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How Loyal are Canadians to their Credit Cards?

|Nov 19|magazine5 min read

 

A large majority of Canadians have a loyalty credit card, but how loyal are they? A recent Scotiabank poll conducted by Harris/Decima found that nearly 70 per cent of Canadians would consider trading in their credit cards if a loyalty program better matching their needs or lifestyle became available.

Canadians know what they want with over half of those carrying a credit card saying that collecting credit card rewards or points was the most compelling reason to pay using their credit card (57 per cent). In fact, 61 per cent listed travel rewards as important when selecting their credit card.

For Canadians considering switching credit cards, particularly travel lovers, there is a new option with Scotiabank American Express cards. These cards offer up to four times the points on purchases made at gas stations, grocery stores, and on dining and entertainment. Points can be converted to travel benefits that include no blackouts, no points expiry, no seat restrictions and no booking fees. Beyond travel, points can be used towards Scotiabank investment accounts or credit card statements.

“We're listening to our customers and to all Canadians and understand that people are looking at the value that they get from their credit cards when it comes to rewards and that they'd consider switching cards based on an offer that better suits their needs,” said Mike Henry, Scotiabank Senior Vice President and Head of Retail Payments, Deposits and Lending.

-- News Canada