Credit card facts
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In 2019, the overall credit card balances in Canada reached a record high of over $100 billion for the first time in history.
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The average credit card debt in 2019 in Canada was about $4,240. If you’re stuck in debt yourself, don’t worry. There are ways to pay off credit card debt quickly.
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In 2018 (the latest year stats were available) there were approximately 79.6 million credit cards issued in just one year in Canada.
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A total of 70% of Canadians pay their credit card balance in full each month. Paying off your full balance every month is the most important rule of owning a credit card, so hopefully, we’ll see this number increase next year!
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The average charge on a credit card in Canada is $94.76.
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The average credit score in Canada (a major factor in determining your eligibility for a credit card, along with income) is 650. If you’re not sure whether that score is good or bad, we’ve got a full guide to credit scores you can check out.
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Nearly three-quarters of Canadians (72%) carry at least one credit card that has a rewards program. In fact, 82% of Canadians surveyed, rewards are a priority when selecting a credit card. If you haven’t already, it’s never too late to learn how to take advantage of credit card rewards.
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A total of 96.8 million Visa and MasterCard cards are in circulation in Canada. That’s more than 2.5 credit cards for every citizen!
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15% of Canadians have a credit card spending limit under $2,000, while approximately 41% have a credit card spending limit over $10,000.
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Credit card fraud amounts to $800 million a year in Canada. Ouch! Make sure you’re shopping safely to prevent falling victim to credit card fraud.
- Information was compiled using data from the CBC, TransUnion, Statista, LoansCanada, SimpleRate, and data publicly available through company annual reports, and disclosures.
