A new study shows Canadians are charging slightly less to their primary credit cards than they did a year ago as inflation remains high and buy now, pay later services grow more prominent.
J.D. Power's survey of 6,478 Canadian credit cardholders released Thursday found the average consumer spent $1,144 per month on their primary card this year, down $11 from a year ago.
Credit cards remain popular for handling such headwinds — J.D. Power found customer satisfaction with credit cards is 764 on a 1,000-point scale — but some Canadians are considering alternatives when buying big ticket items. Personal loans are the most popular of the lending alternatives, considered by 21 per cent of customers mulling a large purchase, followed by buy now, pay later companies at 17 per cent.
His company's research found 27 per cent of credit card customers feel they completely understand their card's benefits and features and among cashback cardholders, satisfaction with rewards declined"significantly" this year. More than half of respondents with credit cards are now classified as financially unhealthy, up nine percentage points from a year ago.
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