Market Size of Canada Credit Cards Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 574.36 Billion |
| Market Size (2029) | USD 744.99 Billion |
| CAGR (2024 - 2029) | 5.34 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
