Credit Cards In Canada
After an exhaustive search, we were unable to find any public or paywall resources with information on offline and online destinations where people go to learn about different credit cards in Canada. Although there are humongous information and statistics available on the Canadian credit card market, our research indicates that little or no surveys, reports and publications have been generated in connection with the research criteria for this request.
We started our research by searching for credible surveys and reports and research publications with information relating to destinations that people visit in order to learn about different credit cards in Canada. Here we searched through Canadian market research databases such as Fresh Squeezed Ideas, Antenna Consulting Ltd., and iData Research. We also searched for reports from researchgate.net and forrester.com. Our focus was on finding information pertaining to preferred online and offline destinations, as well as data/statistics about the traffic that is generated at these destinations. Unfortunately, there were no reports or surveys found with information on the points of contact visited by people in Canada to learn about credit cards.
Our next strategy was to find data that may be helpful in triangulating the required information. In order to achieve this, we visited government databases such as the Canadian Financial Literacy Database; we also searched through banking forums like the Canadian Bankers Association. However, this also did not yield any useful results. What we found through this means was facts and statistics associated with credit card usage in Canada. We also located publications on credit card and debt management, mortgage and loans, and several other publications that weren't directly related to our query. We then decided to locate any paywall resources with insight on destinations (offline or online) visited in Canada for the purpose of learning about credit cards. Here we visited sites such as Statista, Clootrack and NumHub. Unfortunately, no paywall resources contained reports related to our research criteria.
Still determined to triangulate a response, we broadened our search criteria by searching for reviews, news reports, articles and expert opinions relating to points of contact for credit card selection. We also searched for the main blockers to using third party sites like ratehub.ca to select and purchase credit cards. In addition, our research team visited less credible sites (blogs, social news, and discussion websites) like greedyrates.ca and reddit.com. Here we hoped to compile users' feedback and expert opinions. Sadly this also did not yield any results to aid our search for online/offline destinations visited in order to select credit cards. We were able to locate some feedback from users of ratehub.ca and other third-party websites, however. These opinions provided some insight into the skepticism expressed by users of these third party websites. Our research efforts indicate that this is a unique search query that is yet to be explored, and so there are currently no public or paywall reports with this information. We believe the use of an online survey tool such as SurveyMonkey, SurveyGizmo or Qualtrics in conducting a survey will help in providing the desired information.
- Canadians spend more than $300 billion on their credit cards yearly, a figure that exceeds the Russian and Chinese defense budgets combined.
- There are a lot of low-interest rate cards in the Canadian credit card market and more than 30 of those cards have an interest rate of under 13%.
- 58% of Canadians usually pay their credit card balance in full every month, thereby paying 0% interest rate.
- Canadians process about 3 billion transactions yearly using their credit cards. This amounts to about 5,700 transactions per minute.
- The number of Visa and MasterCard cards in circulation in Canada currently is 74.3 million.
- About 72% of Canadians own at least one credit card that has a rewards program; while 82% prioritize rewards when selecting a credit card.
- Canadian financial institutions refunded about $800 million to their credit card customers in 2017, representing the losses these customers suffered due to criminal activities.
- Some users believe rates posted on third-party websites like ratehub.ca are genuine; however, several users claim that the rates posted on these websites can be misleading and it is better to visit banks in person to obtain genuine rates.
- Canadians are interested in credit cards that offer rewards such as cash-back and travel points.