Canadian Tire Triangle MasterCard Review: Requirements, Fees, Pros, Cons [2021] (2023)

FAQs

Is there a fee to Canadian Tire Mastercard? ›

Triangle^® Mastercard. ^®

Collect Canadian Tire Money^® everywhere you shop, with no annual fee.

Offer subject to change without notice. Cash transactions (for example: cash advances, balance transfers, convenience cheques, money transfers, purchase of travellers cheques and gambling transactions) and related fees — 21.99% (if you reside in Quebec) or 22.99% (if you reside outside Quebec).

Meet the card that earns you the most Canadian Tire Money, period. Applications for the Triangle World Elite Mastercard are currently only being accepted online. Minimum $80,000 annual income or $150,000 household income is required.

As mentioned before, there is no specific income requirement for a Canadian Tire Triangle Mastercard. Additionally, there is no minimum credit score to apply for the card, however it is recommended that you have a score of 660+. All Canadian residents who reached majority age and above can apply for this card.

An over-limit fee is a penalty charged to credit card customers who breach their credit limits. In the past, companies had discretion as to the size of their over-limit fees but now cannot charge higher than the amount that was exceeded.

Visa and Mastercard both charge a fee of 1%. Regardless of the type of credit card, this fee is applied to all transactions. Issuing bank fee: Depending on the credit card you use — such as Citibank, Chase or Barclays — some issuers add a charge on top of the network fee, usually around 2%.

Collect Canadian Tire Money^® everywhere you shop, with no annual fee. Collect 4% back in Canadian Tire Money on almost everything at your favourite stores*. Plus, enjoy 5¢ per litre back in CT Money at Gas+ locations. All this plus more great benefits, all with no annual fee.

A product level surcharge applies to a particular type of Visa or Mastercard, such as Visa Signature or World Elite Mastercard. The maximum surcharge is 4% of the credit card transaction.

Credit card processing fees will typically cost a business 1.5% to 3.5% of each transaction's total. For a sale of $100, that means you could pay $1.50 to $3.50 in credit card fees.

Overall, the Triangle Mastercard doesn't earn very much considering that there are other credit cards out there that offer more flexible rewards (like cash) and can earn upwards of $500 a year, based on the exact same spending.

What income is too low for credit card? ›

Technically there's no minimum income requirement to get a credit card. A student's disposable income could be as low as $100 and they would still have the potential to be approved for a credit card. Higher incomes generally give applicants a better chance of getting approved for a card and a higher credit limit.

Apply for a secured card

A secured card can be a way to get access to credit even if you have limited income. To open a secured credit card account, you'll need to put down a refundable security deposit as collateral. The deposit protects the credit card issuer if you fall behind on payments.

Canadian Tire Triangle Mastercard

If you apply at a Canadian Tire store and are approved, you may use the card immediately. And if you apply online and are approved, you'll be able to proceed to checkout right away.

Applying for credit cards can damage your credit scores. Just a single application may shave a few points off your score. But multiple applications for cards in a short span could suggest you are a riskier borrower than someone who applies less often.

Visa Signature Cards

You can begin qualifying for select Visa Signature credit cards with a 670+ credit score. However, some cards require a 740 credit score to have the best approval odds.

An annual fee is a lump sum you have to pay every year that you're signed up for certain credit cards. Often these fees, which can range from $95 to $500 or more, are offset by perks, such as airline miles, points, or cash back opportunities.

Your definition of a high credit limit may vary based on what you want from a credit card, but we consider a $5,000 to $10,000 limit to be a good starting point for the “high” range for rewards credit cards.

There is no set minimum or maximum Mastercard credit limit, as credit lines are left entirely up to the discretion of individual credit card issuers. In addition, the limits that issuers set on individual Mastercard credit cards can vary widely from cardholder to cardholder.

The easiest way to avoid finance charges is to pay your balance in full and on time every month. Credit cards are required to give you what's called a grace period, which is the span of time between the end of your billing cycle and when the payment is due on your balance.

How can you avoid paying fees and interest? ›

Pay Your Bill in Full Every Month

Most credit cards offer a grace period, which lasts at least 21 days starting from your monthly statement date. During this time, you can pay your full balance without incurring interest on your purchases.

A: Yes. You may withdraw cash against the balance on most Mastercard prepaid and gift cards at any ATM.

Can I cancel my Triangle Rewards® card? Yes, customers can close their account at any time. There is no fee for closing an account, but they will lose any Canadian Tire Money® that they have collected.

MASTERCARD: Standard, World, World Elite

World benefits include the Standard-level offerings as well as cellphone insurance; access to trip planning and travel benefits through Mastercard Travel & Lifestyle Services; access to a concierge; and discounts and promotions with select retailers.

Overpaying your credit card will result in a negative balance, but it won't hurt your credit score—and the overpayment will be returned to you.

Hidden fees come in the form of annual fees, late payment fees, interest charges, and more. Every credit card comes with hidden fees in the form of annual fees, late payment fees, interest charges, that will only cost you more in the long run if you trigger them.

Low credit utilization ratio: Having more than one credit card can boost your credit score by helping to lower your credit utilization ratio. Your credit utilization ratio is the amount of credit you're using compared to the amount of credit available. Most lenders prefer to see it at 30 percent or lower.

You're typically charged during the same month that you sign up for the card and then every 12 months after that. You'll pay the annual fee the same way you'd pay for regular purchases shown on your statement.

Credit card processing fees are inevitable; however, you can often negotiate fees to ensure you get the best deal possible. You can save money by accepting card payments in person and ensuring your account and terminal are correctly set up.

What are the disadvantages of using Mastercard? ›

Credit cards have a few disadvantages, such as high interest charges, overspending by the cardholders, risk of frauds, etc. Additionally, there may also be a few additional expenses such as annual fees, fees of foreign transactions, expenses on cash withdrawal, etc. associated with a credit card.

Excludes purchases at Walmart, Walmart Superstore and Costco. After that, your earn rate will be 1%. For examples of qualifying grocery merchants, visit Merchant List | Triangle .

For a credit card application, you will need to report your gross income, which is your annual salary before taxes and other deductions. Your net income is the amount you get in your paycheck after those deductions.

According to an amendment to the Card Act, borrowers over 21 can list any income to which they have “reasonable expectation of access.” This broad definition includes: Personal income. Income from a spouse or partner. Allowances and gifts.

A zero balance on credit card accounts does not hurt, but it certainly does not help increase a credit score either.

The average accepted credit score is about 725 and the average credit limit is $10,000. The card offers unlimited travel miles, a generous signup bonus, and an annual travel credit for TSA Pre✓® or Global Entry fees.

Generally speaking, all credit cards may consider household income during the application process due to the CFPB ruling, but the phrasing of the question can vary.

It's not likely that the card issuer will ask for you to provide proof of income, such as tax forms, unless you are a young borrower. But the best practice is to be honest so that your credit limit is appropriate. You'll want to make sure you can afford the minimum payments and stay out of debt.

Should I accept a pre approved credit card? ›

Credit card preapprovals are usually a good sign since they show you have met basic criteria like having good credit or a history of employment. That said, you may not want to go after the first prequalified credit card offer you receive. That's because, by and large, preapproved doesn't always mean best.

The Canadian Tire Options® MasterCard® can be used anywhere MasterCard is accepted. We suggest that if you are going to be out of the country and using your credit card that you contact us so that we can place a note on your file stating you will be using your card while out of the country.

Triangle™ Mastercard

This card is free and does not require a minimum income. You get 4% cash back on all spending at Canadian Tire or partner organizations such as Atmosphere, Rousseau Sports, Hockey Experts, l'Équipeur and Sports Experts. You also earn 0.05 cents for every litre of gas you spend at the Gas + station.

Cash Advance Fee: $4 - Charged when the transaction is posted to your account. NSF/Dishounoured Payment Fee: $25 - Charged if a payment you make is dishonoured. Charges for Copies: $2 — Charged when you request a copy of a statement.

Foreign cross border charges

These fees apply to cross border transactions processed in a currency other than U.S. dollars. MasterCard charges 1 percent for these exchanges and Visa charges 1.20 percent.