Canada’s two most popular credit cards, and four of its top 10, are non-bank-branded, results of a study by Money.ca revealed this week. Money.ca surveyed more than 2,000 Canadians.
The PC Mastercard is tops with 17.55%. PC stands for President’s Choice, a brand associated with grocery chain the Real Canadian Superstore. The Canadian Tire Mastercard placed second at 17%. Canadian Tire is a major retailer north of the border. The Walmart Rewards Mastercard sits fifth with 8.95%, while the Amazon.ca Rewards Mastercard is tenth with 6.8%
Six of the top 10 credit cards are store-branded, a sign of the priority users place on rewards for common items. Only two focus on travel rewards, while another pair provide cash back.
BMO is by far the most popular bank by credit card usage, with 43.25% of Canucks having at least one. CIBC (32.45%), RBC (27.95%), TD (26.45%) and Scotiabank (22.05%) round out the top five.
Household income level is an important factor when choosing a credit card. Among homes with a sub-$50,000 income, the Canadian Tire Triangle Mastercard is most popular at 18.96%, closely followed by the PC Mastercard at 18.40% Those two are also the most popular choices in homes making $50,000-$99,999, with the Canadian Tire Triangle Mastercard in 17.72% of pockets and the PC Mastercard in 16.82%.
Things change once the income hits six digits. The PC Mastercard leapfrogs the Canadian Tire Triangle Mastercard to earn the top spot among households with incomes of $100,000-$149,999 with 17.61%. Canadian Tire is just behind at 17.31%.
The PC Mastercard retains its number one ranking with households with $150,000-$200,000 at 19.29%. The BMO CashBack Mastercard comes in second at 15.23%, and the CIBC Costco Mastercard in third at 14.21%. The Canadian Tire Triangle Mastercard is fourth at 13.71%.
“The Canadian Tire Triangle Mastercard and PC Mastercard are top choices across all income levels, underscoring their broad appeal,” the report states. “Their popularity is driven by practical rewards on groceries, and discounts on retail.
“Among lower-income households, the Walmart Rewards Mastercard is also a top pick, reflecting a strong focus on everyday savings. Higher-income households are more likely to choose premium cards like the CIBC Costco Mastercard, but the PC Mastercard still ranks first—demonstrating the lasting value of grocery-focused rewards.”
The Canadian Tire Triangle Mastercard is the most popular choice for credit card users with, at most, a high school diploma (18.18%) and people with some college or a college degree (16.21%). The PC Mastercard is second with 15.58% and 16.21% (rounding difference) respectively.
Once education hits some university or an undergraduate degree, the PC Mastercard surges ahead of the Canadian Tire Mastercard at 20.88% to 15.01%. Folks with a master’s or PhD prefer the BMO CashBack Mastercard (19.58%), PC Mastercard (18.75%) and the Canadian Tire Triangle Mastercard (17.92%).
The report also found generational differences in credit card use. Generation Z’s top choice is the BMO CashBack Mastercard at 19.69%, with the Canadian Tire Triangle Mastercard next at 16.93%. Millennials opt for the PC Mastercard 19.03% of the time and the Canadian Tire Triangle Mastercard 18.13%. Generation X’s, the Silent Generation’s, and Baby Boomers’ top two choices are in the same order.