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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 North American PaymentsInsights: The State of the Canadian Consumer Market-Prepaid/Gift, Credit, and Debit Cards
How Canadian Consumers with Multiple Credit Cards Decide Which Card to Use:
- 66% of Canadian consumers with multiple credit cards reported that they use one of their credit cards mostly for everyday purchases.
- 36% of Canadian consumers with multiple credit cards reported that they use one of their credit cards mostly for online purchases.
- 33% of Canadian consumers with multiple credit cards reported that they use one of their credit cards mostly for specific retailers or merchants.
- 19% of Canadian consumers with multiple credit cards reported that they use one of their credit cards mostly for more expensive purchases.
- 19% of Canadian consumers with multiple credit cards reported that they use one of their credit cards mostly for paying bills.
- 16% of Canadian consumers with multiple credit cards reported that they use one of their credit cards mostly for international travel.
About Report
Mercator Advisory Group’s most recent report, 2021 North American PaymentsInsights: The State of the Canadian Consumer Market-Prepaid/Gift, Credit, and Debit Cards, summarizes the market for prepaid, debit, and credit cards in Canada. The report looks at consumers’ preferred way to use these payment products, how frequently they use them, and what they think about these payment options.
The report is based on the North American PaymentsInsights survey administered between August 27 and September 14, 2021. Participants included 1000 Canadian consumers ages 18 years or older. In addition to providing data on the nature of prepaid/gift, debit, and credit cards, the report digs deeper into different types within these three payment categories while looking at the rate at which certain types of these cards are widely used among the respondents in Canada.
“Through the survey data, we have seen some interesting influences of COVID on the increased use of debit cards in 2021.” stated Pragya Khanal, an analyst working on the report.
