Canadian Tire Cash Advantage MasterCard Review

Cash Advantage MasterCard

Canadian Tire Cash Advantage MasterCard

(0 votes)
Apply Now

on Canadian Tire’s secure website

Canadian Tire Cash Advantage MasterCard
6.5 / 10 Our Vote
{{ reviewsOverall }} / 10 Card Users's Vote (0 votes)
Pros
No annual fee
No cash back limits
3% cash back at Canadian Tire
Cons
Overall cash back rate is very low
No promotions for balance transfers
Summary

The market is flooded with a myriad of cards having rewards options as per your shopping habits. Some of them give good returns while others are confusing and not so great in the long run. The Cash Advantage MasterCard by Canadian Tire has been around for a while now. When they introduced that card in 2006, it had the best rewards program in the market. Now there are many more players in the market and competition is also stiff. The Cash Advantage MasterCard gives you up to 1.5% cash back rate for all eligible purchases. However to get this cash back rate you may have to wait till you spend over $3000 in shopping. You may earn a cash back rate of 3% for your purchases at Canadian Tire gas bars, Canadian Tire stores. And, at Mark’s Work Wearhouse or L’Équipeur stores.

They charge no annual fee for the primary and supplementary cards. But there are too many tiers to remember and there are many other cards that give better rewards and interest rates. This card may shock you with a high-interest rate of 25.99% for APR and 27.99% on balance transfers as per your credit approval. When you use this card it might take a little too long to accumulate enough rewards. If you don’t fill up gas from Canadian Tire gas bars nor shop at Canadian Tire stores then this card is a deadly combination of high rates and low rewards.

Leave your rating

Our Review on Canadian Tire Cash Advantage MasterCard

Canadian Tire Cash Advantage MasterCard Pros

As a Canadian Tire member, you do enjoy some perks that come with their Cash Advantage MasterCard.

  • You pay no annual fee for the primary and additional cards.
  • They directly deposit cash back rewards into your account. You get this credit during your card anniversary month. Or you could call them to redeem before the anniversary month.
  • There are no limits on how much cash back you may earn.
  • Get the wide acceptance of MasterCard affiliates and PayPass.
  • When you shop at selected Canadian Tire stores you earn 3% cash back rate.

Canadian Tire Cash Advantage MasterCard Cons

The Canadian Tire Cash Advantage MasterCard has many drawbacks as follows.

  • It takes a very long time to accumulate cash back rewards.
  • Too many tiers cause confusion and also do not give good enough returns.
  • Overall cash back rate is very low. You start to earn 1% cash only when you purchase more than $3000. Till then 0.25% for the first lot of purchases up to $1500 and 0.5% thereafter till $3000 is not great. Only once you purchase more than $3000 would you get a 1.5% cash back rate. If you shop at Canadian Tire stores then you get double this rate else you are out of luck. There are competitors with a better rewards program and no annual fee.
  • They have no promotions for balance transfers while there are competitors with promotions ranging between 0% and 1.99%. Also when you apply for the card you may believe that your purchase rate shall be 19.99%. But when they actually approve, your rate may change anywhere up to 25.99% for APR which is quite high. Then the balance transfer rate would be around 27.99% and you may be better off keeping this card’s balances low.

Canadian Tire Cash Advantage MasterCard Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on Canadian Tire Cash Advantage MasterCard Features & Benefits

Some of the main features of the Canadian Tire Cash Advantage MasterCard are as follows.

Annual Fee

This card has no annual fee for both the primary and additional card holders. If you are looking for a card with no annual fee and carry a low balance then you may like this card. However, there are other cards with better rates and rewards at no annual fee.

Interest Rate

They charge an (APR) annual rate of interest of 19.99% on purchases. However, as per your credit check results, they may charge up to 25.99% when they approve the cards. This rate is high when we compare other cards in the market now.

Balance Transfer

As of now, the rate of interest for a balance transfer is 22.99% and there are no promotions. You may find many cards that could give you 0% to 1.99% introductory promotional rates on balance transfers. In case they approve you with an APR of 25.99% then your rates for balance transfer would change too. It may go up to 27.99% which is ridiculous, to say the least. This is one card that you do not want to transfer a balance and forget about it.

Cash Advance

You may get cash advances from ABMs at locations all over the world with MasterCard logos.  They set a maximum and minimum limit for the amount you may use as a cash advance. And of course, they may revoke the cash advance service without any prior notice to you. So it is best not to depend on their cash advance process or you may be in for a nasty surprise. They charge $4 cash advance fee when they post the transaction to your account.

Foreign Conversion Fees

No matter which currency you have conducted your transactions using this card you may pay all charges in Canadian dollars. For certain currencies, they may first convert the foreign currency to US dollars and then to an equal amount of Canadian dollars. They charge 2.5% as the fee for converting foreign currency to Canadian dollars. This fee is as per the standards in the market for such a transaction.

Credit Score Rating

You must have a good credit score to be eligible for this card. This is a plus feature as there are some cards which require an excellent rating. But then, those cards do also have better reward programs and rates.

Rewards

They give you cash back up to 1.5% but there are many tiers that you need to check out to get that rate. It is not that straightforward.  So, your purchases in the start for up to $1500 may get you only 0.25% cash back rates. Thereafter you may earn 0.5% when you shop till $3000. Only when your purchases reach over $3000 would you earn the 1.5% and it stays the same till $24000. Until you reach shopping up to $3000 you may see only a trickle of cash back earned which is not that great. You may earn cash back at movie theaters, restaurants, grocery stores, retailers, drug stores and online shopping. The only way to get a better 3% cash back rate is to fill up gas at Canadian Tire gas bars. And shop at L’Équipeur stores, Mark’s Work Wearhouse and Canadian Tire stores. May be these are not your preferred stores as you love going to Costco.

Canadian Tire Cash Advantage MasterCard Cash Back Calculator

Groceries:$400
Total Spending Rewards$221
Gas:$300
Restaurants:$200
Bills:$500
Travel:$150
Entertainment:$200
Pharmacy:$0
Everything else:$250

Insurance Features Of Canadian Tire Cash Advantage MasterCard

This card does not seem to have any insurance features at all. You may purchase an optional credit protection insurance coverage.

Where Can You Use Canadian Tire Cash Advantage MasterCard

You may use the Canadian Tire Cash Advantage Card at all locations and merchants who accept MasterCard. This includes millions of payment terminals all over the world as well as online stores. These merchants may display the MasterCard logo. PayPass option is also available with this card.

Canadian Tire Cash Advantage MasterCard Reward Redemption

They credit your cash back rewards directly into the account. This may be during your card anniversary month. If you do not want to wait till the card anniversary then you may call 1800 459 6415 and redeem your cash back anytime. There is no limit on the amount of cash back that you may earn.

Canadian Tire Cash Advantage MasterCard Contact Information

  • Customer Service Number: 1800 459 6415 or 905 735 7256.

Disclaimer

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

Canadian Tire is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://customer.ctfs.com//Products/CreditCards/CashAdvantageMasterCard/

https://customer.ctfs.com/Products/CreditCards/CashAdvantageMasterCard/HowitWorks/

https://customer.ctfs.com/Products/CreditCards/CMA/documents/1451_CMA_ALL_CARDS_except_RETAIL_OCT2014_jul16.pdf


 

What card users say... Leave your rating
Order by:

Be the first to leave a review.

Verified
{{{ review.rating_title }}}
{{{review.rating_comment | nl2br}}}

Show more
{{ pageNumber+1 }}