Everyone who looks at a Canadian Tire flyer or visits one of their stores has heard about the Canadian Tire Options Mastercard.
Far fewer people know that Canadian Tire has their own banking division that actually offers completely different cards that have nothing to do with Canadian Tire Money.
Canadian Tire Money is typically awarded at a rate of 0.4% meaning you earn 0.4 cents back for every dollar you spend in Canadian Tire stores. The biggest benefit of the Options Mastercard is that it automatically multiplies that by 10x – making it 4%.
For regular Canadian Tire shoppers this perk can’t be ignored. Not to mention other special bonuses, discounts, and rewards offers are often made exclusively to cardholders in their weekly flyer.
On all other purchases made at other stores, you get 2x the usual Canadian Tire money meaning a 0.8% return on spending. That’s less than many no fee cash back credit cards will net you, so be aware of that.
Also of note is Canadian Tire’s very own cash back credit card, the Canadian Tire Cash Advantage Mastercard. It’s a tiered cash back card that doesn’t fully come into its own until you spend more than $24,000 annually. At that point it jumps from 1% cash back to 1.5% cash back giving it one of the highest payouts for a no fee cash back card.
You also get 2x the cash at stores affiliated with Canadian Tire including their gas bars and Mark’s. There’s no insurance coverage or other perks, but this card is worth considering if you’re a big spender.