Canadian Tire Financial Services
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| Subsidiary | |
| Industry | Financial services |
| Founded | 1968 |
| Headquarters | Oakville, Ontario |
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Number of employees
|
1400 full-time equivalent |
| Parent | Canadian Tire |
| Website | www |
Canadian Tire Financial Services (CTFS) (French: Services financiers Canadian Tire), operating as Canadian Tire Bank, is the financial services arm of the Canadian Tire retail chain. Based in Oakville, CTFS has business operations in Oakville, St. Catharines and Welland.
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.
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.
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.
In October 2006, Canadian Tire Bank began to offer more traditional banking services over the phone or online.
All deposit products are eligible for insurance from the Canadian Deposit Insurance Corporation.
Canadian Tire Roadside Assistance, formerly Universal Travel Auto Club and later Canadian Tire Auto Club, was launched in 1981 by CTFS.
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