Consumer Payment Card News

Tech-Savvy Young Canadians Love Their Banks

516 0

Canadian millennials are confident, entrepreneurial, tech-savvy but also tend to be loyal to their banks – sometimes to a fault. 

A recent survey by Ipsos Reid, commissioned by LowestRates.ca, millennials are most likely to stick with their primary bank, in addition to being the most likely to trust their bank to offer the best credit card. In fact, 77% prefer having all of their financial products and credit cards with their primary bank, compared to only 60 per cent of gen-X’ers and 55 per cent of baby boomers.

Especially when it comes to credit cards, it can be worth comparing rates, offers, and rewards to get the one that meets your financial needs.

Ninety-one per cent of Canadians agree that doing a little research before selecting a credit card can help them find the right one. But only half of Canadians are aware of a good resource to compare credit cards across different financial institutions.

Other key findings:

• 58% of Canadians listed low interest rates on balances among their top two important features for a new card. The same number said low annual fees were important.

• Two in five Canadians (39%) believe it’s important to apply for a card with a cash-back feature.

• One in seven Canadians (15%) believe travel rewards are important.

LowestRates.ca provides a free, independent service that helps consumers save time and money by comparing personal financial products from Canada’s leading financial institutions.

MORE

Leave A Reply