RATESDOTCA 10th Annual Best of Finance Report: Canadians Ready to Increase Food and Travel Spending, But Not to Pre-pandemic Levels Major Credit Cards Revealed to Help Canadians Get the Most Out of Their Purchases daily
TORONTO, May 18, 2021 (GLOBE NEWSWIRE) – A new RATESDOTCA survey shows that nearly three-quarters of Canadians (72%) plan to increase their monthly credit card spending in some areas this year. The survey, carried out in mid-April by Léger on behalf of RATESDOTCA in connection with the 10e According to the annual Best of Finance report, Canadians are particularly keen to resume spending in restaurants and travel once COVID-19 restrictions are lifted, although still below pre-pandemic levels.
“Canadians can’t wait to get out of their homes after more than a year of recurring lockouts, but these results show we may not be ready for pre-pandemic spending habits,” said Jameson Berkow, editor. head of RATESDOTCA. “This makes it all the more important for Canadians to assess whether they are still using the right credit cards based on their spending habits.”
The most immediate priority appears to be catering, where four in ten Canadians (39%) reduced their monthly spending by at least $ 50 during COVID-19 and 17% of monthly restaurant spending by $ 200 or more. When the restrictions disappear, 33% of respondents plan to increase their restaurant spending by at least $ 50, although only 7% plan to increase their restaurant budget by at least $ 200.
The survey shows that more than one in three Canadians (35%) said their monthly travel expenses fell by $ 200 or more during the pandemic; However, only one in five people (22%) plan to increase their monthly travel spending by a similar amount later in 2021.
The 10e The Best of Finance annual report offers Canadians the best way to profit from spending increases. Representing the longest and most comprehensive analysis of its kind, the report shows Canadians what it might be worth using the right credit card for the right purchases, the best rewards card ($ 1,560 worth the first). year *) to the best card. for students (value of $ 364 the first year).
“Canadians have the opportunity to get the most out of their spending after the pandemic,” added Berkow. “Using smart credit cards is extremely rewarding, as long as we tailor our lifestyle and spending habits to the right credit card and the way we use it.”
The survey also found that only 16 percent of respondents citing a change in lifestyle or spending habits as a reason for getting a new card or replacing an existing card. Canadians were much more likely to be drawn to a welcome bonus or attractive promotional offer, with 41% saying it would make them consider getting a new credit card or replacing an existing one.
Some of the changes Canadians have made to their monthly spending due to the pandemic are also likely to become permanent in the post-pandemic world. More than a third of Canadians (36%) said they had increased their monthly spending at home (food delivery, streaming services, meal preparation services) during the pandemic, but only 15% of respondents plan to reduce their expenses. spending in this category once COVID restrictions are lifted. Almost as many (14%) plan to continue increasing their spending at home this year.
RATESDOTCA has ranked the best credit cards in Canada for 2021:
- Best Credit Card with Global Rewards: American Express Cobalt ™ Credit Card – winner for the second year in a row!
- Best No-Fee Cash Back Credit Card: BMO Cash Back® MasterCard®
- Best No-Fee Travel Credit Card: MBNA Rewards Platinum Plus® MasterCard®– winner for the second year in a row!
- Best Overall Travel Credit Card: CIBC Aventura® Infinite card
- Best Credit Card With Cash Back: Scotia Momentum® Visa Infinite card
- Best Low Interest Credit Card: True Line® Mastercard Gold credit card
- Best Balance Transfer Credit Card: CIBC Select Visa® Menu
- Best secured credit card for mortgage loans: Free Home Trust Secure Visa Card
- Best Credit Card for Young Professionals: American Express Cobalt Credit Card – winner for the second year in a row!
- Best Student Credit Card: BMO Cash Back® Mastercard for students
- Best credit card to earn travel points: American Express Cobalt Credit Card
- Best credit card with no overseas transaction fees for long-stay travelers: Scotiabank Gold American Express Card
- Best family credit card for gas and groceries: President’s Choice Financial World Elite Mastercard
- Best Credit Card to Stay Home and Order in: Scotiabank Gold American Express Card
- Best No-Frills Cash Back Credit Card: American Express SimplyCash Card
To view the full survey and report, visit RATESDOTCA.
* Year 1 value is calculated using RATESDOTCA’s Best of Finance methodology, which assumes the cardholder spends an average of $ 2,000 per month on their card. The calculation includes all welcome bonuses and promotional offers at the time of posting.
About Best of Finance 2021
The Best of Finance report has reviewed and rated hundreds of credit cards since 2012. Winners are determined using the Best of Finance methodology. RATESDOTCA reviewed and analyzed 110 credit cards using over 100 data points over several weeks to determine the value of each card for the first year.
About the survey
An online survey of 1,440 Canadians who own a credit card was conducted by Leger from April 16 to 18, 2021, using Leger’s online panel. The age of the sample ranged from 18 to 55 years and over. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). For comparison purposes, however, a probability sample of 1,440 respondents would have a margin of error of ± 2.6%, 19 times out of 20.
RATESDOTCA is the first rate comparison website in Canada that offers a fast and simple digital experience to compare the largest selection of insurance products and money on the market. Get better rates on auto, home and travel insurance, mortgage and credit cards all in one place. RATESDOTCA is all about helping Canadians make better insurance and money decisions so they can save time and money to spend on what really matters to them. @RATESDOTCA
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For more information: or to arrange an interview, please contact:
Alex Jones, Proof Strategies Inc. for RATESDOTCA
Karishma Singh, Proof Strategies Inc. for RATESDOTCA