Canadians Say Credit Card Fine Print Is Confusing and Costing Them Money, New Affirm Survey Finds

A majority of Canadians rely on credit cards for everyday purchases, but many still struggle to understand how they actually work. That confusion is hitting their wallets, according to new national research from Affirm.

In a survey of 1,501 Canadians, only 41 percent said credit card terms and conditions ranked among the top three types of documents they find easiest to understand. By comparison, far more respondents felt confident interpreting medication labels at 72 percent, furniture assembly manuals at 69 percent, and even tax forms at 42 percent.

The lack of clarity comes with financial consequences. Nearly three in five Canadians, or 59 percent, reported that hidden or unexpected credit card fees have disrupted their ability to budget. More than one in three, or 36 percent, said it happens at least occasionally.

Although 98 percent of Canadians are familiar with credit cards, understanding of what they truly cost is slipping. Rewards and points remain a major draw and were cited by 65 percent of respondents. At the same time, many cardholders are also grappling with persistent debt. The Bank of Canada reports that roughly half of all cardholders carry a balance for at least two consecutive months. Interest charges can compound quickly, leaving people feeling stuck.

Affirm’s findings suggest growing frustration with traditional credit tools. More than one-third of Canadians, or 36 percent, believe credit cards do not reflect their real financial circumstances, particularly as the holiday spending season approaches.

“Fairness and transparency should be the standard for every Canadian using credit,” said Wayne Pommen, Chief Revenue Officer at Affirm. “For too long, people have been accepting confusing terms and unexpected fees as part of the deal. Canadians deserve better, and that means financial tools built around clarity and trust, not surprises. Transparent, predictable payment options are proving that a better path is not only possible, it already exists.”

As consumer expectations shift and financial pressures intensify, Affirm says the demand for clearer and more predictable payment options continues to grow. The company believes transparency is becoming an increasingly important competitive advantage in Canada’s payments landscape.