Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
Canadians are reaping the benefits of their rewards cards in large numbers, according to a recent survey by RateSupermarket.ca. Currently, there are over 74 million active credit card accounts in Canada, with the average Canadian owning two credit cards and 8 in 10 holding a rewards credit card. Of those households, 85 percent are seeing returns from their purchases in the form of cash back and other rewards.
Retirees Lead the Way
Older Canadians have taken to credit card rewards in greater numbers than their younger compatriots. Just 73 percent of Canadians aged 18-34 own a rewards card compared to 83.5 percent of those aged 65 and over. It’s not just uptake where older Canadians are leading the way either, nearly 15 percent (14.8) of older Canadians with a rewards card have redeemed more than $1,000 worth of rewards. Only 6.7 percent of those aged 18-34 can say the same.
Rewards by the Numbers
The payoff from rewards credit cards can be substantial, with 12 percent of survey respondents saying they have redeemed over $1,000 worth of rewards…