Canada Credit Cards Market Size (2024 - 2029)

Canada Credit Cards Market Analysis

The Canada Credit Cards Market size in terms of transaction value is expected to grow from USD 574.36 billion in 2024 to USD 744.99 billion by 2029, at a CAGR of 5.34% during the forecast period (2024-2029).

Credit cards hold immense value for consumers and retailers alike, with most Canadians utilizing them for payments rather than borrowing. These cards offer interest-free credit from the time of purchase until the end of the billing cycle. Over 70% of Canadians diligently clear their monthly credit card balances, enjoying a zero interest rate. With nearly 90% of adult Canadians possessing at least one credit card, it is the go-to payment method for most e-commerce transactions. Banks give consumers various options, including standard cards sans annual fees, premium cards with rewards, and low-rate cards for those prioritizing interest rates. Canada boasts a diverse credit card landscape, with offerings from hundreds of institutions, including banks, credit unions, and retailers.

During the pandemic, Canadians leaned heavily on electronic payments, but a notable proportion still clung to cash. Credit cards emerged as a lifeline, serving as a credit source in emergencies and a preferred payment mode as online transactions surged. Even as physical stores shuttered, credit cards retained their significance, enabling smooth transactions, rewarding consumers, and providing robust safeguards like liability limitations and heightened security.

Canada Credit Cards Industry Segmentation

A credit card, typically a thin rectangular piece made of plastic or metal, is issued by banks or financial services firms. It enables cardholders to borrow funds for purchases at merchants accepting card payments. The report on the Canadian credit card market offers a comprehensive analysis. It delves into the economic backdrop, presents a market overview, estimates segment-wise market sizes, highlights emerging trends, explores market dynamics, and profiles key companies. 

The market is segmented by card type, application, and provider. By card type, the market is further segmented into general-purpose credit cards and specialty & other credit cards. By application, the market is further segmented into food & groceries, health & pharmacy, restaurants & bars, consumer electronics, media & entertainment, travel & tourism, and other applications. By provider, the market is further segmented into Visa, MasterCard, and other providers. The report offers market size and forecasts in value terms (USD) for all the above segments.