ADVERTISEMENT

Credit cards around the world: Canada

By Tyler Metzger

Our ongoing series moves to Canada, where the average adult Canadian has two or more credit cards.


Credit report

Credit card circulation
There are about 69 million credit cards in Canada, and the average Canadian adult has 2.7 credit cards. The credit card market grew 31 percent from 2003 to 2008 (Euromonitor International). (Euromonitor International).

To protect and inform
Canada's government created the Financial Consumer Agency of Canada in 2001, which maintains a database of fees, features and interests rates of about 200 credit cards in an attempt to inform consumers (FCAC).

High interest in paying in full
About 75 percent of Canadian households pay their balances in full each month, which is up from 69 percent in 1999. Because of this, interest rates remain high -- about 18 to 20 percent -- and services charges are typical (The Toronto Star).

Cards and crime

Attacking small business
According to Visa Canada, about 70 of credit card fraud cases occur to small businesses. They contribute the number to apathy, stating that only 25 percent of Canadian small business owners are concerned about credit card fraud (The Toronto Star).

Nearly $8 million a day stolen
Fraud costs Canadians about $3 billion a year, or $ million a day. The Retail Council of Canada says that amount includes $201 million in credit card fraud and $70 million in debit card fraud, according to the Edmonton Journal.

Canadian fraudsters busted
In July 2008, two Canadian men pleaded guilty to scamming 37,000 U.S. residents out of $10.5 million. The two told consumers with bad credit that they had to buy a $200 "processing fee" for a credit card, or else their credit score would be lowered and they could never apply for another card (St. Louis Business Journal).

Local voices

Official tourism site
- Explore Canada

Financial news sites
- Financial Post
- Canadian Broadcasting
- Canada Business
- Globe and Mail

Personal finance blogs
- Canada Personal Finance
- Money Matters

- A Canadian on Wall Street
- Canadian Dollars

Country info

Location: North of the conterminous United States, bordering the North Atlantic Ocean on the east and North Pacific Ocean on the west (map)

Population: 33 million (July 2008)

Internet users: 28 million (June 2008)

Area: 3,855,102 sq. miles (slightly larger than the United States)

GDP: US$1.2 trillion (2007 estimate)

Currency: Canadian dollar (CAD)

Key exports: US$431 billion of motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp

Key imports: US$386 billion of motor vehicles and parts, crude oil, chemicals

Famous Canadians: musician Neil Young, health care leader Tommy Douglas, actress Samantha Bee

Published: November 25, 2008


Join the discussion
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.




Follow Us


Updated: 12-04-2016


Weekly newsletter
Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.


ADVERTISEMENT