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Canadian Tire Financial Services (CTFS) is the Financial Services arm of Canadian Tire.
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History
- CTFS began in 1961 as Midland Shoppers Credit Limited, a small company offering third-party credit processing for local retailers
- In 1968, Midland was servicing Canadian Tire stores and eventually was purchased by Canadian Tire and became a wholly owned subsidiary of Canadian Tire Corporation, Limited. At this time it was renamed Canadian Tire Acceptance Limited and since has been renamed Canadian Tire Financial Services Limited (CTFS)
- In 1995, CTFS became the first non-deposit taking financial institution worldwide to launch a MasterCard
- In 2003, Canadian Tire Bank was established, a Schedule 1 bank under the Bank Act (Canada). Canadian Tire Bank provides high interest savings accounts, tax free savings accounts, and GICs. In addition, all of CTFS’ credit card portfolio was transferred to Canadian Tire Bank.
- In 2008, CTFS was named one of “Canada’s Top 100 Employers” by Mediacorp Canada Inc. as announced in Maclean’s Magazine.[1]
- As of 2009, CTFS and Canadian Tire Bank employ more than 1,600 people, with offices in Welland, St. Catharines, and Burlington, Ontario.
Canadian Tire MasterCard Products
Options MasterCard
In 1995, the Canadian Tire Options MasterCard was issued nationally. Its reward program allows its customers to earn Canadian Tire ‘Money’ On The Card awards everywhere they shop, anywhere in the world. In 2008, the Canadian Tire Options MasterCard was embedded with PayPass Technology. The Canadian Tire Options MasterCard is now issued by Canadian Tire Bank.
Gas Advantage MasterCard
In 2008, the Gas Advantage MasterCard was issued nationally by Canadian Tire Bank. Its reward program allows its cardholders to earn a discount from 2 cents up to 10 cents per litre on gasoline purchased at Canadian Tire gas bars. The discount is based on the previous month’s purchases.
Cash Advantage MasterCard
In 2006, the Cash Advantage MasterCard was placed into pilot. 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.
Vacation Advantage MasterCard
In 2007, the Vacation Advantage MasterCard was placed into pilot. Its reward program allows its cardholders to earn points that could be redeemed for any vacation related purchase.
Curve MasterCard
In 2009, the Curve MasterCard was first issued nationwide. 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 Marks Work Wearhouse stores. The Curve MasterCard is distinct in that its shape is actually curved, creating a modern and sleek look to cater to the younger population looking for credit, as well as receive valuable cash back for no annual fee.
Insurance and Related Services
Insurance
CTFS offers a range of Insurance Products underwritten by third party insurance companies, including:
- Credit Protector
- Credit Protector-Senior
- Term Life Insurance
- Accident Plus
- Travel Insurance
Credit Protector
Credit Protector, available to cardmembers 18-65 years, can protect a customer’s minimum monthly payments up to $1,000 per month should they lose their job through no fault of their own or become disabled. It can also pay a customer’s outstanding balance if they or their spouse pass away or are diagnosed with a terminal illness, to a maximum of $20,000. Credit Protector is underwritten by American Bankers Life Assurance Company of Florida and American Bankers Insurance Company of Florida.
Credit Protector-Senior
Credit Protector-Senior, available to cardmembers 66-75 years, can pay a customer’s outstanding balance if they or their spouse pass away or are diagnosed with a terminal illness, to a maximum of $20,000. Credit Protector-Senior is underwritten by American Bankers Insurance Company of Florida.
Term Life Insurance
The Canadian Tire Term Life Insurance Plan provides $50,000 to $250,000 in life insurance protection. It is guaranteed to age 75 and policy holders cannot be declined for a change in health status after the initial approval. No medical exam is normally required to apply and benefits are paid tax-free to the designated beneficiaries. There is a no-risk 30-day satisfaction guarantee and a non-smoker discount is available. Term Life Insurance is underwritten by The Canada Life Assurance Company.
Accident Plus
Accident Plus provides $50,000 or $100,000 in accident coverage, which helps cover medical costs resulting from an accident that are not covered by provincial insurance. Cardholders are entitled to $2,000 free basic accidental insurance coverage for a maximum of 5 years. There are no health or medical exams required to apply. Additional benefits provided include: daily hospital benefit, home recovery plan, coverage on serious injuries and accidental death, premium on auto accidents, and public transit accidents. All benefits, including free basic coverage, reduce 50% at age 70 and an additional 50% of the remaining amount at age 75. Accident Plus is underwritten by The Canada Life Assurance Company.
Travel Insurance
Travel Insurance provides multi and single trip medical coverage and all inclusive annual plans, encompassing trip interruption, cancellation and baggage insurance programs. Coverage is available to age 95. CTFS offers 3 days of additional coverage and no extra charge for annual plans and most single trip plans. Travel Insurance is provided through Securiglobe Inc., a licensed insurance broker.
Related Services
- Product Protector
- Identity Watch
Product Protector
Product Protector can repair or replace eligible purchases that are lost, stolen, or damaged, within 90 days of the date of purchase on a Canadian Tire branded credit card. It automatically doubles the manufacturers’ or the Canadian Tire warranty on eligible products for up to two additional years, to a maximum of seven years in total. It also pays the price difference if a customer buys an eligible product on a Canadian Tire branded credit card and then finds it for a lower written advertised price within 60 days (up to a total of $1,000 per calendar year).
The Canadian Tire Identity Watch Program
Identity Watch is the membership service that provides Canadian Tire cardmembers comprehensive protection and recovery assistance against identity theft for the entire family if credit cards are lost or stolen. Features included in the product are: secure card registration, code red card cancelation, fraud deterrent labels, daily credit monitoring, credit report and credit score, identity theft victim support line, emergency cash transfer, and fraud liability protection. Identity Watch provides member convenience including: important document registration, pre-authorized payment change, cellular phone registration, lost key return tags, change of address, and important date reminders.
Retail Banking
In October 2006, Canadian Tire Bank began a pilot project to offer more traditional banking services to the public. Canadian Tire Bank is one of a growing number of virtual banks offering very competitive rates. Customers are able to do their banking over the phone or online.
- Canadian Tire High Interest Savings account
- Canadian Tire Tax Free Savings account
- Canadian Tire GICs
- Canadian Tire One-and-Only account
- Canadian Tire Mortgages
Note: All deposit products are eligible for insurance from the Canadian Deposit Insurance Corporation.
In October 2009, Canadian Tire Bank sold its lending portfolio to National Bank of Canada and no longer offers mortgage products.
Roadside Assistance
Canadian Tire Roadside Assistance, formerly Universal Travel Auto Club and later Canadian Tire Auto Club, was launched in 1981 by CTFS.
Traditional Roadside Assistance Plans
Canadian Tire Roadside Assistance plans offer 24 hours a day / 7 days a week roadside coverage and include unlimited tows to a Canadian Tire Service Centres within the plans distance allowance. Canadian Tire Roadside Assistance plans differ from its main competition in that they are vehicle-based as opposed to driver-based. The membership covers one designated vehicle and everyone who drives it, rather than one individual. When an annual membership is purchased, a customer receives a coupon for a free lube, oil and filter at a Canadian Tire Service Centre.
Roadside on Request
In 2007 CTFS launched a pay-per-use roadside assistance plan. The Roadside on Request plan gives its members access to guaranteed discounted roadside assistance service when needed. Coverage for this plan is driver-based.
External links
- Canadian Tire Financial Services
- Canadian Tire Curve MasterCard
- CTB Retail Banking
- Canadian Tire Roadside Assistance
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