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Banks’ credit card portfolios are becoming more lucrative as Canadians increasingly use them for everyday transactions, generating interchange fees for their issuers.
Banks’ credit card portfolios are becoming more lucrative as Canadians increasingly use them for everyday transactions, generating interchange fees for their issuers.
(Ryan Remiorz/THE CANADIAN PRESS)

Canadian banks scramble to beef up credit card portfolios

A number of Canada’s biggest banks are scrambling to beef up their credit card portfolios, driven by the sudden realization that these products are quickly becoming major profit centres.

While some lenders, such as Royal Bank of Canada and Canadian Imperial Bank of Commerce, have already established themselves as credit card heavyweights, rival banks are not to be outdone, now spending heavily to market their own cards, and, in some cases, to acquire card portfolios.