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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
Reasons Canadian Consumers Use Credit Cards:
- 64% of Canadian credit card users reported they use credit cards primarily to get rewards.
- 50% of Canadian credit card users reported they only use credit cards to build credit history and try to pay off the full balance every month.
- 31% of Canadian credit card users reported they use credit cards to avoid transferring money from their savings account.
- 26% of Canadian credit card users reported they use credit cards to fill gaps in their day-to-day finances.
- 20% of Canadian credit card users reported they use credit cards to borrow money for purchases they otherwise wouldn’t be able to cover.
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.
