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Canadian Tire Bank Cash Advantage Mastercard®
Credit cards

Canadian Tire Bank Cash Advantage Mastercard®

Updated 30.11.2022

About Cash Advantage Mastercard

Canadian Tire Bank Cash Advantage Mastercard is a credit card designed for earning cash back rewards by making purchases. This credit card has one of the highest cash back rates among similar ones. Customers can receive up to 3% cash back for buying eligible items at Canadian Tire stores. However, some subtleties must be considered before applying for this card.

Cash Advantage Mastercard features

This credit card can be used as a regular payment method with an opportunity to earn cash back for making purchases. The rate at which you earn cash back rewards depends on the balance of net new purchases you have accumulated during the program year when the purchase in question is posted to your account.

You receive up to 1,5% on eligible purchases, but if you buy goods at Canadian Tire stores, gas bars, and Marks, your rate can double. For example, if net new purchases posted to your card account total $3,500, and you purchase an item for $100, you will have $1 back on that $100 purchase. The rewards system is a bit complicated, but here are general cash back rates: 

  • 0,25% on your first $1,500 spent;

  • 0,50% between $1,500 to $3,000;

  • 1% between $3,000 to $24,000;

  • 1,5% on anything you spend over $24,000.

The Cash Advantage Mastercard card enables you to earn cash back at double the rate for the items you buy at Canadian Tire stores, Canadian Tire Gas Bars, Mark’s/L’Equipeur stores, Canadian Tire catalogue, or Canadian Tire online.

Another Cash Advantage Mastercard’s attractive feature is that it does not come with annual fees or extra card fees. However, interest rates are pretty high if you compare this card to other cash back credit cards. The bank charges 19,99% on purchases, 22,99% on cash transfers, and the same on cash advances, but not for Quebec residents. They will have 21,99% on cash advances. 

Also, Canadian Tire offers security plans that protect your personal information and a well-designed online portal where you can track and manage all actions that happen to your card. For example, you can see how much you spend, how much you can earn, and your recent activities. 

Nevertheless, there are no insurance plans for cardholders or travel perks.

Moreover, you should note that some conditions can lead to losing all your rewards. You may lose all your rewards in the following cases:

  • your account is more than six billing periods past due;

  • you become subject to bankruptcy proceedings;

  • the bank has started legal proceedings against you for any amount that you owe the bank;

  • your account was terminated as a result of any default by you under the Cardmember Agreement; 

  • you have canceled your account. 

Pros and cons

Below you will see the most significant benefits of Cash Advantage Mastercard:

  • No annual fees or extra card fees;

  • Cash back rewards are received;

  • You can double your rewards by making purchases at certain spots;

  • Personal data protection plans are included;

  • No fee, interest-free financing option.

On the other hand, Cash Advantage Mastercard has several fluent drawbacks:

  • Cash back rewards are redeemed once a year;

  • A poor number of additional perks;

  • Interest rates are pretty high. 

How to apply for a Cash Advantage Mastercard

Applying for the Cash Advantage Mastercard doesn’t require visiting the bank's office. Instead, you can simply go to the Canadian Tire Bank’s website and apply within 5 minutes. You’ll first have to go to the Cash Advantage Mastercard webpage. As you get there, you will need to click the “Apply Now” button and read the eligibility rules. Afterward, click on the “Let’s Get Started!” button. On the pop-up page will see the disclosures list that must be read carefully, and if you agree with the terms, click on the “I Agree” button. The next page will be the application form, where you should enter the required data:

  • About Me: Your name, date of birth, email address, preferred language, phone number, and SIN (optional).

  • My Address: Your residential address where the bank will deliver your card, home type, mortgage amount, and how long you have lived there. 

  • My Work: Your occupation, industry, income, employment status, and some data depending on your status.

Afterward, you must enter your preferences and all the required information in the Credit Protector section. When you have all fields filled out, you must check and submit all the information.

Am I eligible for a Cash Advantage Mastercard?Customers can get this credit card quickly. The bank doesn’t have strict eligibility rules on this card. However, they must be Canadian residents over the age of majority and have a credit score of over 760. 
How frequently do I receive cash back with my Cash Advantage Mastercard?Once a year for the statement period ending in your anniversary month, cash back rewards that you have earned will be automatically applied to your Cash Advantage Mastercard account.
Does Canadian Tire Bank require any minimum income to qualify for a Cash Advantage Mastercard card?No, it doesn’t. There are no minimum income limits, so you can be approved for having any income. Still, there are credit score requirements: a good-excellent credit score is necessary to get approved for this card, according to the available information.
Rate
i

Effective interest rate on the product

19.99% - 22.99%

Top offers of the February 2023

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