Majority of Canadians consider themselves 'credit card savvy', Scotiabank Credit Card Survey

Canadians can make their dollars go further by unlocking the benefits of the new and refreshed Scotiabank®* American Express® Card and Scotiabank®* Platinum American Express® Card

TORONTO, July 7, 2022 /CNW/ - July 7, 2022 The 2022 Scotiabank Credit Card Survey revealed that almost all Canadians with a credit card (95 percent) say they are good or very good at sticking to their budget spending limits when using their credit card. Among respondents with a credit card, most (92 percent) say they always check their monthly statement for accuracy, and 90 percent know the annual fee they pay on their most frequently used card.

"Canadians are dealing with rising prices everywhere from housing to gas as a result of inflation," said Laura Scheck, Vice President of Credit Cards at Scotiabank. "As Canadians adjust their budgets to cover their daily expenses, they still want to enjoy the things they have missed during the pandemic, like travel and concerts. This data from our survey shows us that the majority of Canadians are using their credit cards responsibly and seek out credit cards with enhanced rewards and features that give them the freedom to treat themselves to nonessential purchases."

This survey data comes as part of recent news that Scotiabank has refreshed two of their Scotiabank American Express® credit cards – the Scotiabank®* American Express® credit card and the Scotiabank®* Platinum American Express® credit card to help Canadians earn more while they spend on their everyday purchases.

The Scotiabank®* American Express® Card has no annual fee and offers cardholders the opportunity to earn 2X Scene+™ points on eligible everyday purchases like groceries, dining, and gas, plus enjoy additional benefits like mobile device insurance and access to special offers through American Express Invites. And as of Oct. 1, cardholders will be able to earn 3X Scene+™ points on grocery purchases at Empire banners, like Sobeys, Safeway, Foodland, Fresh Co., and IGA.

The Scotiabank®* Platinum American Express® Card brings luxury rewards to cardholders with 2X Scene+™ points earned on all eligible everyday purchases, access to airport lounges, no foreign transaction fees, premium concierge service & comprehensive travel insurance coverage.

"We continue to be excited to work with Scotiabank to give their customers a faster way to earn rewards for their everyday purchases," said William Stredwick, SVP & GM, American Express Global Network Services North America. "With the Scene+™ program, there's more flexibility for Scotiabank's American Express customers to redeem their points for entertainment, shopping, travel and more, providing best-in-class credit card options."

With more than 10 million members, Scene+™ is one of Canada's leading loyalty brands. Recently Scotiabank and Cineplex welcomed Empire into the Scene+™ family as a co-owner providing millions of Scotiabank customers and Scene+ members even more flexibility to earn and redeem their points with a growing list of partners from entertainment, shopping, and travel.

"With so many credit cards on the market, it can be hard to choose just one. Scotiabank wants to empower Canadians by providing some of the industry's best benefits and features that matter to them the most," said D'Arcy McDonald, Senior Vice President of Retail Payments and Unsecured Lending at Scotiabank. "Seventy percent of respondents said that the potential of rewards earned affected their card usage. Scotiabank credit cards can provide Canadians with solutions that work best for their personal spending habits, with benefits and redemption opportunities that make their dollar go that much further."

More than half of Canadians with a credit card (61 percent) say their financial knowledge about credit cards is excellent or very good, while about one-in-four (26 percent) say they have a good working knowledge of their card. Yet, 13 percent of Canadians with a credit card say they don't know much or anything at all about their card and/or the fine print.

Highlights from the 2022 Scotiabank Credit Card Survey:

• Reading the fine print: About three-in-four credit cardholders say they know how the interest rate is calculated on their card (78 percent), are aware of installment plans available on eligible credit cards (76 percent) and say the potential to earn rewards on their card impacts their card usage (70 percent). 
• Carrying a balance: Just one-in-three Canadian credit cardholders say they carry a balance on their most frequently used card (31 percent). Canadians aged 25-34 (41 percent) and 35-44 (44 percent) are significantly more likely to carry a monthly balance on their credit card than those aged 55+ (20 percent).
• Credit card debt: Close to a third of Canadians say they currently have credit card debt (31 percent). Canadians 35-54 years of age are significantly more likely to have credit card debt (39 percent) than those 18-34 years (30 percent) and those ages 55+ (25 percent).
• Verifying monthly statements: Canadians 55 years and older are significantly more likely than those under the age of 55 to check their credit card statement monthly to ensure it's accurate (96 percent).

For Canadians that are working on their credit card literacy, Scotiabank can provide some tips:

1. Find the card that works for you – Scotiabank has a wide range of credit cards, and a Scotiabank advisor can help you decide which one is right for you. Or visit ScotiaAdvice+ for all of the different options.
2. Leverage rewards – Using rewards cards like the Scotiabank®* American Express® Card or Scotiabank®* Platinum American Express® Card for anything from everyday purchases to big ticket items is the fastest way to earn Scene+™ points, which can then be redeemed for travel, shopping, dining, and more.
3. Understand the fine print – One of the most important features of a credit card is the interest rate. It affects the cost of carrying a balance on your credit card. Canadians can become or continue to be credit card savvy by reviewing their monthly statements for accuracy and being aware of the annual fees and interest rates for their credit cards.
4. Track your spending online – Scotiabank's award-winning mobile app allows Scotia credit card customers to track their spending, set up alerts, pay bills, redeem Scene+™ Rewards points, and even check their credit scores for free directly from their mobile device.

Methodology: From June 1^st to June 2^nd, 2022 an online survey of 1,515 randomly selected Canadian adults who are Maru Voice Canada panelists was conducted on behalf of Scotiabank by Maru/Blue.  Respondents that currently have a credit card (n=1,420) completed this survey. The results of this study have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.3 trillion (as at April 30, 2022), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank

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