Canada Credit Cards Market Report 2020
$4,995 (Excl.Tax)
$4,995 (Excl.Tax)
Providing the most comprehensive and up-to-date information and analysis of the Canada Credit Cards market, including the behaviors, preferences and habits of the consumer.
The COVID-19 pandemic saw a dramatic change in the ways that consumers use and interact with credit cards, increasing the reliance on contactless and mobile payment options. Because of lockdowns and travel restrictions throughout 2020, customer spending fell as did consumer confidence in their financial stability.
Credit cards are the most popular payment, with the majority of Canadians owning at least one credit card. The marker is dominated by the major banks, although smaller card companies, store cards and international companies are beginning to offer multiple alternative options to consumers.
The economic uncertainties of 2020 saw credit card balances dropped by 12.3% in Q2. These financial issues could indicated further expansion is needed into rewards and lower interest rate offers to attract consumers. “Buy Now Pay Later” financing options and prepaid debit cards continue to be emerging challengers in the industry. 68% of credit card users would like to see more innovative rewards, while 46% say they would use a brand-affiliated card regardless of rewards.
Read on to discover more details or take a look at all of our Canada Financial Services market research.
Brands: Neo Financial, Brim Financial, MasterCard, Air Canada, Ampli, Mogo, Klarna Bank AB, PayBright, Sephora, Clearpay, Splitit, American Express, Vancity, Apple Card.
Written by Sanjay Sharma, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Credit card spending is down due to the pandemic. Rewards are great tools to spur incremental spend but consumers are rethinking which rewards matter to them. Innovative rewards are in and cashback remains king, but travel rewards are less relevant now.
Sanjay Sharma
Senior Financial Services Analyst
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