Rewards and Benefits Matter More as Credit Cardholders in Canada Feel the Squeeze

The value of rewards and benefits has emerged as a critical differentiating factor among credit cardholders in Canada, and now drives 53% of overall satisfaction, according to the JD Power 2026 Canada Credit Card Satisfaction Study,^SM released today. At the same time, more cardholders are facing financial pressure, with 59% classified as financially unhealthy,¹ up from 58% in 2025, and 38% of customers now carrying revolving debt, up from 36% a year ago.

Despite mounting pressures—including rising credit card debt and increasing instances of fraud and merchant surcharges—credit cardholders in Canada remain resilient, with their outlook on personal finances and the economy remaining positive and many actively seeking new cards with better rewards and benefits.

“Credit cardholders in Canada are under growing financial pressure, and that’s making them extremely focused on getting value from their credit cards,” said John Cabell, managing director of payments intelligence at JD Power. “With reward bonuses declining and more customers shopping for cards with better rewards and benefits, issuers have a clear opportunity to differentiate by delivering meaningful value that customers can see and use.”

Following are some key findings of the 2026 study:

• Primary card use rises despite surcharges: The average monthly credit card spend among cardholders in Canada is $1,436 this year, up more than 7% from $1,336 in 2025. Overall, 38% of cardholders are now carrying revolving debt, up from 36% in 2025. At the same time, they are also seeing increases in merchant surcharges for using their card (54% vs. 53% in 2025). These fees not only significantly lower the perception of card value, but they also limit usage as 88% of cardholders say they will choose another payment method when confronted with a surcharge, ranging from sometimes (40%) to usually (26%) to always (22%).

• Cardholders see a significant drop in reward bonuses compared with last year: The share of cardholders who receive extra rewards for spending in certain categories—such as making purchases at specific stores or participating in special promotions—falls sharply across card segments, but those paying annual fees of $200 or more have seen the largest drop in extra rewards for certain categories of spending (-27 percentage points), eroding perceived card value and helping drive more customers to shop for new cards with richer rewards and benefits. Accordingly, 29% of premium cardholders say they are likely to open a new card in the next 12 months.

• Cardholders are increasingly shopping for better perks: A growing majority (73%) of those planning to open a new card intend it as an additional card rather than a replacement. Among customers likely to open a new card in the next 12 months, better benefits (40%) and rewards programs (39%) are the top reasons, while better rewards (36%) and benefits (28%) lead among those who switched their primary card in the past 12 months. Cardholder satisfaction is higher among those with the most flexible rewards programs and those with shopping/travel benefits.

• Customers feel decline in card security: The share of cardholders who initiated contact with their issuer after noticing fraud has increased to 69% (+6 percentage points year over year), while preference for handling fraud digitally has risen to 37% (+4 percentage points). However, just 30% of cardholders report a more positive impression of their card’s security following a fraud experience, down significantly from last year, falling to 26% among those who initiated the fraud contact with their issuer and to 25% among those who prefer digital channels to handle fraud.

Index Ranking

American Express ranks highest in customer satisfaction among credit card issuers for a second consecutive year, with a score of 618. PC Financial (596) ranks second and Tangerine Bank (583) ranks third.

Canadian Tire Triangle World Elite Mastercard ranks highest among credit cards with no annual fee for a third consecutive year, with a score of 669. PC World Elite Mastercard (606) ranks second and PC World Mastercard (601) ranks third.

American Express Cobalt Card ranks highest among credit cards with an annual fee for a third consecutive year, with a score of 645. PC Insiders World Elite Mastercard (628) ranks second and Scotiabank Passport Visa Infinite Card (592) ranks third.

To view the complete rankings for each segment, visit: http://www.jdpower.com/pr-id/2026090.

The Canada Credit Card Satisfaction Study measures cardholder satisfaction with their primary credit card issuer and performance in seven factors (in alphabetical order): account management; benefits; customer service; new account; rewards earning; rewards redeeming; and terms. The 2026 study was fielded from May through July 2026 and includes responses from 11,887 cardholders who used a major credit card in the past three months.

For more information about the Canada Credit Card Satisfaction Study, visit https://www.jdpower.com/business/canada-credit-card-satisfaction-study/.

About JD Power

JD Power delivers mission-critical data, analytics and intelligence that help businesses improve customer experience and operational performance with confidence and clarity. Using proprietary, comprehensive data–including millions of consumer interactions and authoritative automotive datasets–combined with advanced analytics, artificial intelligence and deep industry expertise, JD Power enables leaders to respond to market shifts, make smarter decisions and drive measurable performance improvements.

As an objective source of deep insight into real-world customer interactions with brands and products, JD Power provides the independent intelligence organizations need to anticipate change, strengthen customer engagement and advance growth. Learn more at JDPower.com.

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹ JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

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