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The Canadian Tire Triangle Mastercard is Canadian Tire’s official rewards card. And for a card that doesn’t cost an annual price, the perks aren’t too shabby, particularly for individuals who store incessantly at Canadian Tire shops. You’ll be able to earn 4% again on all Canadian Tire purchases, 10 cents per litre on fuel purchased at Fuel+ and Husky fuel stations, and 1.5% again on groceries (as much as $1,500 spent).
However, the Canadian Tire Mastercard does have some critical drawbacks. In reality, until you store incessantly at Canadian Tire shops and its associates, this card might provide little or no to you when it comes to earnings. In the event you’re considering getting this card, listed below are a couple of weaknesses it is best to think about.
1. The bottom fee is meh
The cardboard has one main headline perk: the 4% earn fee on purchases made at Canadian Tire and associates. Provided that there’s no restrict to the rewards on this fee, you might earn an immense quantity of Canadian Tire cash by purchasing incessantly at Canadian Tire or associates.
The bonus fee is sweet, true. However the base fee is horrible. Until you store at Canadian Tire or associates, you’ll earn Canadian Tire cash at a meagre 0.8%. Not solely is that pre-tax (I’ll rant about that under), nevertheless it’s additionally far under the bottom fee on most money again and rewards playing cards in Canada.
That’s why I doubt you’ll wish to make the Canadian Tire Mastercard your major bank card. Whereas, true, you may earn a tonne when purchasing at Canadian Tire, you’ll nonetheless desire a bank card with a base fee that’s not less than 2%. That manner, once you’re not purchasing at Canadian Tire, you may nonetheless optimize rewards.
2. Earnings are calculated earlier than taxes
The 4% on Canadian Tire purchases is excessive sufficient to compete with Canada’s prime rewards playing cards and cash-back playing cards. And it doesn’t even cost an annual price.
However one factor that annoys me is the pre-tax earnings. The earn fee doesn’t think about taxes. No matter you earn is on the retail worth, not the ultimate price. Which will appear to be a small matter, however it may well add up, particularly for those who purchase big-ticket gadgets from Canadian Tire or associates.
If we think about taxes, your card doesn’t really earn 4% of the overall buy. As an alternative, it would earn at a fee someplace between 3.5% and three.9%. Once more, it’s a small matter. However it’s undoubtedly one thing you’ll wish to think about, particularly for those who’re evaluating it with playing cards which have larger earn charges.
3. You’ll be able to solely redeem rewards at Canadian Tire
Many rewards and cash-back playing cards provide you with a number of choices to redeem your earnings: reward playing cards, money again, assertion credit, cheques, merchandise, or airplane tickets. However not Canadian Tire. With this card, you solely get Canadian Tire cash, which you need to use at Canadian Tire shops in addition to associates.
That mentioned, that is fairly commonplace for a retail rewards playing cards. However Canadian Tire restricts you even additional by refusing to allow you to use your Canadian Tire cash at Husky/Fuel+ stations, that are Canadian Tire associates. That may put a damper in your earnings, particularly for those who don’t store usually at Canadian Tire.
Is the Canadian Tire Mastercard best for you?
In the event you store incessantly at Canadian Tire, then this card might be best for you. In any other case, I’d check out a few of Canada’s finest rewards playing cards or cash-back playing cards. Select a card that can reward you extra factors or money again to your spending in addition to offers you beneficial choices to redeem them.
