Canadian Tire Financing: How It Works (2023)

Canadian Tire Bank offers a number of financial services to Canadian consumers. If you’re a regular shopper at Canadian Tire-affiliated brands like Sport Chek, Mark’s, Party City, or Hockey Experts, then you may have seen that the stores offer financing through Canadian Tire.

How does Canadian Tire financing work, though?

Canadian Tire offers interest-free financing at affiliate stores to applicants who have already been approved for the Canadian Tire Triangle Rewards card.

Below, I’ll explain a bit more about how Canadian Tire financing works, give you a quick overview of the Canadian Tire Triangle Rewards card, and explain what makes Canadian Tire financing different from a traditional credit card payment.

What Is Canadian Tire Financing?

Founded in 1922, Canadian Tire celebrated its 100th anniversary in 2022. Although the brand started as a simple tire retailer, Canadian Tire has since grown into a mega-company that has a stake in multiple sectors, including:

  • Fuel and gasoline
  • Sports equipment
  • Retail clothing
  • Party supplies
  • Auto parts
  • Shoes

Canadian Tire also offers financing through its banking branch, Canadian Tire Bank.

Canadian Tire doesn’t offer traditional financing in the form of a short-term loan or a buy now, pay later program. Instead, the bank offers financing through its Triangle Rewards credit card.

If you’re approved for the credit card (or already have an existing Triangle Rewards card), then you’ll be able to finance your purchase with an interest-free 24-month payment plan.

There’s just one catch – Canadian Tire financing can only be obtained from Canadian Tire-affiliated brands.

While you can use your Triangle Rewards card at any retailer in Canada, payment plans and interest-free financing only apply to Canadian Tire brands.

Canadian Tire Financing: How It Works

Interested in learning more about how to finance your purchase? Here’s a complete guide to how Canadian Tire financing works, what stores you can receive financing from, and how you can earn “CT Money” by financing through Canadian Tire.

Step 1: Apply For The Canadian Tire Triangle Rewards Card

Apply For The Canadian Tire Triangle Rewards Card

If you haven’t done so already, you’ll need to apply for the Canadian Tire Triangle Rewards card before you’ll be eligible for any financing programs.

The Triangle Rewards card is a Mastercard credit card, and applying for the card will initiate a hard inquiry on your credit report.

To increase your chances of getting approved for the card, I recommend that you have a credit score of at least 660. Otherwise, your application could be denied, and your credit will still suffer as a result of the inquiry (hard inquiries stay on your credit report for two years).

Based on your credit score, income, and other factors, Canadian Tire offers varying lines of credit. You could be issued a card with a $500 limit or up to a $5,000 limit.

Step 2: Shop With One Of Canadian Tire’s Affiliates

Shop With One Of Canadian Tire’s Affiliates

Once your application is approved and your Canadian Tire Triangle Rewards card arrives in the mail, it’s time to do a bit of shopping! You can use your card just like you would use a traditional credit card at any retailer that accepts Mastercard payments (which most do).

However, if you want to take advantage of Canadian Tire’s interest-free financing, then you’ll need to shop at one of Canadian Tire’s affiliated brands.

Brands that offer financing for both online and in-store purchases include:

  • Canadian Tire
  • Sport Chek
  • L’Équipeur
  • Mark’s
  • Pro Hockey Life & participating Sports Experts
  • Party City
  • Atmosphere

Some of Canadian Tire’s brands only offer financing for in-store purchases. These stores are:

  • L’Entrepôt du Hockey
  • Hockey Experts
  • Sports Rousseau

Step 3: Finance The Amount With 24 Monthly Payments

Finance The Amount With 24 Monthly Payments

Using your Canadian Tire Triangle Rewards card, you’ll be able to finance your purchase at Canadian Tire or any one of the Canadian Tire-affiliated stores that I mentioned above. The amount you’re allowed to finance is completely dependent upon the available line of credit that you have access to with your Mastercard.

For example, if you’ve been issued a card with a $5,000 limit, then you’ll be able to finance up to $5,000 worth of goods.

If you have an existing balance on the card, then the amount you’re allowed to finance will be adjusted accordingly. If you have a $1,000 balance on the $5,000 card, then you’ll be allowed to finance a purchase up to $4,000.

So, if you want to finance a larger purchase, I recommend paying off your card’s balance in full first.

All of Canadian Tire’s financing plans involve a 24-month repayment period. These payments are fee-free and interest-free, unlike a traditional credit card purchase. This means that the amount of each monthly payment will be the same across a two-year span, making it easy to budget so you can stay on top of your payments.

You don’t have to wait 24 months to pay the amount off. If you’re so inclined, you can pay extra or pay the complete debt off all at once, at any point during the loan term.

Step 4: The Amount Will Be Subtracted From Your Triangle Card Balance

When you start a Canadian Tire financing plan, the amount that you’re financing will be subtracted from your total available balance, which will be updated afterwards.

As you make monthly payments on the account, your Triangle Rewards available card balance will be updated and increased to reflect the amount paid.

Step 5: Earn CT Money From Your Purchase

As a member of the Canadian Tire Triangle Rewards program, you’ll receive CT Money every time that you make a purchase with your Mastercard. This is similar to the way that airlines award “air miles” to users for purchases made on the card.

What Can CT Money Be Used For?

CT Money is equivalent to its actual dollar amount and can be redeemed at any Canadian Tire store in Canada. For instance, if you have $10 worth of CT Money on your Triangle Rewards card, then it’s the same as having a $10 coupon to Canadian Tire.

CT Money can either be used at one of Canadian Tire’s retail tire stores or one of the company’s gas stations. Personally, I recommend saving your CT Money up to help cover the cost of snow tires in the winter.

Canadian Tire Triangle Mastercard: Overview

Now that you have a better idea of how Canadian Tire financing works, let’s take a few minutes to go over the Canadian Tire Triangle Mastercard to see if it’s worth applying to in the first place.

Overall, the card receives high ratings from Canadian consumers. However, it may not be right for everybody. Here’s a quick overview of the Canadian Tire Triangle Rewards card:

CardInterest RateAnnual FeeRewards?Recommended Credit Score
Canadian Tire Triangle Rewards Mastercard19.99% APR$0 No annual feeEarn CT Money, which can be redeemed at Canadian Tire locations660

Canadian Tire Triangle Rewards Mastercard: Pros & Cons

Here’s a quick overview of the pros and cons of financing your purchase with the Canadian Tire Triangle Rewards card.

Pros
  • No annual fee
  • Your charge can be financed with 24 equal monthly payments
  • If you’re approved for Canadian Tire financing, you won’t have to pay any interest
  • You can earn CT Money by using your Triangle Rewards card or by financing
  • Canadian Tire Bank has great customer service ratings
Cons
  • The Triangle Rewards Mastercard has a 19.99% interest rate, which is moderately high
  • You’ll need at least a 660 credit score to apply for the card
  • The card can only be used to receive interest-free financing at retailers that are affiliated with Canadian Tire
  • The card only offers cashback in the form of CT Money, which isn’t very useful if you don’t shop with Canadian Tire

Canadian Tire Financing vs. Buy Now, Pay Later

Canadian Tire financing is somewhat similar to BNPL, as both financing options are interest-free.

The main difference is that Canadian Tire financing is only available to individuals who are approved for the Canadian Tire Triangle Rewards credit card, while BNPL doesn’t require shoppers to sign up for a credit card or undergo a hard credit inquiry.

Canadian Tire Financing FAQs

Here are a few brief answers to some of the most common questions I’ve received regarding Canadian Tire financing.

Does The Canadian Tire Triangle Rewards Card Have An Annual Fee?

No. One of the nice things about the Triangle Rewards Mastercard is that it’s fee-free.

Does Canadian Tire Charge Late Fees On Financing?

Canadian Tire will not charge you any late fees on late payments. However, you may receive correspondence asking you to make your payment if you happen to miss a payment. Enough missed payments could result in negative marks on your credit report.

Can I Pay My Canadian Tire Financing Charge Off Early?

Yes. If you want to free up the total spending power of your Triangle Rewards Mastercard, you can pay off the total balance of the amount financed without any early repayment penalties.

The Verdict – Is Canadian Tire Financing A Good Deal?

Canadian Tire Financing

If you regularly shop at Canadian Tire or Canadian Tire’s affiliated brands, then the zero-interest financing program can definitely be appealing. It’s hard to argue with a card that has zero annual fees and doesn’t charge interest for financing.

That being said, you also have to apply for a credit card (and get approved) to be eligible for financing in the first place.

To get approved for the Triangle Rewards Mastercard, you’ll typically need a credit score of at least 660. If your credit score isn’t quite up to par, then keep on reading to see my top tips to increase your credit score by 100 points!

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

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