A recent survey by Money.ca has revealed Canada’s most popular credit cards, offering insight into consumer preferences when it comes to rewards, travel perks, and everyday spending. The findings highlight a strong preference for store-branded credit cards, as well as the growing role of cashback and retail rewards in shaping cardholder choices.
According to the survey, six out of the top 10 credit cards used by Canadians are store-branded. Leading the list are the PC® Mastercard® and Canadian Tire Triangle Mastercard, both of which reward cardholders for everyday spending on groceries and retail purchases. The popularity of these cards underscores the importance of practical rewards for Canadian consumers, many of whom prioritize savings on essential purchases over travel perks or luxury benefits.
Other notable store-branded cards in the top 10 include the CIBC Costco® Mastercard® and Walmart Rewards™ Mastercard®, which are particularly popular among budget-conscious shoppers. The strong performance of these cards suggests that Canadians value rewards programs that align with their daily spending habits.
Travel and Cashback Cards Lag Behind
While store-branded cards dominate the rankings, only two travel-focused credit cards made the top 10: the RBC Avion Visa Infinite and the BMO AIR MILES® Mastercard®. This trend reflects shifting consumer preferences, as many Canadians are prioritizing everyday savings over travel rewards, particularly in light of rising costs and economic uncertainty.
Similarly, only two cashback credit cards ranked among the top 10: the BMO CashBack® Mastercard® and the TD Cash Back Visa Card. Although cashback programs remain a valuable feature for many cardholders, store-branded cards with specialized rewards appear to have broader appeal.
Big Five Banks Face Competition
Despite their dominance in Canada’s financial landscape, the country’s Big Five banks are facing stiff competition from alternative credit card providers. The survey ranked the major banks based on the percentage of respondents who hold at least one of their credit cards:
- BMO – 43.25%
- CIBC – 32.45%
- RBC – 27.95%
- TD – 26.45%
- Scotiabank – 22.05%
Notably, the two most popular credit cards—the PC® Mastercard® and the Canadian Tire Triangle Mastercard—are not issued by any of the Big Five banks. This indicates that Canadians are increasingly looking beyond traditional financial institutions when selecting credit cards, opting instead for options that offer direct, tangible rewards.
Demographic Preferences: Income, Education, and Homeownership
The survey also analyzed credit card preferences based on demographics, revealing distinct trends among different income levels, education backgrounds, and homeownership statuses.
Income Level Trends
- Lower-income households (earning less than $50,000 annually) favour the Walmart Rewards™ Mastercard®, reflecting a focus on cost savings for essential purchases.
- Middle-income and higher-income households ($150,000+) lean towards premium cards like the CIBC Costco® Mastercard®, but the PC® Mastercard® remains the most popular overall.
Education Level Preferences
- The Canadian Tire Triangle Mastercard and PC® Mastercard® are widely used across all education levels.
- Individuals with higher education backgrounds tend to hold multiple credit cards, mixing store-branded options with premium bank-issued cards for diversified benefits.
Homeownership Impact
- Homeowners prefer the PC® Mastercard® and Canadian Tire Triangle Mastercard, likely due to their strong rewards for household expenses.
- Renters show a preference for the Scotiabank Scene+ Visa Card, which offers entertainment-focused rewards, indicating different spending priorities.
Online Shopping and the Rise of E-Commerce Cards
The increasing role of e-commerce in consumer spending is evident in the survey results. The Amazon.ca Rewards Mastercard ranked tenth, highlighting the growing demand for credit cards that cater to online shoppers. As Canadians continue to shift towards digital retail, e-commerce-specific rewards programs could become a more significant factor in credit card selection.
Final Thoughts
The Money.ca survey underscores a clear trend: Canadians value credit cards that offer rewards aligned with their daily expenses. While travel and cashback cards remain relevant, store-branded credit cards have captured the largest share of consumer interest, offering strong incentives for groceries, retail purchases, and household essentials.
As credit card providers continue to evolve their offerings, banks and financial institutions will need to adapt to changing consumer expectations. With affordability top of mind for many Canadians, practical rewards programs are likely to remain the dominant force in the credit card market.
