Canadian Tire Financial Services

Canadian Tire Financial Services Ltd.
Canadian Tire Bank
Subsidiary
Industry Financial services
Predecessor Canadian Tire Financial Services (1968-2003)
Founded 2003
Headquarters Oakville, Ontario
Products Triangle Rewards
Canadian Tire money
Owner Canadian Tire (80%)
Scotiabank (20%)
Number of employees
 1400 full-time equivalent
Parent Canadian Tire
Website www.ctfs.com
A Canadian Tire store in Oakville, Ontario, Canada

Canadian Tire Financial Services Ltd., doing business as Canadian Tire Bank (French: Banque Canadian Tire), is the financial services subsidiary of the Canadian Tire retail chain. The bank is based in Oakville and has additional business operations in St. Catharines and Welland.

History

In 1968, Canadian Tire purchased Midland Shoppers Credit Limited, a small company founded in 1961 to provide third-party credit processing for local retailers in the Niagara Region. After its acquisition the company was renamed to Canadian Tire Acceptance Limited, and later Canadian Tire Financial Services (CTFS).[1]

Canadian Tire Bank, a Schedule 1 (domestic, deposit-taking) bank under the Bank Act, was founded in 2003 and took over financial services previously provided by CTFS. In addition to MasterCard credit card services, Canadian Tire Bank also launched high interest savings accounts, tax free savings accounts, and GIC products. In 2014, Scotiabank signed a deal to buy a 20 percent stake in Canadian Tire Bank business for $500 million in cash as part of a strategic partnership between the two companies.[2]

Mastercard

In 1995, the bank issued the Canadian Tire Options MasterCard nationally with a reward program with Canadian Tire 'Money' and a discount on gas based on the previous month's purchases. In 2008, it embedded the card with PayPass Technology and is now issued by Canadian Tire Bank.

In 2006, the bank began a pilot program of the Cash Advantage Mastercard. Its reward program allows cardholders to earn up to 1.5% cash back based on the amount of eligible annual purchases made on their card. In 2007, it created the Vacation Advantage MasterCard with cardholders rewarded with points that could be redeemed for any vacation related purchase.[3]

In 2009, it first issued the no fee Curve Mastercard nationwide, so named as its shape is a distinct curved. Its reward program allows cardholders to earn up to 3.5% cash back based on the amount of eligible annual purchases made on their card. Cardholders can earn double cash back at Canadian Tire and Mark's Work Wearhouse stores. In late 2010, both the Vacation Advantage and Curve Mastercards were removed from Canadian Tire's credit portfolio.

In addition to the Canadian Tire Options Mastercard and Cash Advantage Mastercard, Canadian Tire Financial Services also offers the Gas Advantage Mastercard. The Gas Advantage MasterCard creates tiered discounts of 2¢-10¢ per liter on gasoline when customers fuel their vehicle at Canadian Tire Gas Bars. The Gas Advantage MasterCard offers some of the same in-store financing options as the Options MasterCard.[4]

In spring 2018, the cards were rebranded under the Triangle Rewards name, to match up with Canadian Tire's new customer loyalty program.

Insurance

CTFS offers a range of insurance products underwritten by third party insurance companies, including credit protection insurance, term life insurance and accident insurance, and travel insurance.[5]

Retail banking

In October 2006, Canadian Tire Bank began to offer more traditional banking services over the phone or online.[6]

All deposit products are eligible for insurance from the Canadian Deposit Insurance Corporation.

Roadside assistance

Canadian Tire Roadside Assistance, formerly Universal Travel Auto Club and later Canadian Tire Auto Club, was launched in 1981 by CTFS.

References

  1. ↑ "About Us". Canadian Tire Financial Services. Archived from the original on 26 August 2011. Retrieved 15 November 2011.
  2. ↑ "Scotiabank, Canadian Tire strike $500M financial services deal". CBC News. The Canadian Press. May 8, 2014. Retrieved October 13, 2015.
  3. ↑ "Cash Advantage MasterCard". Canadian Tire Financial Services. Retrieved October 13, 2015.
  4. ↑ "Gas Advantage MasterCard". Canadian Tire Financial Services. Retrieved October 13, 2015.
  5. ↑ "Insurance". Canadian Tire Financial Services. Retrieved October 13, 2015.
  6. ↑ "Products". Canadian Tire Financial Services. Retrieved October 13, 2015.
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