Credit Card Statistics in Canada

Credit cards have been around since 1950 when the founders of the Diners Club came up with the first credit card The original card required the users to pay the balance in full every month. It was only later that companies began to allow customers to carry the balance on their cards. In the last 72 years, credit cards have become a normal method of paying.

Unfortunately, it has also become increasingly normal for people not toclear their credit card balance in full every month. With nearly nine out of ten Canadian households owning at least one credit card, what is the state of credit card use in Canada?

Credit Card Statistics for Canadians

• The average Canadian has two credit cards.
• Over half of goods and services are paid by credit cards in Canada.
• 72% of Canadians have a credit card with a rewards scheme.
• Approximately about 89% of Canadians aged 18 and over had a credit card in 2025.
• Approximately about 30 million Canadians shopped online in 2024.
• C$4,499 is the average amount owed on credit cards in Canada in 2025.
• 101 million credit cards were in circulation in Canada in 2025.
• Credit card fraud costs around C$503 million in Canada as of late 2024.
• 13 billion contactless payments were made in Canada in 2024, more than half of all transactions.
• Canadians spent C$605 billion on credit cards in 2025.
• The consumer debt in Canada was approximately C$3.05 trillion in 2025

A brief history of credit cards

Store cards had existed before, but the Diners Club card became the first store card available for widespread use in 1950. One of the founders, Frank McNamara, together with his partner Ralph Schneider, was inspired to launch the Diners Club card after leaving his wallet at home when dining out.

People who had Diners Card would be able to charge their meal to the card and the bill would be sent to Diners Club. The Club would send payment to the restaurant’s bank and take a small commission for the transaction. Cardholders had to clear their balance in full each month.

American Express developed its first charge card in 1958. Cardholders had to pay an annual fee for the card and they were still required to pay their bill in full every month.

Later in the same year, Bank of America issued a paper card with a pre-approved limit of $300 to 60,000 customers in Fresno. The first attempt didn’t go that well with delinquency rates of over 20%. However, they continued and the new credit card grew in popularity, especially among the growing middle class. In 1976, the company changed the name of the card to Visa.

In 1966, a group of Californian banks formed a partnership and released the card which evolved into MasterCard by 1979.

Credit cards are the top choice for larger transactions

Using credit cards to pay, especially for more expensive goods, has become increasingly common in Canada. According to Payments Canada, credit cards accounted for 33% of all payment transactions in 2024, with about 7.5 billion transactions — a 6% increase from the previous year. The number of credit cards in circulation increased by 5% to 112 million, and the average transaction value was C$105.

Credit cards are especially popular for transactions above C$15. They make up a large share of total payment volume and value. Cash is used far less often, while debit and credit cards dominate everyday purchases.

In 2009, just over half of transactions for goods and services costing more than C$50 were paid with a credit card. In 2017, a credit card was used for almost a third of those transactions.

The total value of credit card transactions was estimated at C$605 billion in 2025. Categories commonly paid with credit cards include clothing, durable goods, gasoline, groceries, and health‑related purchases.

How much is owed on credit cards?

Around 15% of Canadians have a spending limit of under C$2,000 on their credit card, while 41% have a spending limit of over C$10,000. The rest have spending limits somewhere in between.

On average, Canadians owe C$4,499 on credit cards, up from previous years. A survey by the Bank of Canada found that about 46% of Canadians carry a balance on their card month to month. Other sources estimate that between 40% and 50% of Canadian cardholders carry an outstanding balance.

Credit card debt forms a modest share of Canadian household debt, though credit card payments still represent a notable portion of scheduled monthly payments for many households.

How does credit card use in Canada compare to other countries?

Canada has one of the highest credit card ownership rates in the world. As of 2025, more than 83.4% of Canadians aged 15 and over have at least one credit card, and among adults aged 18+, the rate is near 89%. In a 2017 survey, Canada ranked first out of 142 countries for credit card ownership among people aged 15 or over.

Israel, with around 80–81% ownership, was second, and Norway, with about 72–73%, was third. Turkmenistan was last with nearly 0%.

Paying with contactless has become increasingly popular

Making contactless payments with your card or mobile is easy, which is why it has become a dominant payment method. In 2024, 13 billion contactless payments were made in Canada, accounting for 58% of all payment transactions. Mobile contactless payments also grew strongly, driven by increased smartphone adoption.

Around 56% of Canadians use their physical cards when shopping, while a significant share of credit card payments are made using mobile phones. Younger people and those with higher income are more likely to make payments using contactless technology, with concerns over security cited by some non‑users.

Online shopping is becoming more popular and has led to higher use of credit cards

In 2024, about 30 million Canadians bought something online, and most of these purchases were paid for with credit cards. Canadians prefer to use credit cards when shopping online for security reasons, with a substantial share of online purchases paid by credit card. PayPal and debit are other common online payment methods.

Purchases made online and paid with credit cards in earlier years were worth C$54 billion and accounted for over 170 million transactions.

Most of the online transactions were to purchase clothing and footwear

52% of Canadians who bought something online in 2019, bought clothes or footwear. The second most popular category for online purchases was travel at 37%. Buying electronic items accounted for 31% of online sales.

A small percentage of credit card transactions are to pay regular bills

While most credit card transactions are used to pay for goods and services, some Canadians also use credit cards to cover household bills. About 54% of Canadians used their credit card to pay a bill or household expense in 2024. People use them to pay for utilities, insurance, memberships, and subscriptions.

Consumer debt has reached record numbers

In the fall of 2020, the Canadian consumer debt reached over $2 trillion. The debt rose by 3.8% compared to the same period in 2019. At this point in 2020, credit card use in Canada was back to pre-pandemic levels and at the same time, there was high demand for mortgages and car loans.

Since then consumer debt has continued to rise in Canada amid higher cost of living. By 2025, total household liabilities (including credit card, mortgage, and other debt) had reached around C$3.05 trillion. 

It is easy to find credit cards with low interest rates

There is a lot of competition for customers with banks, credit unions, retailers, and caisses populaires all offering credit card products. One way to attract customers is by offering low interest rates. There are over 30 credit cards in Canada where the interest rate is below 13%.

During the COVID-19 pandemic, banks took measures to support their customers

By the end of January 2021, eight banks in Canada completed 482,000 credit card deferral requests. During the pandemic, banks reduced interest rates on their cards and allowed lower minimum payments on credit cards, mortgages, and car loans during the pandemic.

Credit cards that offer a rewards programme have become increasingly popular

More Canadians are taking advantage of rewards programs that come with some credit cards. Some cards come with a points system where you can use the points towards different services such as flights. Other cards might offer cashback rewards or an option to donate to a charity with the points earned.

82% of Canadians say having a rewards program is one of the main criteria they use when choosing a new credit card. Currently, up to 72% of Canadians own at least one credit card that offers a rewards program.

However, not all Canadians are aware of the rewards programs. According to credit card statistics, around 8% of Canadians do not know about the rewards programs their cards offer or how they work.

Most Canadians know about credit card fraud

According to a 2019 survey by CPA Canada, 86% of Canadians know what credit card fraud is. 39% of Canadians said they would not use their credit card with certain establishments because they were worried about credit card fraud.

Credit card fraud costs hundreds of millions

The total financial loss from credit card fraud is around C$503 million in Canada as of late 2024. Credit card fraud has increased significantly in the past decade and the number of accounts reporting credit card fraud has grown.

Canadian banks have measures in place to protect their customers from fraud

Banks in Canada collaborate with security and government agencies to ensure their customers get the safest service. They are also constantly upgrading their security systems to prevent fraud. Many banks have zero liability fraud policies to protect their customers in case of fraud-related problems.

Summary

Since credit cards were first introduced to consumers in 1950, they have become an increasingly popular payment method. The early credit card issuers required that the balance was paid in full every month, but now it is commonplace to carry your balance forward.

The average credit card debt in Canada is C$4,499. However, credit card debt accounts for only just over a modest share of household debt.

Canada continues to rank among the countries with high credit card penetration, and the average Canadian has two credit cards. More than half of total purchases are now made using credit cards. Canadian consumer debt, including credit card debt as well as various types of other credit, rose above C$3.05 trillion by 2025.

As the number of purchases made with credit cards has risen, so has credit card fraud. The cost of credit card fraud in Canada is around C$503 million. Banks work hard to ensure their customers are protected from credit card fraud.