To the surprise of many, one of the highest rated credit cards in Canada is from Canada’s biggest grocery chain and not from one of its big Banks. As reported by the Financial Post, Loblaw Cos.’s President’s Choice Financial credit card is ranked Number 1 in customers satisfaction according to J.D. Power. PC Financial’s credit card scored a 788 out of 1000 rating beating out American Express by 8 points and Canadian Tire by 14. Capital One ranked 4th in the study with 766 points. These top four credit cards were all rated “better than most”.
While most Canadian Bank Credit Cards were ranked in the middle of the pack, the lowest ranking credit cards are from the Canadian Imperial Bank of Commerce and MBNA Canada, both with a score of 741. Toronto-Dominion’s credit card was at the bottom of the survey with a score of 739. These scores from a J.D. power’s study measures how satisfied customers were based on the credit card’s terms, benefits, communication, customer interaction, key moments and rewards. It appears that the reason why Toronto-Dominion and CIBC scores were so low is likely because of the uncertainty with rewards programs connected to the cards.
As a Canadian Business owners staying on top of payment and credit card trends can help inform you on which if not all credit cards you should be accepting at your business. As Canadians rely more on credit cards and expect more rewards with certain types of purchases they will prefer to use certain cards which can put pressure on business owners to accept them regardless of transaction fees associated with them.