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Credit Card Tracking Study - The Canadian Credit Card Market
Description: Since 1994, NFO CFgroup has been monitoring the Canadian credit card market. Of interest to financial institutions, retailers, gas/oil companies, loyalty program providers, information technology companies, and others involved in payment systems, the Credit Card Tracking study provides insightful analysis into Canadians' usage of specific credit cards, debit cards, membership in loyalty reward programs, and preferred payment methods. Timing This study is conducted once per year in January. Key Topics - Specific types and brands of credit cards held and used - Frequency of usage of credit cards - Amounts charged to all cards in past 12 months and whether balances are carried over from month to month - Credit cards cancelled in past 12 months and reasons for doing so Credit cards applied for in past 12 months - Maximization of credit card usage to obtain loyalty reward - Usage of debit cards - Membership in various loyalty rewards programs - Interest in single use credit card numbers for online purchases Methodology The Credit Card Tracking study is conducted by telephone among 2,000 Canadian adults aged 18 years and over. Deliverables Two copies (1 bound and 1 unbound) of a written report and one copy of the detailed computer tabulations are provided. A presentation in Toronto can be arranged, if desired. Proprietary Questions Proprietary questions will be considered for subscribers. The Most Recent Wave Wave 14 of NFO CFgroup's Credit Card Tracking Study was conducted in January, 2002. Results are currently available. Some Recent Findings - As of January 2002, 76% of Canadians hold a credit card issued by a financial institution, retailer or gas/oil company. The average cardholder spent $5,830 on all credit cards last year, down from $6,010 in 2000. - The platinum card segment is growing. Currently 8% of Canadians hold a platinum card, up from 5% in 2001 and 3% in 2000. - Reflecting the growing popularity of online banking, the proportion of cardholders who usually pay their credit card bill online has doubled from 11% last year to 22% currently. As a result, online payment now ties with in-branch and banking machine payment as the most common way to pay a credit card bill among all cardholders, and is the number one method of payment among those with Internet access.
Contents:
FOREWORD
i iv 1
II EXECUTIVE SUMMARY III GENERAL SUMMARY
A. CREDIT CARD USAGE 1 1. Types Of Credit Or Charge Cards Personally Held 1 2. Current Frequency Of Credit/Charge Card Usage 3 3. Full Or Partial Payment Of Credit/Charge Card Balances 7 4. Amounts Charged To Credit/Charge Cards In The Past Twelve Months 11 5. Transfer Of Balances From One Credit Card To Another To Obtain Lower Interest Rate 12 B. RECENT CANCELLATIONS OF AND APPLICATIONS FOR NEW VISA, MASTERCARD, AMERICAN EXPRESS AND ENROUTE CARDS 13 1. VISA, MasterCard, American Express Or enRoute Card Cancellations In The Past Six Months 13 2. Most Important Reason For Cancelling A VISA, MasterCard, American Express Or enRoute Card In The Past Six Month 18 3. VISA, MasterCard, American Express Or enRoute Card Applications In The Past Six Months 19 4. The Extent To Which “Shopping Around” Occurs And The Appealing Features Of The VISA, MasterCard, American Express Or enRoute Card Applied For In Past Six Months 24 5. How First Learned About VISA, MasterCard, American Express Or enRoute Card Applied For 26 6. Important Factors In Persuading Those Applying For A New Card To Do So 27
7. Pre-Approved Applications 28 8. Balance Transfers 29 9. Importance Of The New Card’s Interest Rate 30 10. Whether New Card Had An Introductory Low Rate 31 11. How Applied For New Card 32
C. HOLDING AND USE OF PERSONAL VISA, MASTERCARD, AMERICAN EXPRESS OR ENROUTE CARDS 33 1. Holders Of VISA, MasterCard, American Express Or enRoute Cards 33 2. Number Of Cards Held 35 3. Issuers Of VISA, MasterCard, American Express Or enRoute Cards 36 4. Types Of VISA, MasterCard, American Express Or enRoute Cards Held 42 5. Ownership Of A Low Interest Rate Card 43 6. Actual Use Of VISA, MasterCard, American Express Or enRoute Cards 47 7. Personal Credit Card Used Most Often 48 8. Payment Made For VISA, MasterCard, American Express Or enRoute Cards 51 9. Preferred Means Of Contact From Card Issuer About Main Card 52 10. Usual Method Of Payment Of Main Credit Card Bill 53 11. Ownership Of A Card That Offers “Rewards” 54 12. Type Of Reward Cards Held 55 13. Maximization Of Charges In Order To Obtain “Rewards” And The Extent Of “Cashing-In” To Claim “Rewards” 57 14. Amount Of Last Transaction Charged To Card Used Most Often 59 15. Perception Of Value Of Benefits Received From Card Used Most Often 60 16. Number Of Times A Credit Card Has Been Used To Obtain A Cash Advance In The Past Six Months 61 D. USE OF CREDIT CARDS FOR BUSINESS EXPENSES 63
1. Use Of Personal VISA, MasterCard, American Express Or enRoute Cards For Business Expenses 63 2. Ownership Of A Corporate Credit Card 64 3. Types Of Corporate Cards Held 65 E. DEPARTMENT/RETAIL STORE CARDS 67
1. Department And Retail Store Card Ownership 67 2. Department And Retail Stores From Which Cards Are Held 69 3. Department/Retail Store Cards Used For “Rewards” 70 4. Department/Retail Store Cards To Which Most Money Was Charged In The Past Six Months 72 5. Perception Of Value Of Benefits Received From Card To Which Charged Most Money In The Past Six Months 73 6. Most Appealing Features Of New Department/Retail Store Card Applied For In Past Twelve Months 74 7. How First Learned About New Department/Retail Store Card Applied For 76 8. Reasons For Using A Department/Retail Store Card Instead Of A VISA/MasterCard 77 9. The Most Important Reason For Cancelling A Department Or Retail Store Card In The Past Six Months 79 F. OIL AND GAS COMPANY CARDS 80 1. 2. 3. 4. 5. Oil And Gas Company Card Ownership 80 Oil And Gas Companies From Which Cards Are Held 82 Oil And Gas Cards Used For “Rewards” 83 Oil Or Gas Cards To Which Most Money Charged In Past Six Months 84 Reasons For Using An Oil/Gas Company Card Instead Of A VISA/ MasterCard 85
G. LOYALTY “REWARD” PROGRAMS 87 1. Use Of Credit/Charge Cards From Financial Institutions, Department/Retail Stores Or Oil Or Gas Companies To Receive “Rewards” 87
2. Importance Of Credit Card Features/Rewards 89 3. Membership In Air Miles, Aeroplan And Any Airline Travel Points Program From Other Airlines 91 4. Redemption Of Air Miles 93 5. Stores/Services Used In Past Year To Accumulate Air Miles 94 6. Membership In Department/Retail Store Clubs 95 7. Point Redemption 97 -a) Club Z And Sears Club Points 97 -b) HBC Rewards 98 8. Enrollment In Gasoline Company Loyalty Points Program 99 H. USE OF ALTERNATIVE PAYMENT METHODS 1. 2. 3. 4. 100
Use Of Interac Direct Payment System In Past Month 100 Amount Of Last Interac Transaction 103 Whether Have Upper Limit For Debit Card Payments 104 Payment Methods Used At Various Retailers 105
I. ONLINE PURCHASES 106 1. Incidence Of Online Purchasing 106 2. Method Of Payment For Last Online Purchase 108 3. Concern About Giving Out Credit Card Number Online 109 4. Interest In Single Use Credit Card Numbers 110 5. Interest In Person-To-Person E-Mail Payments 111 J. RETAIL STORE AND GASOLINE STATION USAGE 112 1. Department Stores At Which Shopped Or Ordered Merchandise From In Past 12 Months 112 2. Brand Of Gasoline Bought Most Often 114 IV APPENDIX A. SAMPLING AND WEIGHTING PROCEDURES B. THE QUESTIONNAIRE
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