Canadian Tire Financing: Triangle Mastercard Review For 2022

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Different credit cards come with different rewards. For Canadian Tire Mastercard offering, users get to enjoy numerous benefits, one of which is the Canadian Tire financing program.

With this loyalty program, you can make free purchases at eligible stores with no interest charged. 

While you can access the Canadian Tire financing on all the Canadian Tire Mastercard credit cards, this article focuses on the Canadian Tire Triangle Mastercard review including how it compares with the Canadian Tire Triangle World Elite Mastercard.

Keep reading to find out what the Canadian Tire Triangle Mastercard entails – its fees, interest rates, rewards, and lots more. 


What is Canadian Tire Financing and How Does it Work?

Canadian Tire financing refers to the loyalty reward program of Canadian Tire, one of the most popular retail companies in Canada.

Canadian Tire financing allows you to make purchases at participating retail partners with no fee and interest. This offer applies once you spend a minimum of $150 at participating retail stores and make your full minimum monthly statement payment on time.

Unless otherwise stated, the Canadian Tire financing program lasts up to 24 months. 

Finally, the Canadian Tire financing program is accessible through all the Mastercard products of Canadian Tire, namely Triangle Mastercard and the Triangle World Elite Mastercard.


Overview of Canadian Tire Triangle Mastercard

Annual feeNone
Annual Interest19.99% on purchases and 22.99% on cash Advances
Welcome offer$5 bonus 
RewardsUp to 4% back in Canadian Tire Money
Comprehensive InsuranceN/A
Income eligibilityNone
Foreign transaction fee2.5%

The Canadian Tire Triangle Mastercard is one of the two Mastercard-branded credit cards of Canadian Tire. The credit card has no annual fee and rewards users upon making eligible purchases.

As a way of saying welcome, the credit card welcomes you with a $5 bonus when you sign-up for the Canadian Tire commercial promotional offers.

Purchases at Canadian Tire stores with the card will earn you 4% cash back in Canadian Tire Money (CTM). Gas and grocery purchases with the card will earn you 1.5% CTM.

In addition, the Canadian Tire Triangle Mastercard gives you access to personalized offers and exclusive promotions and discounts. More on this later.

With the Canadian Tire financing program, the Tire Mastercard gives you the opportunity to earn rewards on purchases without fees and interest.

To summarize, here’s what you get with the Triangle Mastercard from Canadian Tire:

  • 4% CTM on qualifying purchases at participating stores like Canadian Tire, Sport Chek and more
  • 1.5% CTM on the first $12,000 per year on grocery purchases (not available at Walmart and Costco)
  • Interest free loan on purchases above $150
Triangle Mastercard benefits

Pros of Canadian Tire Triangle Mastercard

Let’s go over the pros of the Canadian Tire Triangle Mastercard to understand why it’s unique and why you may want to consider it.

1. No Annual Fee

Compared to other credit cards that charge hundreds of dollars in annual fees, the Canadian Tire Triangle Mastercard charges none. 

With this, you can easily save costs from your credit card usage while earning rewards from your everyday purchases. 

2. No-Fee & No-Interest Financing 

The Canadian Tire financing program helps you save more on your purchases by eliminating fees and interest on purchases above $150.

If you want to buy big ticket items without the initial cash outlay or putting them on your credit card, the financing option is a savvy move.

Bottom line is, the savings on fees and interest can also help you avoid credit card debt as you have low monthly obligations to meet. 

3. Rewards on Purchases 

Earning rewards on your everyday purchases is one of the proven ways of offsetting your credit card costs and earning while you shop. The Canadian Tire Triangle Mastercard makes it possible through the following reward structure: 

  • Purchases at Canadian Tire stores = 4%; CTM Gas and grocery purchases = 2% CTM
  • First $12,000 grocery purchases in a year (excluding purchases at Walmart and Costco) = 1.5% CTM

All the rewards are disbursed in the Canadian Tire Money (CTM) with 1 CTM equating to $1. You can redeem your CTM at Canadian Tire and the following stores: 

  • Atmosphere
  • Sport Chek
  • L’Entrepôt du Hockey
  • Sports Rousseau
  • Hockey Experts
  • Eligible Mark’s/L’Équipeur and Sports Experts stores

4. Exclusive Discounts and Promotions

The Canadian Tire Triangle Mastercard gives you access to exclusive discounts and promotions at partner stores including dining and sport tickets. 

For example, the card offers a 5¢ discount in CTM per litre on every gas purchase at Gas+. More discounts and promotions can be accessed through the Triangle App available on Google Playstore and App Store.

5. No-Receipt Returns

Have you ever encountered a situation where you wanted to return a product but couldn’t because you can’t find the receipt? Then you understand how depressing and painful it can be!

Fortunately, the Canadian Tire Triangle Mastercard gives you access to no-receipt returns at its partner stores. This means you can return any unwanted product without a receipt. 

6. Personalized Offers

Finally, the credit card helps you to maximize your rewards with tailored offers. Every Friday, Canadian Tire will inform you about some of the latest items that may suit your tastes.

By getting updates on the latest personalized offers, you can save time and costs in following trends. 


Cons of Canadian Tire Triangle Mastercard

Let’s now turn to the drawbacks of the Canadian Tire Triangle Mastercard.

1. Withdrawal Restriction 

You can only redeem your earned Canadian Tire Money at eligible stores, such as Canadian Tire, Atmosphere, Sport Chek, Hockey Experts, and Sports Rousseau.

This is not the common practice out there as other reward credit cards allow you to redeem your earnings for cash, travel, gift cards, merchandise and even charity.

2. No Insurance Coverage

Insurance coverage such as purchase protection and extended warranty helps limit your liabilities on your everyday purchases.

Unfortunately, if you’re looking for a Mastercard with basic or comprehensive insurance coverage, you have to look elsewhere as the Canadian Triangle Mastercard has none.

3. Cash back Limit

The final drawback of the Triangle Mastercard is the limit on the cash back you can earn on grocery purchases. The limit is currently set at $12,000. Though this is high enough, it is still something to keep in mind when making a decision.


Canadian Tire Triangle Mastercard Fees

While the Canadian Tire Triangle Mastercard has no annual fee, it has the following fee schedule as of the time of writing:

ServiceFee
Credit balance administration feeThe amount of your credit card balance or the lesser of $2 
Cash advance$4.00
Foreign transactions2.5%
Non-sufficient fund (NSF)$25.00
Dishonoured payment fee$25
Request for a statement copy $2.00

Eligibility for Canadian Tire Triangle Mastercard

The Canadian Tire Triangle Mastercard doesn’t have income and credit score requirements. However, below are the simple requirements you need to meet to qualify for the credit card.

  • Be a Canadian resident 
  • Reach the age of majority in your province/territory
  • Have a valid email address and phone number
  • Have a Social Insurance Number (SIN)
  • Be willing to accept the Canadian Tire Privacy Charter.

How to Apply for Canadian Tire Triangle Mastercard

Once you meet the eligibility of the Canadian Tire Triangle Mastercard, you can go ahead to apply through the following steps: 

  • Visit the Canadian Tire Triangle Mastercard page here
  • Click on the “Apply Now” button
  • Read the eligibility and click on “Let’s get started”
  • Consent to the card’s conditions by clicking on the “I Agree” button
  • Enter your personal information (such as email, phone number, date of birth, SIN, etc) 
  • Click “Next” and follow the prompts to complete your application

The entire application process would take you less than 5 minutes to complete.  

Ensure to consent to the Canadian Tire commercial electronic promotional offers during the application process to access the $5 welcome bonus. 

If you later find the promotional offers uninteresting, you can unsubscribe at any time by contacting Canadian Tire at [email protected].


Canadian Tire Triangle Mastercard vs Triangle World Elite Mastercard

FeaturesCanadian Tire Triangle MastercardCanadian Tire Triangle World Elite Mastercard
Annual feeNoneNone
Annual Interest19.99% on purchases and 22.99% on cash Advances19.99% on purchases and 22.99% on cash Advances
Welcome offer$5 bonus $5 bonus 
RewardsUp to 4% cash back in Canadian Tire MoneyUp to 4% cash back in Canadian Tire Money
Free roadside assistanceNoYes
Income eligibilityN/A$80,000 minimum personal annual income or $150,000 minimum household income 

The Canadian Triangle World Elite Mastercard is the premium tier of the Triangle Mastercard reviewed above. 

While the Canadian Tire Triangle World Elite Mastercard has income eligibility, it doesn’t have an annual fee.

The card also offers a $5 welcome bonus to new users that consent to promotional commercial promos.

In short, the Canadian Trial World Elite Mastercard has all the features of the Triangle Mastercard with additional rewards and benefits.

Like the Tire Mastercard, the Tire Elite Mastercard also offers access to the Canadian Tire financing program that waives interest on $150 or more qualifying purchases.

While the Triangle Mastercard offers 1.5% CTM on the first $12,000 grocery purchases in a year, the Triangle World Elite Mastercard offers 3% CTM.

In addition, the Triangle World Elite Mastercard offers up to a 7¢ discount per litre on premium fuel purchases while the Triangle Mastercard offers a maximum of 5¢ discount per litre on eligible gas purchases.

Another difference between the two cards lies in insurance coverage. Unlike the Triangle Mastercard, the Canadian Tire Triangle World Elite Mastercard offers the following coverage:

  • Free roadside assistance    
  • Purchase protection
  • Extended warranty

Coverage on the free roadside assistance of the Triangle World Mastercard cuts across Canada and the US. 

That’s one of the major features of the card that makes it more beneficial as it offers comprehensive roadside assistance coverage, such as: 

  • Towing
  • Tire change
  • Fuel delivery
  • Battery boost
  • Extrication/winch service
  • Lockout service

With these competitive features and benefits, the Canadian Triangle World Elite Mastercard provides a better value and a cost-effective alternative to the Triangle Mastercard.

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Some FAQs on Canadian Tire Financing & Triangle Mastercard Review

What is the interest rate on a Canadian Tire Mastercard?

The Canadian Tire Mastercard has a 19.99% interest on purchases and 22.99% interest on cash advances. Through the Canadian Tire financing program, you can have the interest on purchases waived for up to 24 months when you spend a minimum of $150.

Can I use my Canadian Tire credit card anywhere?

Absolutely! The Canadian Tire credit card operates on the Mastercard network. This means that you can use it to make transactions anywhere Mastercard is accepted. 
However, you can only earn rewards with the card when you make purchases at eligible stores including Canadian Tire.

What credit score is needed for Canadian Tire?

Canadian Tire doesn’t have a credit score requirement on all its credit cards. However, having a good-excellent credit score will likely give you a higher chance of approval. 

Is it hard to get a Canadian Tire credit card?

It is not hard to get a Canadian Tire credit card as there are no minimum income or credit score requirement. Also, you can complete the application online in less than 5 minutes. 


Verdict on Canadian Tire Triangle Mastercard Review

Hopefully, I have answered all your questions about Canadian Tire financing. It’s a free loyalty program embedded in all the Canadian Tire credit cards to help you save more from your purchases.

If you’re looking to take advantage of the Canadian Tire financing benefits, applying for the Triangle Mastercard is a good starting point.

For advanced benefits, you may want to consider the Triangle World Elite Mastercard since it also has no annual fee and income requirement.

Which Canadian Tire Mastercard are you going for? Kindly share your thoughts with me in the comment section below.  

Canadian Tire Financing
4.6

Summary

The Canadian Tire Financing program is a loyalty reward program that provides no-fee and interest-free financing on purchases at partner locations across in Canada.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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