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Finding Details Consumers' understanding that a bank cannot increase their credit card limit without their approval has declined since 2019 (down 3 points to 57% versus 60%).

Sample size

  • 3,008

Initiative

Collection dates

  • March 04, 2021 to March 25, 2021

Adopter

Related priorities

This finding relates to the following National Financial Literacy Strategy priorities and target outcomes: 

Priority 1

Communicate in ways people understand

  • Target outcome 1.1

Priority 6

Strengthen consumer protection measures

  • Target outcome 6.3
Related headlines
Headline

Consumers have a better understanding of their rights about signing up for a credit card than they do about credit card limit increases.

Credit cards are offered by many different financial institutions and are used by a large number of Canadians. Understanding the complexities of these products and understanding consumer rights when using these products can be challenging.

The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.

Source: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Related measures

The measure(s) below make up the Strategy-Aligned Measure (SAM) used to generate this finding. Please note that some SAMs require the use of multiple measures, while others work as a standalone measure. Refer to the Measures Library for more details.

Related

I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know. The first/next statement is…A bank can increase your credit card limit without your prior approval.

  • True
  • False
  • Don’t know
  • Prefer not to answer
Opens in new tabContribute findings and Strategy-Aligned Measures

The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.

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