Toronto, ON - With countless credit card issuers trying to draw consumers to their ranks with free merchandise, travel, and other perks and rewards, a new Ipsos Reid poll conducted on behalf of RBC reveals that the simple gift of free cash appears to be the most desirable reward.
Choosing from a list provided, one in three (33%) credit card users most prefer cash-back as their credit card reward, beating out merchandise/gift card rewards (27%), travel rewards (23%), or gas rewards (5%). One in ten (12%) prefer a non-rewards credit card.
A majority (58%) of Canadians indicate that they have a credit card that gives them some type of reward, while four in ten (42%) Canadians say they have a credit card that gives them no rewards. Eight in ten (80%) have a credit card of any type. Travel is the type of purchase most commonly made with a credit card, with seven in ten (72%) Canadians saying they use credit to pay for travel compared to one-fifth (20%) that use debit and seven percent that use cash. Four in ten (44%) say they typically use their credit card to pay for clothing or retail purchase (44%), gas (41%) and restaurants and entertainment (41%), while three in ten (28%) say they typically pay for drugstore purchases with credit.
No doubt one of the largest expenses for a family - especially a large family - is groceries. In this regard Canadian families spend, on average, $628 a month on groceries. A majority of Canadians (53%) tend to use their debit card most often when purchasing groceries, but others favour their credit card (26%) or cash (21%).
These are some of the findings of an Ipsos Reid poll conducted between May 14 and 17, 2010, on behalf of RBC. For this survey, a sample of 1,023 adults from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics and ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/-3.1 percentage points, 19 times out of 20, of what the results would have been had the entire population of adults in Canada been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
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Senior Research Manager
Ipsos Reid Public Affairs
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
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Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.
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