According to a recent study, Canadians are using their primary credit cards slightly less than they were a year ago, despite the fact that inflation is still high and buy now, pay later services are becoming more common.
According to a poll conducted by J.D. Power on 6,478 Canadian credit cardholders and released on Thursday, the typical customer used their primary card $1,144 per month this year, down $11 from the previous year.
Yet, the consumer data company found that spending on cash, debit, and other non-credit card items has increased by 51% this year.
The results come as Canadians struggle with skyrocketing prices as inflation hovers at 7.6% and interest and mortgage rates rise with more increases predicted.
While making large purchases, some Canadians are contemplating alternatives to credit cards, according to J.D. Power, which showed that customer satisfaction with credit cards is 764 out of 1,000.
According to John Cabell, managing director of payments intelligence at J.D. Power, "Overall credit card customer satisfaction in Canada has been remarkably steady for the past few years, and we're even seeing some increases in satisfaction with product and benefit-level satisfaction. However, macroeconomic trends and growing competition from alternative lending providers should raise concern for card issuers.