Canadian Residents Show Their Attitude towards Credit Cards

Credit cardsA plastic card plays a significant part when talking about people’s needs. Most every Canadian resident uses it for everyday needs. Here and there it is a need to book lodging, lease an auto or use PayPal and other on-line services.

The 2013 Credit Card Survey was held to find out Canadian’s attitude towards plastic. According to the results, Canadians have different opinions towards whether use plastic or not.

Reasons to use plastic

The survey shows that almost 35 per cent of poled people try to avoid using it at all and only 11 per cent deal with plastic cards when they are going to borrow some cash. More than the fifth part of population prefers to use plastic cards for every need. Those who earn under $50.000 try to avoid plastic at all and those who have annually more than $50.000 use cards at every possible moment. It is interesting that women use credit cards less than men really do.

Credit card most important features

For those who earn less than $50.000

The survey was also interested in features that attract poled Canadians in plastic cards. It was supposed that rewards will take the first place but, surprisingly, the most important feature for 56% of Canadian residents is low interest rates. Rewards were selected only by a quarter of poled people. In its turn, only 15% chose the variant “Annual Fee”, 5% – “Credit Line” and 3% of Canadians suppose insurance to be the important feature of using credit cards that can attract them.

While this appears to negate the general relocation towards rewards as a decision of choosing plastic characteristic, this might not shock to the large number of Canadians who persist $85 billion in credit card debt. Each of them asks for less interest rate to avoid the trouble of debt repayment.

For those who earn more than $50.000

For this group of poled Canadians rewards are the main feature (33%) and less than 25 per cent chose low interest rate. The answer “Annual Fee” was selected by 22 per cent of people. The answers “Credit Line” and “Insurance” have 13 and 6 per cent respectively.

So, it is seen that one part of poled Canadians is interested in lower rates and another one chose rewards as the main characteristic to use credit cards.

What do these results mean?

According to the survey, Canadians are hardly to be named irrational.  It seems that they know how to manage money. People who earn less try not to deal with credit cards or just asking to lower interest rates. Those who earn more, to the contrary, use plastic very often and the most important for them to have rewards explaining that they do not use this service to borrow some sums. Looking for some additional credits or being unable to repay needed sums of money, they also agree that low interest rates play significant role in choosing a plastic card. And it does not matter how much people earn, people are still have a risk to be involved in debt.

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