Canadian Tire Financial Services

Canadian Tire Financial Services (CTFS) is the Financial Services arm of Canadian Tire.

History

CTFS began in 1961 as Midland Shoppers Credit Limited, a small company offering third-party credit services. In its early years, many Canadian Tire stores in Ontario had signed onto its program. In 1968, the company was purchased by Canadian Tire and re-named Canadian Tire Acceptance Limited. In 1995, it began issuing a MasterCard, becoming a non-deposit taking, financial institution.

In 2002, Canadian Tire Acceptance Limited became a bank and therefore changed its name to Canadian Tire Financial Services.

In October 2006, CTFS began a pilot project in two Canadian municipalities to offer more traditional banking services to the public. In Kitchener-Waterloo, Ontario and Calgary, Alberta, customers can visit Canadian Tire stores and obtain information on opening up a savings account, a GIC account or obtaining mortages directly from Canadian Tire Financial Services.

Products

Options Mastercard

The Canadian Tire Options MasterCard offers benefits similar to those offered by conventional MasterCards, while also offering Canadian Tire “Money” on-the-card, similar in nature to many loyalty programs offered on other credit cards. They also offer special promotions from time to time such as a rebate promotion in partnership with MDG Computers.

Gas Advantage MasterCard

This Canadian Tire Gas Advantage MasterCard gives a discount from 2 cents up to 10 cents per litre on Gasoline purchased at Canadian Tire Gas Stations. The discount is based on the previous months purchases. The card is currently available in the Province of Ontario, Canada only. (Purchases at Canadian Tire and Marks Work Warehouse count as a double purchases to calculate the discount on the next months gasoline purchases)

One-and-Only Account

The One-and-Only account provides an account that allows users to roll their Mortgage and other lending accounts with their day-to-day banking accounts.

High Interest Savings Account

The High Interest Savings Account is similar to other high interest accounts by offering a higher interest rate per dollar to conventional savings accounts.

Other Products

CTFS also offers GICs and Mortgages. All their deposit accounts are insured by the Canadian Deposit Insurance Corporation

External links

* [http://www.ctfs.com Official website]
* [http://www.myctfs.com The New and Expanded Canadian Tire Financial Services]
* [http://www.mortgageinyourway.com CTFS One-and-Only Account]