Canadian credit card payment rates are down and delinquencies have risen, especially among borrowers with limited credit histories or banking relationships, according to data released Thursday by FICO, an analytics firm.
On average, Canadian card holders paid 47% of their previous month’s balance in March. That’s down from a payment rate of 60% in September, “reversing previous gains and signaling repayment pressure,” according to a release.
Average balances have started to creep up. Pre-Covid (March 2019 to September 2020), the average was $3,254. That fell to $2,938 during the pandemic (December 2020 to March 2023). In the two years since, the average has reached $3,098.
While balances have increased, average credit card spending in March 2025 fell by 4.2% year-over-year to $1,549. Credit card utilization rates remain low, at 29% post-Covid compared to 30% pre-Covid.
The share of borrowers missing a single credit card payment rose 8% year-over-year in March. Monoline credit card customers — those served by non-bank issuers focused exclusively on credit products — reached their highest level in five years, peaking in January at almost 7%. Meanwhile, the delinquency rate of bank-issued cards averaged 3.1% post-Covid.
Consumers with fewer banking relationships — particularly younger Canadians or those relying solely on credit products — are under increasing pressure. The rise in serious delinquencies among monoline borrowers signals that financial fragility is deepening where there is the least cushion.