As of December 2024, Canadian credit cards still dominate, with 88% of FI customers holding a major credit card, yet their lead is slipping. BNPL products are rapidly gaining ground, with 46% of credit card holders also opening a BNPL account in the past year, compared to 21% who opened a new credit card. Digital channels, especially websites accessed via PC or smartphone, are the main application paths. Credit cards remain preferred for large or maintenance purchases but tie with debit for daily spending. Rewards, ease of application, and credit limits drive card selection, but FI loyalty is weak, with only 30% of new cards opened at a consumer’s primary institution.

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