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Credit Cards in Canada
As of 2008, Canada has a population of 33.44 millions with a GDP(gross domestic product) of USD$1,499.04 billions. This
translates into USD$44,826 of GDP per capita.
As at 31st December 2008, there are 94,182,000 payment cards issued in Canada(2.81 cards per capita), an increase of 4,508,000 or 5.03% compares to 89,674,000 in 2007.
There are 72,682,000 credit cards in Canada as at 31st December 2008, an increase of 4,270,000 or 6.24% compares to 68,412,000 in 2007.
Debit cards increase by 238,000 or 1.12% to 21,500,000 in 2008, compares to 21,262,000 in 2007.
Credit Cards Outstanding Balances in Canada
The Bank of Canada is the central bank of Canada and responsible for Canada's monetary policy, bank notes, financial system, funds management.
In accordance to Bank of Canada credit card statistics, the outstanding balances as at December 2008 is CAD$53.390 billion. Whereas the total
outstanding balances as at December 2009 is CAD$56.086 billion. The figure shown an increase of 5.05% credit card outstanding balances in Canada during the 12 months period.
However, as at February 2010, the outstanding balances have been reduced by 1.74% to CAD$55.110 billion.
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Earn 1 reward mile for every $10 in Card purchases at AIR MILES Sponsors
Earn 1 reward mile for every $15 in Card purchases everywhere else you use the Card
You can earn 250 Bonus reward miles the first time you use the Card, plus 100 Bonus rewards miles after you spend $1,000 in your first three months of Card membership
Shop at participating AIR MILES Sponsors at more than 9600 locations across Canada with your Card and show your AIR MILES®* Collector Card to earn reward miles from both the Sponsor and American Express
Earn 0.5% in CAA-Quebec Dollars on all net retail purchases
On top of the 2¢ per litre of gas earned in CAA-Quebec Dollars when you show your CAA-Quebec membership card at the counter when filling up on gas at participating Couche-Tard outlets, you receive an additional 2% rebate by paying with your CAA-Quebec MasterCard credit card on all your qualifying purchases — including gas — at participating Couche-Tard outlets that sell gas
Even more, this 2% is added to the 0.5% rebate you earn each time you use your CAA-Quebec MasterCard credit card
No Annual Fee
Low 3.99% introductory interest rate for 6 months on Cheque Cash Advances and Balance Transfers
In accordance to Bank of Canada credit card statistics, the outstanding balances as at December 2007 is CAD$48.505 billion. Whereas the total
outstanding balances as at December 2008 is CAD$53.390 billion. The figure shown an increase of 10.07% credit card outstanding balances in Canada during the 12 months period.
However, as at February 2009, the outstanding balances have been reduced by 3.33% to CAD$51.611 billion
Total Card Payments in Volume and Value
For 2008, there are 6,281.6 millions of card payment transactions in Canada(187.84 transactions per capita), an increase of 469.7 millions or 8.08%
compares to 5,811.9 millions in 2007. Out of these transactions, 2,576.6 millions or 41.02% is paid by credit cards, an increase of 216.4 millions or
9.17% compares to 2,360.2 millions in 2007. The rest of card payment transactions(3,705 millions) are paid by debit cards, an increase of 253.23 millions
or 7.34% compares to 3,451.77 millions in 2007. While credit card transactions increase according to the growth in the number of cards issued; debit card
transactions has growth significantly even though there is only 1.12% increased in the number of cards issued.
The total card payments for 2008 is USD$431.73 billions in value(USD$12,910 per capita), an increase of USD$39.07 billions or 9.95% compares to USD$392.66 billions in 2007.
This also translates into USD$68.73 per card payment transaction, a slight increase from USD$67.56 in 2007. Out of these transactions, USD$274.34 billions or 63.54% is paid by credit cards,
an increase of USD$27.76 billions or 11.26% compares to USD$246.58 billions in 2007; which is inline with the increase in credit card transactions. The rest of card payments,
USD$157.39 billions in value is paid by debit cards, an increase of USD$11.31 billions or 7.74% compares to USD$146.08 billions in 2007; which is in accordance to the increase in debit cards transactions.
Visa and MasterCard in Canada
For fiscal year ended October 31 2009, there are 69.7 millions Visa and MasterCard cardholders in Canada; up 1.5 millions or 2.2% year-over-year compares to 68.2 millions
in circulation for the same fiscal year in 2008.
Net dollar volume for Visa and MasterCard for fiscal year ended October 31 2009 is CAD$296.21 billion(inclusive of net retail volume and cash advance volume),
down CAD$8.67 billions or 2.84% compares to CAD$304.88 billion for the same fiscal year in 2008.
Out of the CAD$296.21 billion, CAD$$264.47 billion is for Visa and MasterCard purchase transactions, a decrease by CAD$$2.5 billion or 0.94% compares to CAD$$266.97 in the same fiscal year in 2008.
Whereas CAD$31.74 billions is for cash advance, a significant decrease by CAD$6.17 billions or 16.28% compared to CAD$37.91 in the same fiscal year in 2008.
The number of Visa and MasterCard purchase transactions increase by 75.7 millions or 3.11% for fiscal year ended October 31 2009 to 2.5085 billions from 2.4328 billions for the same fiscal year in 2008.
As of October 31 2009, the delinquency rate(90 days & over) for Visa and MasterCard in Canada has risen to 1.31%; compares to 0.98% in October 31 2008.
For fiscal year ended October 31 2008, there are 68.2 millions Visa and MasterCard cardholders in Canada; up 4.1 millions or 6.4% year-over-year compares to 64.1 millions
in circulation for the same fiscal year in 2007.
Net dollar volume for Visa and MasterCard for fiscal year ended October 31 2008 is CAD$304.88 billion(inclusive of net retail volume and cash advance volume),
up 10.8% compares to CAD$275.21 billion for the same fiscal year in 2007.
Out of the CAD$304.88 billion, CAD$$266.97 billion is for Visa and MasterCard purchase transactions, an increase by CAD$$26.45 billion or 11% compares to CAD$$240.52 in the same fiscal year in 2007.
Whereas CAD$37.91 billions is for cash advance, an increase by CAD$3.22 billions or 9.28% compared to CAD$34.69 in the same fiscal year in 2007.
The number of Visa and MasterCard purchase transactions increase by 208.8 millions or 9.39% for fiscal year ended October 31 2008 to 2.4328 billions compared to 2.224 billions for the same fiscal year in 2007.
As of April 30 2009, the delinquency rate(90 days & over) for Visa and MasterCard in Canada has risen to 1.28%; compares to 0.98% in October 31 2008.
Breakdown by Province
As of Q4 2008, residents in Ontario made up 45.43% of the outstanding credit card balances in Canada(CAD$24.405 billion out of the total CAD$53.724 billion).
This is followed by residents in British Columbia($7.569b), Quebec($7.257b) and Alberta($6.589b).
The province with the lowest outstanding balances are residents in Yukon, Northwest Territories, and Nunavut(total $196m).
The second lowest is Prince Edward Island with $262 million outstanding credit card balances.
There are $69 million unallocated in Canada and/or international from the total CAD$53.724 billion credit card outstanding balances in Canada.
As of Q3 2008, residents in Ontario made up 45.46% of the outstanding credit card balances in Canada(CAD$24.141 billion out of the total CAD$53.098 billion).
This is followed by residents in British Columbia($7.601b), Quebec($7.019b) and Alberta($6.609b).
The province with the lowest outstanding balances are residents in Yukon, Northwest Territories, and Nunavut(total $193m).
The second lowest is Prince Edward Island with $255 million outstanding credit card balances.
There are $72 million unallocated in Canada and/or international from the total CAD$53.053 billion credit card outstanding balances in Canada.
Financial Crisis and Credit Cards
During financial crisis, the credit card issuers are extra cautious in issuing new credit cards. It is much harder to get a new credit card nowadays when news of old/inactive accounts are closed or reduced in credit limits is common.
The credit card issuers are on the defensive in expecation of high delinquency rate.
We've been working hard to get credit card issuers in Canada to participate with us in acquiring new credit card customers. Bookmark this page and come back often to check if there are new credit cards added which may suit your needs.
Below is some credit card offers you may be interested. Check it out and get one yourself if you like it. The offer may not last foerver considering the volatile economy may continue for months(if not years) to come.
Credit Card Fraud Statistics for Canadian Issued Cards
For the year ending December 2009, CAD$358,361,292 loss to credit card fraud(Amex, MasterCard and Visa) has been reported in Canada, involving 541,580 Canadian issued cards. This is an average loss of CAD$661.70 per account.
In comparisons to 2008, the loss amount drecrease by CAD$49,368,447 or 12.11%. However, the number of accounts involved increase by 91,258 or 20.27%, while the average loss per account reduced significantly by CAD$243.72 or 26.92%.
Counterfeit cards remained as the main culprit in terms of dollar volume with CAD$158,809,947 loss involving 171,751 accounts.
Whereas fraudulent use of Account(MO/TO/EC and Multiple Imprints[fraud use of account number]) has reported the highest numbers of cases, involving 294,549 accounts(a whopping increase of 40% compared to 2008) with CAD$140,443,893 loss in value.
Worryingly, the highest average loss per account is due to non receipt of card, involving CAD$2,064.75 loss per account. Fraudulent applications is the second highest average loss per account with CAD$1,927.55 loss per account.
In the same period, 22,304 accounts are reported for lost card and 45,103 accounts are reported for stolen card, involving CAD$13,599,382 loss to the former and CAD$27,208,823 to the latter.
For the year ending December 2008, CAD$407,729,739 loss to credit card fraud(Amex, MasterCard and Visa) has been reported in Canada, involving 450,322 Canadian issued cards. This is an average loss of CAD$905.42 per account.
Counterfeit cards is the main culprit in terms of dollar volume with CAD$196,653,970 loss involving 158,503 accounts.
Whereas fraudulent e-commerce, telephone and mail purchases has reported the highest numbers of cases, involving 210,430 accounts with CAD$128,362,477 loss in value.
Worryingly, the highest average loss per account is due to non receipt of card, involving CAD$3,042.06 loss per account. Fraudulent applications is the second highest average loss per account with CAD$3,038.32 loss per account.
In the same period, 23,022 accounts are reported for lost card and 47,546 accounts are reported for stolen card, involving CAD$16,505,213 loss to the former and CAD$32,293,078 to the latter.
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All card applications are strictly confidential.