It’s not unusual for the first words you see on a credit card or debit card to make you smile.
But it’s even more unusual to see them appear in an ad, which has the potential to drive more sales than the cards themselves.
That’s the story of the quote economy, which is thriving here in Canada, says Marc Côté, a professor of marketing at Ryerson University in Toronto.
In fact, Côtté says he’s seen the quote-economy phenomenon grow so much in Canada that he’s begun to call it “Canada’s quote economy.”
He says it’s like an economic gold rush, with companies competing to capitalize on people’s desire to quote words.
The quotes on cards have grown to include many familiar names, including comedian Tim Heidecker, actor Kevin Hart, musician David Guetta and rapper Kanye West.
But the trend is far from a one-way street.
The card industry has long been dominated by large corporations like Visa, MasterCard and American Express.
But in recent years, as the number of credit cards rose, some credit card companies have started to flex their muscles.
The industry is now so saturated with cards that some of the best-selling cards are actually cards from other companies.
Côtè says that while many people might be surprised to learn that the cards on their credit cards are all made by a company called C-Series, they should be.
These cards have the benefit of being issued by a large corporation, rather than by an individual, he says.
And unlike cards issued by individual banks, they’re issued by the Canadian carding authority, CCA, which can issue cards to small companies.
“It’s kind of like the credit card for small businesses,” he says, “where you get a credit, you pay a fee, and you get the card back.”
While the industry has grown to a billion-dollar annual revenue, the majority of credit card users are Canadians, Cachone says.
They pay on average $2,500 per credit card, and that’s before fees and taxes.
But there’s a catch.
Because the cards are issued by CCA’s Canadian issuing authority, the cards can’t be resold to consumers outside Canada, meaning they can’t cross-border.
Cachone thinks that’s a bad thing, since it’s the only way consumers will get access to credit.
Cachones advice to anyone thinking of buying a credit is to buy a CCA card, since they’re the only one that can reissue credit cards from Canada to consumers.
But Cachóles advice isn’t universally accepted, and many people feel like they’re being duped into buying a card that they may never use.
He believes that the card companies need to get out of the way, and offer consumers the best possible card experience.
That is what happened in April when Canadian Visa issued a $1.5-billion rebate to card issuers that they felt would benefit their card business.
That rebate went to Visa, Canadian MasterCard, Canadian American Express, and Canadian Imperial Bank of Commerce.
It’s a win-win for all the companies, says Cachón, who was also involved in the project.
“They had a great time,” he said.
“Visa is getting out of a competitive market and it is the largest issuer in the world.
It would be a great marketing tool to them, if it wasn’t for the fact that they’re in a highly competitive market.
They’re getting paid to promote Visa, and to promote credit.”
It was also the beginning of a broader shift in the card industry.
C-series cards, which have been around since 2002, were once the biggest card in Canada.
But after Visa’s rebate, the market is changing rapidly.
“I don’t think people realize that the credit-card industry has changed so much,” Cachon says.
But C-card issuers are also facing new competitors. “
It’s not going to change overnight.”
But C-card issuers are also facing new competitors.
MasterCard is launching a new card next year, the Blue Chip.
It has been criticized for the same issues as the C-cards.
CCA is also considering launching a $5.3-billion card, which will likely be a bit less attractive to card companies.
But many people are still buying cards, even if they don’t necessarily want to spend a ton of money.
“We’ve had a tremendous influx of people buying cards in recent months,” says C-china analyst Robert Wiebe.
“So I think it’s safe to say that there’s going to be a lot of demand for cards.”