Canada’s Credit Card Landscape from 2019 to 2024 Shows Surging Balances
The credit card market in Canada has experienced notable shifts in recent years, according to the latest industry data from WOWA.ca. Among the country’s major chartered banks, RBC shed less than a percentage point of the market share of credit card debt across Canada but took over as the dominant player from 2019 to 2024.
TD Bank, previously the bank with the largest share, saw a decline from 23.4% in 2019 to 20.3% in 2024. Conversely, CIBC’s partnership with Costco has propelled its market share upward, increasing from 14.9% to 18.4% during the same period. BMO also grew from 10.7% to 12.6%.
Beyond the traditional “Big Six” banks, WOWA CEO Hanif Bayat notes that other key players have emerged in the credit card space. Canadian Tire Bank and President’s Choice Bank hold significant shares at 6.4% and 3.9%, respectively, while Fairstone Bank, the issuer of Walmart’s credit card, now accounts for 2.1% of the market.
More importantly, the charts show higher credit utilization with card balances surging 21.13% from $84.12 billion in January 2023 to $101.89 billion in January 2024. According to a separate report from Equifax, the average Canadian had $21,296 in debt in the fourth quarter of 2023, soaring 28.93% from the same period in 2022.
Information for this story was found via WOWA, Equifax, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
