10 Insane Facts About Canadian Credit Cards That Will Blow Your Mind!
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:
- Canadians spend over $300,000,000,000 on their credit cards every year! More than the Chinese & Russian defense budgets combined!
- The average Canadian who has a credit card balance owes around $8,600! That’s 5 times more than the per capita GDP of India!
- The average spend per active credit card account is $9,700. That’s more than the average annual Chinese salary!
- 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.
- 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.
- Canadians make about 3 billion transactions per year on their credit cards, about 5,700 transactions per minute.
- 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.
- 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.
- Each Canadian makes about 103 transactions on their credit card per year, 8.5 transactions per month, 2 transactions per week.
- 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!