Credit Card use in Canada
The Canadian credit card market is one of the most competitive in the world, exemplifying the high degree of competition in Canada’s financial services sector. There are over 550 issuers of VISA or MasterCard and over 53 million cards in circulation in Canada.
Guaranteed Bad Credit Financing. Easy-Forex Trading. Start at $ 25. 
A credit card is a convenient and flexible payment tool accepted at 620,000 outlets in Canada and 30 million locations worldwide. Among its many features it provides: - Access to unsecured credit
- Interest-free payment from time of purchase to the end of the billing period
- Instant payment of purchases
- 24/7 access
- Fraud protection
- Rewards and benefits, such as air travel points, car insurance and extended warranty programs
There are 600 institutions in Canada issuing Visa, MasterCard and American Express products through 23 principal issuers. A credit card is a payment tool and if the card balance is paid off every month, then no interest is charged on purchases made so, essentially, short-term credit is granted without the consumer paying any interest. For those people who do carry a balance, all of Canada’s largest banks offer low rate cards with rates under 13.9%. Statistics
- Canadians, 70%, pay off their monthly card balance all or most of the time.
- Canadians who do carry a balance on their card pay off between 32% and 35% of their balance every month – not just the minimum.
- Only 10% of Canadian card holders reached their credit card limit in 2003.
- 51% of all cardholders spend $300 or less on all of their cards each month; the average is $102.
- Outstanding balances as a percentage of total bank card sales volume has declined from 35% in 1977 to 29% in 2003.
- Canadians carry an average of 2.6 credit cards, including bank-issued cards, retail cards and gas cards, compared to an average of 4 per person in the U.S.
CBA Credit Card Information
Free Decision Making Tool Interpreter & Translation Services Canada Vacations - Order FREE Brochure!
Order a free brochure from any vacation tour operator in Canada. Get all the information you need. It's like having a travel bureau in your home. Find the best insurance rates
80% of people instantly find savings of $600 to $1,200 off their insurance cost. Find the best deal and read reviews on Hotels in Canada Return to Finances page Return to The Happy Immigrant Homepage This website was build with the help of Site Build It 
|
