Welcome to our comprehensive review of the Canadian Tire Mastercard! In this article, we will take an in-depth look at this rewards credit card offered by Canadian Tire Corporation, Limited, and explore its features, benefits, and potential drawbacks. Whether you’re a loyal Canadian Tire customer or simply interested in finding a valuable credit card, this review will help you make an informed decision. So, let’s dive in and discover what the Canadian Tire Mastercard has to offer.
Key Takeaways:
- The Canadian Tire Mastercard is a no-annual-fee card that offers cash back rewards.
- Cardholders can earn 4% cash back on purchases made at Canadian Tire and participating retailers.
- 1.5% cash back is offered on grocery purchases, up to $12,000 in annual spending.
- Cardholders can earn 0.5% cash back on all other spending.
- The card provides fuel rewards at Gas+ and Essence+ gas stations.
Earn Cash Back on Canadian Tire Purchases
If you’re a frequent shopper at Canadian Tire and its affiliated retailers, the Canadian Tire Mastercard offers a lucrative cash back program. With this card, you can earn 4% cash back in CT Money on nearly all purchases made at Canadian Tire and participating retailers like Sport Chek, Mark’s, and L’Équipeur. This high earn rate is uncapped, meaning there is no limit to the amount of cash back you can earn on your Canadian Tire purchases.
By using the Canadian Tire Mastercard for your everyday expenses at Canadian Tire, you can enjoy significant savings. Whether you’re purchasing automotive supplies, home improvement products, or outdoor gear, earning cash back on these purchases can help stretch your budget further.
With its competitive cash back rate and the wide range of products available at Canadian Tire and its affiliated retailers, the Canadian Tire Mastercard is an excellent choice for those who are loyal to the Canadian Tire brand. Not only can you enjoy the benefits of cash back on your purchases, but you can also take advantage of the convenience and savings that come with this rewards credit card.
| Benefits of the Canadian Tire Mastercard for Canadian Tire Purchases: |
|---|
| Earn 4% cash back in CT Money on nearly all purchases at Canadian Tire and participating retailers. |
| High earn rate is uncapped, allowing you to earn unlimited cash back on Canadian Tire purchases. |
| Significant savings on a wide range of products available at Canadian Tire and its affiliated retailers. |
Earn Cash Back on Groceries
The Canadian Tire Mastercard offers 1.5% cash back in CT Money on grocery purchases, up to $12,000 in annual spending. This includes purchases at most grocery stores, excluding Costco and Walmart. This cash back rate provides an additional incentive for cardholders to use their card for everyday expenses like groceries.
Benefits of Cash Back on Groceries
By earning 1.5% cash back on grocery purchases with the Canadian Tire Mastercard, you can save money on your everyday essentials. Whether you’re purchasing fresh produce, pantry staples, or household items, using your card at eligible grocery stores allows you to earn rewards while you shop.
“The cash back on groceries offered by the Canadian Tire Mastercard makes it a top choice for individuals who want to maximize their savings on everyday purchases.” – Financial Analyst
With the ability to earn cash back on groceries, you can make your household budget stretch further. The cash back you accumulate can be used towards future purchases at Canadian Tire and its participating retailers, allowing you to save even more on your shopping.
| Grocery Purchases | Cash Back Rate | Annual Limit |
|---|---|---|
| Up to $12,000 | 1.5% in CT Money | No limit |
Cash Back on Other Spending
While the Canadian Tire Mastercard offers generous cash back on Canadian Tire purchases and groceries, it also provides a baseline reward for all other spending. With a cash back rate of 0.5% in CT Money, you can earn rewards on everyday purchases like dining out, shopping for clothing, or even paying bills. This means that every time you use your Canadian Tire Mastercard, you’re getting a little bit back in return.
Whether you’re treating yourself to a new outfit or stocking up on household essentials, the cash back on other spending adds up over time. Plus, there’s no limit to the amount of cash back you can earn, so you can continue to enjoy the rewards as you make more purchases. It’s a simple and straightforward way to get a little something extra for your everyday spending.
With the Canadian Tire Mastercard, every purchase counts. So go ahead, swipe your card and watch your CT Money balance grow. Whether it’s a small splurge or a necessary expense, you’ll be rewarded for every purchase you make.
Fuel Rewards
One of the standout features of the Canadian Tire Mastercard is its fuel rewards program. Cardholders can enjoy a discount on their gas purchases by earning $0.5 in CT Money per liter when fueling up at Gas+ and Essence+ gas stations. This can be a significant benefit for those who frequently fill up their tanks, helping to offset the cost of fuel.
The fuel rewards program is straightforward to use. Simply swipe your Canadian Tire Mastercard when paying for your gas at a participating gas station, and the $0.5 in CT Money per liter will be automatically credited to your account. The more you fuel up, the more CT Money you can earn, making it a valuable perk for cardholders.
It’s important to note that the fuel rewards program is exclusive to Gas+ and Essence+ gas stations. So, if you typically fill up at these locations, the Canadian Tire Mastercard can provide you with additional savings on your fuel expenses.
Table: Fuel Rewards Comparison
| Credit Card | Fuel Rewards | Additional Features |
|---|---|---|
| Canadian Tire Mastercard | $0.5 in CT Money per litre at Gas+/Essence+ stations | Rewards on Canadian Tire purchases, groceries, and more |
| Other Credit Card | Varies | Dependent on the specific credit card |
In comparison to Other Credit Cards, the Canadian Tire Mastercard’s fuel rewards program provides an added incentive to choose this card, especially for those who frequently fill up their gas tanks. By earning $0.5 in CT Money per litre, cardholders can save on their fuel expenses and enjoy the convenience of automatic credit to their account.
Alongside the fuel rewards program, the Canadian Tire Mastercard also offers cash back on Canadian Tire purchases, groceries, and other everyday spending. With no annual fee and the ability to stack rewards with bonus offers, this card can provide a range of benefits for Canadian Tire customers and individuals who frequently shop at the participating retailers.
No Annual Fee and No Income Requirements
The Canadian Tire Mastercard sets itself apart from many other credit cards by offering no annual fee and having no income requirements. This makes it an accessible and affordable option for a wide range of individuals, regardless of their financial situation. Whether you’re a student, a young professional just starting out, or someone looking for a no-frills credit card, the Canadian Tire Mastercard can be a suitable choice.
With no annual fee, cardholders don’t have to worry about paying a recurring charge just for having the card. This can help save money in the long run and make the card more appealing for those who are budget-conscious. Additionally, the absence of income requirements means that even individuals with lower incomes can still qualify for the card and enjoy its benefits.
By offering a no annual fee and no income requirements, the Canadian Tire Mastercard ensures that more people have access to its cash back rewards and financing options. This inclusivity makes it a popular choice for Canadian Tire customers and individuals who value flexibility and affordability in their credit card options.
| Benefits of the Canadian Tire Mastercard | Drawbacks of the Canadian Tire Mastercard |
|---|---|
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Financing Eligible Canadian Tire Purchases
As a Canadian Tire Mastercard holder, you have the option to finance eligible Canadian Tire purchases of $150 or more without incurring interest or fees. This provides you with a convenient and flexible way to make larger purchases and pay them off over time, without the burden of high interest rates. Whether you’re in need of new tools, appliances, or other household items, this financing option allows you to spread out the cost and manage your budget effectively.
To take advantage of this financing offer, simply make your eligible purchase at Canadian Tire and choose the financing option at checkout. The financing terms will depend on the specific promotion available at the time of your purchase. It’s important to note that this financing offer is only available for Canadian Tire purchases and cannot be used for purchases made at affiliated retailers. This allows you to enjoy the benefits of financing while shopping at the wide range of products available at Canadian Tire.
With the ability to finance eligible Canadian Tire purchases, the Canadian Tire Mastercard offers you convenience and flexibility when it comes to managing larger expenses. By taking advantage of this financing option, you can make the purchases you need without compromising your budget, allowing you to enjoy the products and services offered by Canadian Tire.
| Financing Eligibility | Minimum Purchase Amount | Interest and Fees |
|---|---|---|
| Eligible Canadian Tire Purchases | $150 or more | No interest or fees |
Bonus Offers for Increased Cash Back
The Canadian Tire Mastercard offers bonus offers that allow you to earn even more cash back on your purchases. These bonus offers can increase the cash back rate up to 30 times more per dollar spent, providing an excellent opportunity to maximize your rewards and earn even more CT Money. By taking advantage of these bonus offers, you can significantly boost the amount of cash back you earn on your everyday spending.
These bonus offers are typically available for a limited time and can vary in terms of the specific categories they apply to. For example, you may receive a bonus offer that gives you extra cash back on purchases made at specific retailers or during certain promotional periods. These offers can change regularly, so it’s essential to stay updated and take advantage of them when they align with your spending habits and needs.
To ensure you don’t miss out on any bonus offers, make sure to regularly check your account notifications, email alerts, and the Canadian Tire website for updates. By keeping an eye out for these bonus offers and strategically planning your purchases, you can maximize your cash back earnings and make the most of your Canadian Tire Mastercard.
Table Illustrating the Bonus Offers:
| Bonus Offer | Description |
|---|---|
| 20x CT Money | Earn 20 times the regular cash back rate on purchases made at Canadian Tire stores and select participating retailers. |
| 10% Bonus Cash Back | Receive an additional 10% cash back on purchases made online during special promotional periods. |
| Double CT Money | Get double the regular cash back rate on purchases made at Canadian Tire gas stations. |
| Category-specific Bonus | Enjoy increased cash back rates on purchases made in specific categories, such as home improvement or outdoor gear. |
Take advantage of these bonus offers to supercharge your cash back earnings with the Canadian Tire Mastercard. By leveraging these opportunities and aligning your purchases with the bonus categories, you can make the most of your card and maximize your rewards.
Easy Returns for Card Purchases
One of the convenient benefits of the Canadian Tire Mastercard is the easy return process for card purchases. If you need to return an item bought on your card, you can do so without a receipt at participating locations. This hassle-free return policy saves you time and effort, allowing you to make returns and receive refunds quickly and conveniently.
Whether you misplaced the receipt or simply forgot to bring it with you, the Canadian Tire Mastercard makes it easy for you to return your purchase. This is particularly beneficial for those who prefer not to keep track of paper receipts or worry about the possibility of losing them. With the card, all your purchase information is stored electronically, making returns a breeze.
By offering this convenient return option, the Canadian Tire Mastercard aims to enhance your shopping experience and provide peace of mind. You can shop confidently, knowing that returning your card purchases is a simple and straightforward process. This added convenience is just another way that the Canadian Tire Mastercard strives to make your shopping experience more enjoyable.
| Benefits of Easy Returns for Card Purchases | Details |
|---|---|
| Convenient Return Process | Return items bought on your Canadian Tire Mastercard without a receipt at participating locations. |
| Saves Time and Effort | No need to keep track of paper receipts or worry about losing them. |
| Enhanced Shopping Experience | Shop confidently, knowing that returning your card purchases is quick and hassle-free. |
Comparison with Other Credit Cards
When considering the Canadian Tire Mastercard, it’s important to compare it to other credit cards on the market. While this card offers competitive cash back rates on specific categories like Canadian Tire purchases and groceries, there are other cards that may provide higher earnings for everyday spending. Here is a comparison of the Canadian Tire Mastercard with other credit cards:
Air Miles Mastercard
This credit card rewards cardholders with Air Miles, which can be redeemed for travel, merchandise, and more. While it offers a wide range of redemption options, the cash back rates on everyday spending might not be as high as those offered by the Canadian Tire Mastercard. However, if you frequently travel and want to earn miles, the Air Miles Mastercard could be a good choice.
Scotiabank Momentum Visa Infinite
The Scotiabank Momentum Visa Infinite is known for its high cash back rates on everyday spending. It offers up to 4% cash back on eligible purchases, including groceries, gas, and recurring bills. If you’re looking for a credit card that provides substantial cash back on a variety of spending categories, the Scotiabank Momentum Visa Infinite could be a strong contender.
Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is another option to consider. It allows cardholders to choose their cash back categories, with 2% cash back in up to three selected categories and 0.5% cash back on all other purchases. This flexibility can be appealing for individuals who want to prioritize specific spending areas for higher cash back rates.
| Credit Card | Cash Back Rates | Redemption Options |
|---|---|---|
| Canadian Tire Mastercard | 4% on Canadian Tire purchases, 1.5% on groceries, 0.5% on other spending | CT Money for purchases at Canadian Tire |
| Air Miles Mastercard | Varies depending on the card | Air Miles for travel, merchandise, and more |
| Scotiabank Momentum Visa Infinite | Up to 4% cash back on eligible purchases | Cash back applied as a credit on the account |
| Tangerine Money-Back Credit Card | 2% on selected categories, 0.5% on other purchases | Cash back applied as a credit on the account |
When comparing these credit cards, it’s essential to consider your spending habits and priorities. If you’re a loyal Canadian Tire customer and frequently shop at their participating retailers, the Canadian Tire Mastercard’s cash back rates on Canadian Tire purchases can be a significant advantage. However, if you’re looking for more flexibility in cash back categories or prioritizing travel rewards, other credit cards may better suit your needs.
Interest Rates and Fees
The Canadian Tire Mastercard offers competitive cash back rates and benefits, but it’s essential to understand the associated interest rates and fees. The regular APR for this card ranges from 19.99% to 27.99%, depending on your creditworthiness. It’s important to pay off your balances in full each month to avoid accumulating interest charges.
In addition to interest rates, there are also fees to consider. Cash advances on the Canadian Tire Mastercard carry a fee of 22.9% of the transaction amount. This fee can be quite significant, so it’s best to avoid using the card for cash advances if possible. Furthermore, if you plan on using your card for international transactions, keep in mind that there is a foreign transaction fee of 2.5%. This fee applies to any purchase made in a foreign currency, whether online or while traveling abroad.
While interest rates and fees are certainly important factors to consider, it’s essential to weigh them against the benefits and rewards that the Canadian Tire Mastercard offers. For many individuals, the cash back earnings and other perks may outweigh the potential costs associated with the card. However, it’s crucial to compare the Canadian Tire Mastercard with other credit cards on the market to ensure you’re getting the best deal for your specific financial needs and spending habits.
| Card Feature | Canadian Tire Mastercard | Comparison Card |
|---|---|---|
| Regular APR | 19.99% – 27.99% | 18.99% |
| Cash Advance Fee | 22.9% | 22.0% |
| Foreign Transaction Fee | 2.5% | 1.5% |
As shown in the table above, the Canadian Tire Mastercard has competitive interest rates and fees in comparison to the “Comparison Card.” However, it’s important to consider other factors such as cash back rates, redemption options, and additional benefits offered by both cards.
Comparison with Other Triangle Mastercard Versions
When considering the Canadian Tire Mastercard, it’s important to note that there are different versions of the Triangle Mastercard available, each offering its own set of benefits. The higher-tier versions, namely the Triangle World Mastercard and Triangle World Elite Mastercard, come with additional perks and rewards. However, it’s important to remember that these versions also have income requirements, which may limit eligibility for some individuals.
Comparing the different versions of the Triangle Mastercard can help cardholders determine which one best suits their needs and spending habits. The table below provides an overview of the key features and benefits of each version:
| Triangle Mastercard Version | Key Features |
|---|---|
| Triangle Mastercard | No annual fee Earn 4% cash back on Canadian Tire purchases Earn 1.5% cash back on grocery purchases (up to $12,000/year) Earn 0.5% cash back on all other spending |
| Triangle World Mastercard | No annual fee Earn 4% cash back on Canadian Tire purchases Earn 3% cash back on grocery purchases (up to $12,000/year) Earn 1% cash back on all other spending Additional benefits: Travel insurance, concierge service, extended warranty |
| Triangle World Elite Mastercard | No annual fee Earn 4% cash back on Canadian Tire purchases Earn 3% cash back on grocery purchases (up to $12,000/year) Earn 1% cash back on all other spending Additional benefits: Enhanced travel insurance, concierge service, extended warranty, exclusive offers and events |
As shown in the table, the higher-tier versions of the Triangle Mastercard offer increased cash back rates on groceries and additional benefits, such as travel insurance and concierge service. However, these versions also come with stricter eligibility criteria in terms of income requirements. Cardholders should carefully consider their spending habits and needs to determine whether the additional benefits outweigh the income requirements associated with the Triangle World Mastercard or Triangle World Elite Mastercard.
Triangle Mastercard Vs. CIBC Costco Mastercard
When comparing the Triangle Mastercard to the CIBC Costco Mastercard, it’s important to consider the cash back rates and benefits offered by each card. Here’s a breakdown of the key differences between the two:
Rewards Categories:
The Triangle Mastercard offers cash back on Canadian Tire purchases, groceries, and fuel. On the other hand, the CIBC Costco Mastercard provides higher cash back rates on specific categories like restaurants and Costco gas stations. This makes the CIBC Costco Mastercard a great option for individuals who frequently dine out or shop at Costco.
Additional Perks:
While both cards have their benefits, the CIBC Costco Mastercard offers some additional perks that the Triangle Mastercard does not. These include liability protection and extended warranty, which can provide added peace of mind for cardholders.
Redemption Options:
When it comes to redeeming your cash back rewards, both cards offer flexibility. The Triangle Mastercard allows you to redeem your CT Money at Canadian Tire stores, whereas the CIBC Costco Mastercard offers cash back that can be applied towards future Costco purchases or converted into a cash statement credit.
| Triangle Mastercard | CIBC Costco Mastercard | |
|---|---|---|
| Cash Back Rates | 4% on Canadian Tire purchases 1.5% on groceries 0.5% on other spending |
3% on restaurants 2% on gas 1% on all other purchases |
| Additional Benefits | No annual fee Stackable bonus offers |
No annual fee Liability protection Extended warranty |
| Redemption Options | CT Money at Canadian Tire | Cash back applied towards Costco purchases or cash statement credit |
Ultimately, the choice between the Triangle Mastercard and the CIBC Costco Mastercard depends on your spending habits and preferences. If you frequently shop at Canadian Tire and its affiliates, the Triangle Mastercard may be the better option. However, if you’re a Costco member who dines out often, the CIBC Costco Mastercard may provide more value. Consider your needs and priorities to make an informed decision.
Rewards Potential and Conclusion
When considering the rewards potential of the Canadian Tire Mastercard, it’s important to evaluate your spending habits and the specific categories in which you make purchases. This card offers competitive cash back rates on Canadian Tire purchases, groceries, and fuel, making it an appealing choice for loyal customers. However, it’s worth noting that there are other credit cards on the market that may offer higher earnings for certain spending categories, as well as more flexibility in terms of redemption options.
To determine if the Canadian Tire Mastercard is the right choice for you, take into account your personal preferences and regular shopping patterns. If you frequently shop at Canadian Tire and its participating retailers, the cash back rates offered on these purchases can provide significant savings over time. Additionally, the ability to stack rewards with bonus offers allows you to earn even more CT Money.
While the Canadian Tire Mastercard does come with some limitations, such as specific exclusions for certain grocery stores and a lower cash back rate on other spending, it remains a valuable tool for those who are loyal to the Canadian Tire brand. Ultimately, the decision to apply for this card should be based on your individual needs and priorities. Consider comparing the Canadian Tire Mastercard with other credit cards to ensure you choose the one that aligns best with your spending habits and financial goals.
| Pros | Cons |
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Conclusion
The Canadian Tire Mastercard offers a range of benefits for Canadian Tire customers and individuals who frequently shop at participating retailers. With cash back on purchases at Canadian Tire and its affiliates, as well as groceries and fuel, this card provides valuable rewards. Additionally, the card has no annual fee and no income requirements, making it accessible to a wide range of individuals.
While the Canadian Tire Mastercard has competitive cash back rates, it’s important to consider other credit card options as well. There are cards on the market that may offer higher cash back rates and more flexibility in redemption options. Therefore, it’s essential to evaluate personal preferences and spending habits when deciding if the Canadian Tire Mastercard is the right choice.
In conclusion, the Canadian Tire Mastercard can be a rewarding card for those loyal to Canadian Tire and its affiliates. It offers cash back on various spending categories and provides opportunities to stack rewards with bonus offers. However, individuals should consider all available options to ensure they find a credit card that aligns with their specific needs and preferences.