J.D. Power’s survey of 6,478 Canadian credit cardholders found the average consumer spent $1,144 per month on their primary card this year, down $11 from a year ago
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.
The findings come as Canadians are grappling with soaring costs as inflation sits at 7.6 per cent and interest and mortgage rates climb with further hikes anticipated. J.D. Power found 36 per cent of credit card customers would consider other financing options such as personal or instalment loans and buy now, pay later services, when making large purchases.
“Steps taken now to tighten up problem resolution, better align rewards and benefits with customer needs and improve customer engagement will be critical for customer retention and growth as we enter a potentially difficult economic cycle.” One portion of the survey measured financial health by combining individual consumers’ spending/savings ratio, credit worthiness and safety net items like insurance coverage, and placed the respondents on a continuum from healthy to vulnerable.
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