Affirm Holdings Inc. Survey Reveals Credit Card Confusion Among Canadians

In a recent press release dated November 25, 2025, Affirm Holdings Inc. (NASDAQ: AFRM) unveiled findings from a national survey that highlights a significant issue facing Canadian consumers: the overwhelming complexity of credit card terms and conditions. The survey, which queried 1,501 Canadians, found that a mere 41% of respondents considered credit card fine print among the three easiest documents to comprehend. This stands in stark contrast to the 72% who found medication labels easy to understand, 69% for furniture assembly manuals, and 42% for tax forms.

This confusion does not come without consequences. The survey revealed that nearly 59% of Canadians have experienced issues with hidden or unexpected credit card fees, which have disrupted their budgeting efforts. Alarmingly, over one-third (36%) of respondents reported that these financial surprises occur at least occasionally, indicating a widespread problem that can lead to financial distress.

Despite the familiarity and perceived convenience of credit cards—98% of Canadians are aware of them—the survey illuminates a growing disconnect between consumer perceptions and the financial realities associated with credit cards. While rewards and points remain a significant motivator for 65% of cardholders, many Canadians are also grappling with financial pressures, as evidenced by data from the Bank of Canada. The report indicates that nearly half of credit card users carry a balance for at least two consecutive months, leading to escalating fees and compounding interest charges that can trap consumers in cycles of debt.

As the holiday season approaches, the need for transparency in financial tools becomes increasingly critical. The survey found that 36% of Canadians feel that their credit cards do not accurately reflect their financial situations. This sentiment underscores a fundamental demand for clarity and fairness in financial transactions.

Wayne Pommen, Chief Revenue Officer at Affirm, commented on the survey's findings, emphasizing the importance of transparency in financial products. "Fairness and transparency should be the standard for every Canadian using credit," he stated. "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."

Affirm is dedicated to providing honest financial products that enhance consumers' lives. The company aims to establish a new kind of payment network based on trust and transparency, empowering consumers to manage their spending and savings responsibly while providing businesses with tools for growth. Unlike traditional credit cards and pay-over-time options, Affirm stands out by not charging any late or hidden fees.

The survey conducted by Affirm took place between November 6 and November 10, 2025, targeting a representative sample of adult Canadians who are members of the Angus Reid Forum. The survey was available in both English and French, with a margin of error of +/- 2.53 percentage points, 19 times out of 20, providing a reliable snapshot of Canadian consumers' sentiments regarding credit cards.

As Canadians navigate the complexities of credit in a challenging financial landscape, the findings from Affirm's survey shed light on a crucial need for clarity and transparency in financial products, particularly as they approach the holiday spending season.