Canadian Tire Options MasterCard Review

Options MasterCard

Canadian Tire Options MasterCard

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Canadian Tire Options MasterCard
6 / 10 Our Vote
{{ reviewsOverall }} / 10 Card Users's Vote (0 votes)
Pros
No annual fee
No tiers to remember
Interest-free financing option
Cons
Low earning potential
No actual cash back
Summary

Too many confusing tiers, rewards category, and strict eligibility criteria may not be desirable when you apply for a credit card. To get that one card with all the positive features and a good rewards program may need some serious research. Most of us look for cards that give good cash back rates on everyday purchases such as grocery. The Options MasterCard from Canadian Tire belongs to cash back rewards category. You may earn 2 points per each dollar you shop with this card. If you shop at SportCheck, Canadian Tire, PartSource or Mark’s you may earn 10 points per dollar which give you 4%.

They convert the points to Canadian Tire Money that you may redeem. So, 1 point is equal to $0.004 Canadian Tire Money. Also, they don’t actually give you a cash back credit that you could use to redeem for purchases or shopping at locations other than Canadian Tire stores. They give a maximum credit limit up to $25000 as per your credit profile and other requirements. This card comes with no annual fee for the primary and additional cards. However, the annual purchase interest rates are high as they range from 19.99% to 25.99% as per your credit check results. So, if they set the APR at 25.99% then the rate for balance transfers would be 27.99%. That is too high as there are cards in the market with no annual fee, lower rates, and much better rewards programs.

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Our Review on Canadian Tire Options MasterCard

Canadian Tire Options MasterCard Pros

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

  • This card has no annual fee for the primary and additional cards.
  • If you shop at Canadian tire stores and some selected affiliates then you may earn the maximum 4% or 10X of Canadian Tire money.
  • There are no tiers to remember for earning rewards.
  • You get the interest free financing option at Canadian Tire stores with this card in 12 equal payments. This option is good for those looking to buy something at Canadian Tire without putting even a dollar as down payment. Your purchase must be for a minimum of at least $200.
  • Get PayPass access with this card and check out faster. You may use the Canadian Tire mobile app for easier shopping and to check your account transactions.
  • Store returns are easy with no need for a paper receipt.

Canadian Tire Options MasterCard Cons

The Canadian Tire Options MasterCard has many drawbacks as follows.

  • This card has very low earning potential for rewards as you may benefit only if you shop at Canadian Tire stores and affiliates. This card gives you only 2% on most common purchases such as grocery etc.
  • The annual purchase rate ranging from 19.99% to 25.99% is the highest in the market. So is the balance transfer rate at 22.99% to 27.99%.
  • Their rewards are in the form of Canadian Tire money that can only be redeemed at Canadian Tire stores. So there is no actual cash back as a statement credit.

Canadian Tire Options 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 Options MasterCard Features & Benefits

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

Annual Fee

This card comes with no annual fee for the primary and additional cards. If you just need a card with no fee and shop a lot at Canadian Tire then this may be the right card for you. However, you may find competitors with better rewards programs and rates with no annual fee.

Interest Rate

They charge a high annual purchase interest rate of 19.99% to 25.99% as per your credit application. In fact, the fine print at the bottom of the application does mention this upfront. If you are not sure about your credit score then you may be uncertain about your interest rates as well. This is the highest prevailing in the market now and there are other cards with lower rates and better rewards offers.

Balance Transfer

This card has no current promotions for balance transfers. In fact, they may charge an interest rate ranging from 22.99% to 27.99% on balance transfers. So, if you do transfer a balance to this card it is best to pay it off soon rather than pay for steep interest rates. You might easily find other cards in the market with even a 0% or 1.99% interest rates on balance transfer promotions.

Cash Advance

There are many ABM locations all over the world where you could get a cash advance with this card. The interest rate on cash advances is 22.99% and they charge a fee of 4% per each transaction.

Foreign Conversion Fees

All foreign currency transactions that you conduct with this card are converted to Canadian dollars. This currency conversion is done at a charge of 2.5% of the amount converted. All charges and fees are in Canadian dollars. For some currencies, they may convert the foreign currency first to US dollars and then to an equivalent amount of Canadian dollars. This fee is the standard rate and there are very few cards with a lower fee than 2.5%.

Credit Score Rating

To qualify for this card you must have a good rating for credit score as compared to some competitors that require an excellent rating. Those cards may also have better redemption offers and lower interest rates. So, when you measure this card against other cards this card has lesser criteria to qualify on credit rating.

Rewards

You may collect 10 times Canadian Tire money when you shop at Canadian Tire stores, SportChek, PartSource and Mark’s Work Wearhouse. If you are a regular shopper at any of these locations then good for you else this reward program may not work for you. You may earn twice the number of points as Canadian Tire money on all other purchases.

Canadian Tire Options MasterCard Cash Back Calculator

CategoryRewards
Total Spending Rewards$192
Groceries:$400
Gas:$300
Restaurants:$200
Bills:$500
Travel:$150
Entertainment:$200
Pharmacy:$0
Everything else:$250

Insurance Features Of Canadian Tire Cash Advantage MasterCard

Apparently, there are no insurance benefits on this card. You could pay for an optional credit protection insurance coverage. There are many other cards in the market that come with a host of travel, purchase and emergency medical coverage as well as extended warranty features.

Where Can You Use Canadian Tire Cash Advantage MasterCard

Millions of merchants, payment locations and point of sale terminals all over the world do accept Canadian Tire Cash Advantage MasterCard. Use PayPass option to check out faster. You may look for the signage display to check if they accept MasterCard.

Canadian Tire Options MasterCard Reward Redemption

Cash back is in the form of Canadian Tire Money that you may redeem for your purchases at Canadian Tire stores and affiliates. They do not give you a statement credit at year end that you could redeem as you wish.

Canadian Tire Options MasterCard Contact Information

  • Customer Service Number: 1800 459 6415 or 905 735 7256.
  • Mailing Address: P.O. Box 2000, Welland, Ontario L3B 5S3
  • Fax: 1888 728 5822.

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/OptionsMasterCard/


 

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