There’s a lot to know about Canada’s love affair with its favorite plastic. Here are just ten of the many wild facts about Canadian credit cards that will leave you speechless:
1. Canadians spend over $300,000,000,000 on their credit cards every year! More than the Chinese & Russian defense budgets combined!
3. The average spend per active credit card account is $9,700. That’s more than the average annual Chinese salary!
4. Canadians charge-off about $3,000,000,000 of credit card debt per year. That’s the equivalent of Canadians buying, and not paying for, 9.5 million iPads.
5. Canadians carry approximately $80,000,000,000 of credit card debt in total. More than the GDP of CUBA, but not enough to buy Google.
6. Canadians make about 3 billion transactions per year on their credit cards, about 5,700 transactions per minute.
7. There are about 31,000,000 active credit card accounts in Canada (an account that has a balance or made a recent purchase). More than the number of credit worthy Canadians.
8. Canadians now spend more on their credit cards than they do on their debit cards, but still use their debit cards about 1 billion more times than their credit cards every year.
9. Each Canadian makes about 103 transactions on their credit card per year, 8.5 transactions per month, 2 transactions per week.
10. 30% of Canadians surveyed say they DON’T pay their credit card balance off at the end of every month. That’s about $7 billion in interest payments per year!