Banks
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Canadian Tire Bank

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About bank

Canadian Tire Bank is the financial services arm of Canadian Tire Corporation, offering a range of banking services including credit cards and deposit products. Customers can manage their credit card account easily through online account access and the Triangle app. The Triangle rewards program allows customers to earn CT Money on purchases made at Canadian Tire stores and participating stores. Fees such as the credit balance administration fee and cash advance fee may apply, along with applicable regular annual rates. Canadian Tire Bank offers various credit card options, including the Triangle Mastercard and the Triangle World Elite Mastercard, with benefits such as out-of-store events and premium fuel savings.

Canadian Tire Bank

Key features

  1. Triangle Credit Card. Customers can access the Triangle credit card, which allows them to earn electronic Canadian Tire Money on purchases made at Canadian Tire stores and participating stores.

  2. Credit Limit. Canadian Tire Bank provides credit cards with a defined credit limit, giving customers flexibility in their spending.

  3. Annual Interest Rate. The annual interest rate determines the cost of borrowing on the credit card, with rates varying depending on the type of transaction.

  4. Foreign Exchange Conversion. For transactions made in foreign currency, Canadian Tire Bank applies foreign exchange conversion fees to account for currency conversion costs.

  5. Bill Payments. Customers can conveniently make bill payments through their credit card statement, ensuring timely repayment to avoid penalties and interest charges.

Pros and cons

Pros

Convenient Online Banking. Canadian Tire Bank offers the freedom to bank anytime, anywhere with its online banking platform, providing easy access to account information and services.

Competitive Interest Rates. Customers benefit from strong regular interest rates on High-Interest Savings Accounts (HISA), Tax-Free Savings Accounts (TFSA), and Guaranteed Investment Certificates (GIC) investments, helping them grow their savings faster.

Low Fees. With no monthly fees and lower bank fees compared to most traditional banks, Canadian Tire Bank offers cost-effective banking solutions, allowing customers to save on unnecessary charges.

Cons

Lack of Physical Branches. The absence of physical branches means customers won't receive in-person service, which may be inconvenient for those who prefer face-to-face interactions or require assistance with complex banking matters.

Limited Chequing Account Options. Canadian Tire Bank does not offer chequing accounts, which may hinder customers who rely on them for day-to-day banking needs such as writing checks or accessing ATM networks.

Restricted Credit Card Rewards Redemption. Credit card rewards earned through Canadian Tire Bank's programs can only be redeemed within the participating store network, limiting flexibility and potentially restricting redemption options for certain customers.

Canadian Tire Bank requirements

  1. Canadian Residency. Applicants must be Canadian residents to open an account or apply for credit products with Canadian Tire Bank.

  2. Age Requirement. They must have reached the age of majority in their province or territory of residence, typically 18 or 19 years old depending on the jurisdiction.

  3. Income Thresholds. For certain credit cards like the Triangle World Elite Mastercard, applicants need to meet specific income criteria. This typically involves having a minimum annual income of $80,000 or a household income of $150,000.

Access on the go

  1. Convenient Access. With no physical branches available, clients can access their accounts conveniently through Canadian Tire's online banking platform or the Triangle app.

  2. Account Management. Clients have the ability to view their transactions and account balances in real-time through the online banking portal or the Triangle app. This allows for easy monitoring of account activity and balances.

  3. Credit Card Management. The online banking platform and Triangle app enable clients to access their credit card statements, review transaction history, and manage their credit card accounts efficiently.

  4. Bill Payments. Clients can conveniently pay their bills online through the Canadian Tire online banking platform or the Triangle app. This feature streamlines the bill payment process, allowing clients to manage their finances effectively.

  5. Alerts and Notifications. Clients have the option to sign up for text message or email alerts to stay informed about their account activity, such as transactions, account balances, and payment due dates. This helps clients stay on top of their finances and monitor their accounts for any unauthorized activity.

  6. Card Security. In the event of a lost or misplaced card, clients can log into their online banking account to temporarily freeze or block their card until it is found or replaced. This adds an extra layer of security and peace of mind for clients.

Canadian Tire Bank products

  1. Savings Accounts. Canadian Tire Bank provides savings account options for customers looking to grow their savings while earning competitive interest rates.

  2. Credit Cards. Canadian Tire Bank offers a range of credit cards to suit different preferences and lifestyles. This includes the popular Triangle cards, which allow customers to earn rewards on their everyday purchases at Canadian Tire stores and participating retailers. Additionally, they offer Gas Advantage and Cash Advantage cards, each with unique benefits tailored to the needs of customers.

  3. Investing Accounts. For customers looking to invest and grow their wealth, Canadian Tire Bank offers investing accounts such as Guaranteed Investment Certificates (GICs) and other investment products to help customers achieve their financial goals.

Canadian Tire Bank services

  1. Triangle Credit Protector Life and Disability Insurance. This service offers protection for credit cardholders by providing coverage in the event of unforeseen circumstances such as death or disability. It ensures that outstanding credit card balances are taken care of, providing peace of mind for cardholders and their families.

  2. Triangle Credit Protector Complete. This comprehensive protection plan offers a combination of life, disability, and job loss insurance coverage for credit cardholders. It provides financial security in various situations, helping cardholders manage unexpected events that may affect their ability to make payments.

  3. Cash-Back Rewards. Canadian Tire Bank offers cash-back rewards programs for its credit cardholders, allowing them to earn rewards on their everyday purchases. This service provides tangible benefits and incentives for cardholders to use their credit cards for purchases, helping them save money or earn valuable rewards.

  4. Alerts. Canadian Tire Bank provides alert services to keep customers informed about their account activities and transactions. Customers can receive alerts via text message, email, or notifications through the banking app, helping them stay informed about important account activities such as payment due dates, large transactions, or account balance updates.

Which associations does Canadian Tire Bank belong to?

  1. Canada Deposit Insurance Corporation (CDIC). Canadian Tire Bank is a member of the Canada Deposit Insurance Corporation, providing customers with deposit protection and ensuring their eligible deposits are safeguarded in the event of a bank failure.

  2. Canadian Bankers Association (CBA). As a member of the Canadian Bankers Association, Canadian Tire Bank collaborates with other banks in Canada to address industry-wide issues and promote sound banking practices.

Additionally, Canadian Tire Bank markets payment protection insurance underwritten by Assurant and partners with Sigma Loyalty Group for identity theft insurance, which in turn collaborates with Intersections, Inc. These partnerships enhance the bank's offerings by providing additional insurance and protection services to its customers.

Bank reliability

As a member of the Canada Deposit Insurance Corporation (CDIC), Canadian Tire Bank provides customers with deposit protection, which enhances trust and reliability. Additionally, adherence to full program rules ensures transparency and accountability in its operations, instilling confidence among customers.

Moreover, Canadian Tire Bank's affiliation with Mastercard International Incorporated underscores its credibility in the financial industry. Customers can rely on the bank's credit card services, including the Cash Advantage Mastercard, which offers convenience and benefits such as cash advances.

While Canadian Tire Bank may charge administration fees and credit balance fees, these are disclosed in advance, allowing customers to make informed decisions. Furthermore, the availability of equal payments plans and the option to collect Canadian Tire Money contribute to customer satisfaction and loyalty.

Editorial opinion

The Canadian Tire Bank offers a diverse range of financial products and services, catering to various needs of its clientele. Customers can manage their expenses conveniently through equal payment plan installments. While an annual fee may be applicable, it's important to note that this fee is disclosed upfront, and certain transactions, excluding cash transactions, may not incur additional charges. The bank also provides competitive annual interest rates and follows transparent billing periods, ensuring clarity in financial transactions. Additionally, customers can benefit from partnerships with certain sports experts stores, local gas bars, rental shops, and qualifying grocery merchants, earning rewards and enjoying convenience. However, like any financial institution, customers should consider factors such as the minimum payment, costs, and administration fees when evaluating the suitability of Canadian Tire Bank for their financial needs.

Additional resources

Sources

FAQ

Is Canadian Tire Bank a good bank?

Canadian Tire Bank's suitability depends on individual needs and preferences. Factors such as the applicable regular annual rate, average balance, and administration fee charged should be considered when evaluating its services.

Does Canadian Tire Bank have a mobile app?

Yes, Canadian Tire Bank offers a mobile app, providing convenient access to account information, money transfers, and cash-back rewards.

Does Canadian Tire have bank accounts?

Canadian Tire Bank primarily offers credit products such as credit cards and balance transfers, as well as traditional bank accounts like savings accounts. However, chequing accounts are not offered.

Is Canadian Tire Bank hard to get approved for?

Approval for Canadian Tire Bank's credit products, such as credit evaluation for the Mastercard options, may vary based on factors such as credit history, payment default, and balances outstanding.

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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
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Effective interest rate on the product

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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Effective interest rate on the product

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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Rating by Finanso®
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

$0 monthly fee
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Effective interest rate on the product

3.00%
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Effective interest rate on the product

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Recommended FinScore™
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All Canadian Tire Bank’s reviews by may 2024
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