Credit card issuers target the big spenders
GRANT ROBERTSON — BANKING REPORTER
From Friday’s Globe and Mail
Published Thursday, Mar. 17, 2011 7:24PM EDT
Last updated Friday, Mar. 18, 2011 6:58AM EDT
Canada is seeing a boom in premium credit cards as issuers battle for an exclusive brand of customer likely to keep on spending despite the country’s record consumer debt levels.
With the average Canadian household carrying more debt than ever, credit card issuers are moving upmarket in an effort to increasingly court customers with more financial flexibility. At the same time, companies are also rolling out more mid-range rewards cards as a way to entice consumers who have grown cautious in the recession to start using their plastic again.