If you’re a regular shopper at any Canadian Tire-affiliated stores such as Sport Chek, Hockey Experts, Party City, or Mark’s, chances are you’ve come across Canadian Tire financing and Canadian Tire credit cards.
But how exactly does Canadian Tire financing work? Is applying for a Canadian Tire Mastercard worth it? And can it assist with financing big purchases in Canada?
In this article, we’ll delve into the intricacies of Canadian Tire financing, examining its benefits, downsides, requirements, features, and how it can help you achieve your financial goals.
What’s in this article?
- What is Canadian Tire Financing?
- How Canadian Tire Financing Works
- Overview of Canadian Tire Triangle Mastercard
- Canadian Tire Roadside Assistance
- Triangle Mastercard vs Triangle World Elite Mastercard
What is Canadian Tire Financing?
Canadian Tire is a Canadian retail company founded in 1922. The brand started as a simple retail store and has since grown into a mega company with stakes in many sectors, including shoes, party supplies, sports equipment, auto parts, retail clothing, fuel, and gasoline.
Canadian Tire has over 1,700 retail stores across Canada and offers financial services through its subsidiary, Canadian Tire Bank. It offers a range of financial products, including investments and savings products.
Canadian Tire does not offer short-term loans or a buy-now-pay-later program. It only offers financing through its Triangle Rewards credit card.
If approved for the Triangle Rewards credit card, you can finance your purchase with an interest-free 24-month payment plan.
However, Canadian Tire financing can only be obtained from Canadian Tire-affiliated brands. Canadian Tire Financing offers various options to help manage your finances and make purchases while offering opportunities to earn rewards and save money.
How Canadian Tire Financing Works
Here’s a free guide on how Canadian Tire Financing works, where you can get financing from, and how to earn “CT Money” by financing through Canadian Tire.
Step 1: Apply for the Triangle Rewards Credit Card
If you don’t already have a Canadian Tire Triangle Rewards credit card, you must apply for one before being eligible for any financing programs.
The credit card is a Mastercard, and applying for it would require a hard credit check. You must have at least a 660 credit score to increase your chances of getting approved.
Canadian Tire offers varying lines of credit depending on your income, credit score, and other factors. You could get a card with a $500 limit or up to a $5000 limit.
Step 2: Shop with one of the Canadian Tire-Affiliated Brands
Once approved, your Canadian Tire Triangle Rewards credit card will arrive in your mail. You can start by doing a bit of shopping.
Use your card like other traditional credit cards at any retailer that accepts Mastercard payments.
You can also take advantage of Canadian Tire’s interest-free financing by shopping any of Canadian Tire’s affiliated brands, like Canadian Tire, Marks, Party City, Atmosphere, Pro Hockey Life, Sport Chek, etc.
Step 3: Finance the amount with 24 Monthly Payments
Using your Canadian Tire Triangle Rewards card, you can finance your purchase at Canadian Tire or any of its affiliated brands.
How much you can finance will depend on the available line of credit you have with your Mastercard. If you were issued a card with a $500 limit, you could finance up to $500 worth of goods.
You must pay up your card’s balance to create room to finance larger purchases. Canadian Tire’s financing plans involve a 24-month repayment plan with no fee or interest. Your monthly payment will be the same across a two-year span.
Also, you can pay off your debt in one lump sum, if you wish, at any point during the loan term.
Step 4: Your Financing Amount will be subtracted from your Triangle Rewards Credit Card Balance
Once you start your financing plan, any amount you finance will be subtracted from your total available balance and updated afterwards.
Your Triangle Rewards available balance will be updated to reflect the amount paid as soon as you make monthly payments.
Step 5: Earn CT Money from your Purchase
As a Canadian Tire Triangle Rewards program member, you will receive CT money each time you purchase with your Mastercard. It works just like the airlines reward “air miles” for purchases made on their card.
Each CT Money is equivalent to its actual dollar amount and can be redeemed at any Canadian Tire store in Canada. So $10 worth of CT Money is the same as having a $10 coupon to Canadian Tire.
Overview of Canadian Tire Triangle Mastercard
Canadian Tire Triangle Mastercard
- No annual fee
- No interest financing on eligible purchases
- Annual Interest Rate: 19.99%
- APR for Cash Advances: 22.99%
Enjoy a whopping 4% cashback in Canadian Tire Money when you shop at all Canadian Tire partner stores, 1.5% cashback in Canadian Tire Money on grocery purchases from all Canadian grocers excluding Walmart and Costco, 0.5% cashback in Canadian Tire Money on all other purchases, and 5 cents per liter in savings when you fill up at Husky and Gas+ gas stations.
- No annual fee
- Great customer service ratings
- No interest if approved for Canadian Tire financing
- Earn CT Money when you use your card
- Your charge can be financed with 24 monthly payments
- High-interest rate of 19.99%
- You must have at least a 660 credit score to apply
- You can only use the card to receive interest-free financing at Canadian Tire-affiliated stores.
- CT money can only be used at Canadian Tire
Triangle Mastercard vs Triangle World Elite Mastercard
The Triangle Mastercard and the Triangle World Elite Mastercard can be useful if you know what you want from them. The peculiarities and similarities of these cards are visualized in the table below:
Features | Triangle Mastercard | Triangle World Elite Mastercard |
Annual fees | No annual fees | No annual fees |
CT Money earnings | 4% CT on valid purchases at Canadian Tire, Sport Chek, and Marks/Atmosphere | 4% CT on valid purchases at Canadian Tire, Sport Chek, and Marks/Atmosphere |
CT Money earnings on grocery purchases | - | 3% on grocery purchases, up to $12,000 per year |
CT Money earning on other purchases | 1% earning | 1% earning |
Fuel discount | 5 cents/litre on regular and mid-grade fuel | 7 cents/litre on premium fuel fill-ups at participating gas stations. 5%/litre for other grades of fuel |
No interest financing on purchases | On purchases over $200 (at Triangle stores) | On purchases over $200 (at Triangle stores) |
Purchase interest rate and cash advances | 19.99% purchase interest rate/22.9% on cash advances | 19.99% purchase interest rate/22.9% on cash advances |
Insurance | - | Car rental damage waiver insurance |
Customer service | Basic priority customer service | Enhanced customer service (higher priority) |
Is the Triangle Mastercard Worth it?
The Triangle Mastercard is worthwhile if you’re a frequent customer of Canadian Tire because the rewards rate is considerably high, and it allows you to earn Canadian Tire Money.
If you’re making purchases elsewhere, you probably won’t get much out of this card. You would be much better off finding a card with a higher rewards rate or one that offers rewards from a place you like to shop.
In a nutshell, you may only get Canadian Tire Money if you’re a frequent user of the Triangle Mastercard. But the Triangle Mastercard is not ideal if you’re looking for a high rewards rate card for external purchases.
Canadian Tire Roadside Assistance
In addition to the obvious perks offered by Triangle Mastercard, there is one Triangle reward that might be interesting to have, even though you will need the Triangle World Elite Mastercard to unlock it.
The reward is the Roadside-Assistance Gold Plan. With this plan, you will get help when you have a flat tire or a dead battery and need road assistance. You can get the peace of mind you need at no additional cost if you have the Triangle World Elite Mastercard.
Each year, you will get five free service calls, one towing service to your chosen place, and infinite tows to Canadian Tire Auto Service Centers nationwide.
You will also get a battery boost, fuel delivery, and complimentary extrication and winching services.
I believe this perk is excellent; with this card, you can save money on your roadside assistance subscription e.g. (CAA) if you have one.
Besides, knowing you can get help when needed during the chilly Canadian winter season is truly freeing.
Final Thoughts on Canadian Tire Financing
Canadian Tire offers various financial services, including investments and savings products. However, its most popular product is the Triangle Rewards Mastercard, which offers interest-free financing at Canadian Tire-affiliated stores, allowing consumers to purchase products on a 24-month payment plan.
In addition, the card offers various rewards, including CT Money, which can be redeemed at Canadian Tire stores.
While the card has some benefits, such as no annual fees and great customer service, there are downsides, such as a high-interest rate and the requirement of a minimum 660 credit score to apply.
Canadian Tire financing allows consumers to manage their finances and purchase while earning rewards and saving money.
FAQs on Canadian Tire Financing
Does Triangle Mastercard Build Credit?
No. The Triangle Mastercard does not offer special credit building or credit repair services since it’s just a regular cashback credit card. However, you can improve your credit score by paying off your credit balance, paying more than the minimum payment, or at the least paying the minimum monthly payment on time before it’s due.
How do you avoid the Triangle Mastercard finance charges?
Pay your monthly balances in full and on time. This is the best way to avoid finance charges. No interest will accrue on your credit if you pay your complete balance each month within the grace period.
Is Triangle Mastercard a credit card?
Yes, Triangle Mastercard is a credit card valid at all locations that accept Mastercards.
Can I have 2 Triangle Mastercards?
Yes. Although the two cards issued to the same member cannot be connected to the same Triangle Rewards Account. A Member may request the issue of extra Triangle Rewards Cards with the Member’s Triangle Rewards Account number.
How does the equal payment plan work in Canadian Tire financing?
The entire cost of the purchase is divided into equal monthly instalments. If you make your minimum payment (as stated on your monthly statement) on or before the due date, you won’t be charged any fees or interest.
Is It Easy to Get Approved for Triangle Mastercard? Is The Triangle Mastercard Easy To Get?
Canadian Tire Triangle Mastercard makes it easy to get approved and starts using your card instantly. You could be approved in little to no time, and then you can use your new Triangle Mastercard right away, even before you get hold of your physical card.
Not only does this make it super easy to buy the things you need, but it also gives you time to research what kind of credit card is best for you and your lifestyle.
What Is the Limit on Triangle Mastercard?
There is a yearly limit of $12,000 (if you shop for groceries at stores that recognize Canadian Tire Money). The equivalent of this amount in Canadian Tire Money is $180 annually. Remember that Walmart and Costco are not considered to be under the category of grocery stores.
