Essential Canadian Credit Card Statistics & Facts

In a world where technology is constantly evolving, it's no surprise that the way we handle our finances has changed too. Credit cards have become one of the most popular payment methods, and Canadians are among the world's biggest users.

Key Canadian Credit Card Statistics for 2025 - Editor’s Choice

• More than 100 million credit cards are in circulation in Canada.
• Canada has the highest percentage of credit cards users in the world.
• Visa dominates the Canadian market with 58% market share.
• Canada's card payment market grew by 7.7% in 2024.
• Canadians are expected to take out 7.2 million new credit cards in 2025.

More than 83.4% of Canadians aged 15 or older own a credit card.

(World Bank Group)

This represents the highest percentage in the world, making Canada one of only three countries in which more than 70% of population uses a credit card.

Credit cards made up 33% of total payments in 2023.

(Cision)

Credit cards are the most popular transaction method by volume, up by 10% from a decade ago. Debit cards were close behind at 30%, their popularity also having increased.

At the same time, the popularity of cash increased by 15% in a year.

71% of Canadians paid their balance off in full every month in 2023.

(Canadian Bankers Association)

This is good news, as it means that most Canadians are using credit cards responsibly instead of carrying a balance from month to month. 

Carrying a balance from month to month is one of the biggest traps that credit card owners can fall into. If you're not careful, the interest charges can quickly add up, and before you know it, you'll be in credit card debt over your head.

There are more than 100 million credit cards in circulation in Canada today.

(Statista)

Credit cards are extremely popular in Canada. In 2014, for example, the number stood at around 76.5 million, indicating a massive surge in credit card use in the past decade.

These numbers are just another indicator of how important credit cards have become in the lives of all Canadians. It's hard to imagine living without one. In fact, for many people, credit cards are a necessity.

Canadians carried an average $4,499 in credit card balances in 2024.

(TransUnion)

This represented a 7.5% yearly increase compared to the data from 2023. In fact, credit card debt rose the most out of any other type of debt, followed by auto loans and installment loans.

The credit card market size in Canada in terms of total transaction value is $605.03 billion in 2025.

(Mordor Intelligence)

What's more, the already massive market is expected to grow at a 5.34% CAGR rate, reaching $784.77 billion by 2030.

46% of Canadians carried an outstanding balance on their credit cards in 2024.

(Bank of Canada)

Out of those, 22.9% carried debt that represented 80% or more of their borrowing limit.

58% of all credit cards in Canada are Visa cards.

(Mordor Intelligence)

The market share of Visa credit cards has sharply increasede in the past few years. Mastercard has also seen significant growth, but according to the latest available data is still far behind at 38% market share.

Almost a half of Canadians carry a credit card balance for at least two consecutive months.

(Bank of Canada)

The data also shows that those with credit card balance are more likely to experience financial stress in the next six months compared to those card holders that pay off their balances in full each month.

The Canadian card payment market grew by 7.7% in 2024.

(GlobalData)

The market reached a total value of CAD 1.2 trillion, with a massive consumer preference for electronic payments.

More than 27% of Millennials in Canada have credit in 2025.

(TransUnion)

For the first time in history, Millennials have overtaken Baby Boomers and became the generation that now holds the largest share of the Canadian credit market.

43% of Canadians who plan to apply for new or refinance an existing credit will take out a new credit card.

(TransUnion)

This is by far the most popular consideration, followed by increasing the available credit on an existing card, with 19% of those surveyed considering to do it.

53% of Canadians changed their credit card habits in 2024.

(Nerdwallet)

Out of those, the vast majority, or 64%, did so because of the rising prices of goods and services.

67% of Canadians in 2024 stated that credit card rewards and fees are the most important factors when choosing a new credit card.

(Nerdwallet)

No annual fees and rewards like cash back or free miles are easily the biggest factor to Canadian credit card holders, followed by sign-up bonuses at 33%.

There will be more than 7.2 new million credit cards in Canada in 2025.

(TransUnion)

The latest projections see an almost identical growth rate compared to 2024, with new originations of credit cards rising by 0.12%,

Final Thoughts

As you can see, credit cards dominate the Canadian market, more so than any country on Earth.

If you're considering getting a credit card yourself, be sure to do your research and find one that best suits your needs. There are many credit cards available in Canada, so you should be able to find one with reward points and perks that appeal to you. 

Just remember to use your credit card responsibly and always pay your bill on time to avoid interest charges that can damage your credit score.