Canadian Tire Bank is a Canadian bank that offers financial products and services to Canadian Tire’s retail customers. Products available from Canadian Tire Bank include credit cards, chequing accounts, in-store financing, rewards programs and loans.
A credit card from Canadian Tire Bank can be used to make purchases at any Canadian Tire store or gas station, as well as anywhere else that accepts Mastercard. The savings account offers a competitive interest rate and can be used to save for anything from a rainy day fund to a dream vacation. The chequing account comes with a debit card that can be used to make purchases or withdraw cash at any ATM. Loans are also available from Canadian Tire Bank, which can be used for anything from consolidating debt to financing a major purchase.
Canadian Tire Bank also offers a variety of other financial services, such as foreign exchange and money transfers.
The Benefits Of Canadian Tire Bank Products
Customers can also take advantage of exclusive discounts and offers from Canadian Tire Store by using their Canadian Tire Bank credit card.
Canadian Tire Bank products can help customers save money on interest rates and fees. For example, the Canadian Tire Bank Mastercard has no annual fee and offers a competitive interest rate. The savings account also offers a competitive interest rate, which can help customers grow their savings faster.
The products also offer exclusive discounts and offers. For example, the Canadian Tire Store Mastercard gives cardholders 10% off their first purchase at any Canadian Tire store. Customers can also take advantage of special financing offers when using their Canadian Tire Bank credit card to make major purchases.
The Downsides Of Their Products
Interest rates on Canadian Tire Bank products are high. For example, the Canadian Tire Store Mastercard has a 21.99% (Quebec) to 25.99% (rest) interest rate. That means any balances carried over from month to month will accrue interest at that rate. This can make it difficult to pay off balances in full every month and can end up costing customers more in the long run. Lastly, there are other charges associated with some of the products, such as balance transfer fees or cash advance fees. These fees can add up quickly and make it even more difficult to manage finances effectively.
Reminder: It’s important to pay your credit card balance in full every month. One reason is that it can save you money on interest. If you only make the minimum payment, you will end up paying more in interest over time. Another reason is that it can help improve your credit score. When you carry a balance on your credit card, it shows that you are using more of your available credit, which can be seen as a negative by potential lenders.
What Are The Main Canadian Tire Banking Products?
- The Triangle Mastercard is the most popular one and the highest value. Have a look at our review of that product. We review the features and analyze whether the card is worth it.
- The Gas Advantage Card, good for filling up at Canadian Tire locations
- The Cash Advantage Card, an unimpressive (0.5% range) Cash Back Credit Card
- A regular High Interest Savings Account (HISA)
- Guaranteed Investment Certificate (GIC) offerings,available for TFSA
All things considered, Canadian Tire Bank products can be a good option for some customers, especially if your neighborhood gas station is a Canadian Tire. However, it’s important to weigh the pros and cons carefully before signing up for any product.
