Do you live in Canada and happen to frequently shop at Canadian Tire? If so, there is a rewards program you need to know about.
The Canadian Tire Triangle Mastercard provides an incentive for all your purchases at the local shopping center. Some of the best rewards include tire cash that can be redeemed at any participating store.
But, there is always more to these programs than meets the eye. With so many credit cards rewards programs out there, you might want some guidance.
Keep reading to find out what the Canadian Tire Mastercard program has to offer.
Canadian Tire Triangle Mastercard
- Annual Fee: $0
- Eligibility: Canadian resident, age of majority and currently employed or retired.
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There are no initial sign-up rewards for this credit card. Rather, it provides great incentives for each dollar you spend at a participating store.
There is no limit to the level of redemption you must accumulate before redeeming. You can redeem your rewards at $100.00 or at $1,000.00. These rewards are used like cash in stores.
Continue reading for an in-depth breakdown of their perks.
Features and Benefits
The Canadian Tire Mastercard offers a variety of special features to its cardholders. But, it is ultimately a simpler card with a cash back rewards program.
The primary feature of this card is the Canadian Tire Cash, which can be redeemed at their stores. They also offer cash back rewards at their participating gas stations. For every litre, you buy you receive $0.05 per litre back.
They also offer a 1.5% cash back on purchases made at grocery stores (excluding Wal-Mart and Costco). Essentially, they offer their shoppers a lot of perks for shopping at their stores and participating stores.
Here are the major perks broken down in detail.
Cash Back at Canadian Tire Stores
This may sound more or less like a benefits card at a store. These cards can be benefit cards connected to a credit card or just a card associated with your store account. This card has no cash value, except at the store and only as a discount off of your purchase.
With the Canadian Tire Mastercard, you are provided free benefits for your purchases. For purchases of $150.00 or more, you will receive 4% cash back.
Canadian Tire cash is equal in value to real cash within their stores. In other words, $1.00 of their cash back reward has the same value as a real dollar in their store.
Cash Back at Gas Stations
For every litre of fuel you purchase at a participating station you will receive $0.05 cash back. Again, this reward comes back as a reward when purchasing at the Tire Store.
But, it is important to note that this cash back option is not for fuel. Rather, you are rewarded when you pay for your fuel with your Triangle card in Tire Cash.
This is an excellent reward program for those who shop at Canadian Tire often. Everyone needs to refuel their vehicles, and this perk is like getting free cash at a favourite retail outlet.
Cash Back on Groceries
The Canadian Tire Triangle Mastercard offers 1.5% cash back on groceries. This cash back comes in the form of Canadian Tire cash and you can redeem them at local stores.
Similar to the fuel perks, these perks cannot be applied to purchases of groceries. Canadian Tire does not sell groceries, either. Rather this perk is designed to reward users for purchasing everyday necessities.
This cash is redeemable at your local Canadian Tire stores.
No Annual Fee
One of the top perks of this card is there is no annual fee.
Annual fees are usually applied to credit cards for people that have a low or bad credit score. Annual fees are fees associated with a yearly charge for using the card.
If you wish to avoid annual fees, you will need a higher credit score or a better credit line. But, for a card like the Canadian Tire Triangle card, this perk is rather impressive.
The Canadian Tire Triangle card does not have an annual fee. They also do not require applicants to have a high credit score and offer lines of credit for almost every level of credit.
Pros and Cons
The Canadian Tire Triangle Mastercard offers a number of perks for its users. But, as with almost any card, there are some downsides to this card. But, first, we will explore the perks of this card and then discuss the downsides.
Perks for this card have a high return percentage on every dollar spent at the store or participating stores. With the return rate of 4% on every dollar you spend at the store, it makes using it beneficial for the user.
Other perks of this card include the ease of redeeming your rewards. This will be discussed in detail below, but, redeeming rewards is as simple as using your card at checkout.
There are very few prequalification requirements. This makes it a beneficial card for anyone struggling with credit and credit scores. The card has a good APY of 19.99%, which may vary based on the applicant’s credit score.
Some of the downsides of this MasterCard include where they are applicable. You can use this card at any qualified stores, but the rewards program is limited. This is because it started as a cash rewards program back in the 1950s.
Back then, it was not a credit card program. Rather, it was an incentive program that provided people with tokens based on the money they spent. This credit card program is essentially the same idea.
Today, this persists in how you can use your card’s rewards. When compared to other credit card company reward programs, this one is limited. Most credit cards will provide you with several options of where you can use your rewards and perks.
This is the major downside of this card. Other less impactful downsides include limited rewards for purchases outside of Canadian Tire. Of course, in a way, this makes sense because the goal is to encourage shoppers to visit their stores.
However, again, many credit cards offer perks at multiple stores and locations. The perks significantly decrease when the card is used at other stores.
But, the Canadian Tire store ranks as one of the best loved and most trusted stores in Canada. The popularity of this card makes for an excellent justification for getting this card. The chances are, most people in Canada visit this store regularly. The limited purchase power may not be too bad if you are one of the many Canadians who visit this store regularly.
Who Is the Card For?
One question you should ask yourself before applying for this card is, how often do you shop at Canadian Tire? This is an important factor for anyone looking to apply for this card.
This card is an obvious benefit for anyone spending hundreds of dollars in merchandise at Canadian Tire. But, if you do not shop here regularly, it probably is not the card for you.
Canadian Tire is a sports and outdoor specialty shop with products for the “DIY” enthusiast. This makes them ideal for someone who enjoys repairing their own cars or building their own home projects.
This includes hardware supplies and other accessories. But, they also sell tents and bikes for those who like going on an outdoor adventure.
It can also benefit those who suffer from low or bad credit scores. Or, young people trying to build credit. There is no income limit or credit score requirement to qualify. And, you can use it at other stores, not just Canadian Tire.
Rates and Fees
The interest rate for your transactions will vary based on your credit score. But, there is no annual fee for using the card.
The international transaction fee is relatively high compared to most credit card offers. The international transaction fee is 2.5%. This is around the average amount charged for international charges for credit cards. The average fee is around 3%, but most premium credit card companies do not charge a fee.
Other fees include a $4.00 cash advance fee. This cash advance fee increases the fact that it is pretty expensive to use overseas.
How to Get the Triangle Mastercard
One of the most appealing aspects of this card is the available open credit. They essentially offer this card to almost every applicant. However, your credit score and income will determine several factors.
Your credit score will determine if you have a high amount of credit or a lower level. It will influence your annual interest rate. And, it may impact your availability to increase your credit limit.
But, your eligibility is not wholly dependent on your credit score, unlike other credit cards available.
You can apply for a Triangle Mastercard online. You just have to meet a few requirements to be eligible to apply.
First, you must be a Canadian resident. If you're a Canadian resident, the next requirement is that you are the age of majority in the province you reside in.
The final requirement is that you are currently employed or retired. If you meet all of these requirements, you can continue forward and apply here for your Triangle Mastercard.
There are multiple sections to the credit card application. You will need to provide:
- Personal information
- Residential information
- Financial information
As you fill out your Triangle Mastercard application, be sure to read carefully as you agree to the various terms outlined. This process will also give you information on rewards and credit protector insurance.
Earning and Redeeming Points
If you shop at Canadian Tire or other partner stores, redeeming your rewards points is simple. Participating member stores include Sport Chek and Atmosphere retailers.
You can earn rewards at dozens of stores and gas stations across the country. You cannot redeem your rewards at these same locations, though, only at the specified stores stated above.
How to Earn Points
Earning points is dependent upon how much you spend at the participating locations. The best way to earn rewards is to shop directly at Canadian Tire stores, or their sister stores.
But, you can also earn points by paying your utilities and other energy bills. This is calculated at 0.8% in rewards for you to redeem.
Last, you can earn 1.5% on grocery purchases for up to $12,000.00 per year. And, we already discussed how you can garner rewards by using your card to pay for your fuel.
How to Redeem Points
You can redeem your rewards directly at the Canadian Tire stores. Simply use your card at checkout and the cashier should ask if you wish to use your reward points to pay. You can also pay through the app and request to use your rewards.
You can use your points for online purchases as well. You can’t use your rewards on just any website or store. However, you can use it at Canadian Tire, Sports Chek, and other partner stores.
How Does It Compare to Other Top Competitors?
This depends on your shopping habits and travelling behaviour. As we discussed briefly above, if you travel a lot and use your card abroad, this card is not for you.
Not only are there high-interest rates on purchases made abroad. But, there is also no incentive rewards program for trips and other travel expenses, even though there are plenty of places to enjoy in Canada. If you travel abroad often, you may wish to get a travel-specific card.
It also only gives rewards that can be used at very specific stores. This is a demerit since you can easily redeem rewards from credit cards on various websites and in-store purchases.
Canadian Tire Triangle Mastercard
- $0 annual fee
- 1.5% cash back on groceries
- 4% cash back in-store currency at Canadian Tire store
- $0.05 cash back per litre of gas purchased
PC Financial World Elite Mastercard
- $0 annual fee
- 10 points per $1 spent at participating grocery stores
- 25 points per $1 spent at Shoppers Drug Mart
- 30 points per litre purchased at Esso Mobile
- $1 for 1000 points redeemed on purchases
Despite its limitations, reviews of this card are positive. It provides a great incentive program for anyone who enjoys shopping at local Canadian outlets.
It rewards people for purchasing everyday necessities such as fuel and groceries. But, again, it is a limited card as far as where you can redeem your rewards.
Overall, it is a great card that provides high reward rates per purchase. Just make sure they’re rewards you can use.
Is the Canadian Tire Mastercard a Good Fit for You?
You may have wondered for a while if this card was the right one for you. The Canadian Tire Mastercard offers a variety of perks for those who shop at these retailers regularly.
We hope this article was helpful for you in making this decision. Our staff at Insurdinary provides helpful resources and information for all your concerns. Contact us for a quote on any insurance needs you may have!