows gaps between open- and closed-source systems. Through error analysis, we show that failures arise less from arithmetic and more from misapplied financial rules, missed conditions, and misunderstandings of contractual terms. We further analyze question difficulty and find that comparisons, conditional logic, and monetary constraints are especially challenging. We also find that errors often arise in edge cases such as late-payment penalties or small-balance scenarios that are more likely to affect lower-income or financially vulnerable individuals.