|Annual Fee||$0, $99|
This credit card is part of our Canadian credit card Hall Of Fame. This page contains historical information as it was when the credit card was either still available or when it was at its peak and is for reference purposes only. Please refer to The Best Credit Cards In Canada page for currently available Canadian credit cards.
The Canadian Tire Cash Advantage Mastercard was the king of all cash back credit cards that have ever existed in Canada and it will likely hold that title for a long time to come. None of the recent challengers have offered anything nearly as rewarding as this card did! Everyone over at RedFlagDeals literally went nuts when this card was announced and we all took full advantage of it.
There were two versions of this card, the standard edition with no annual fee and the platinum card with a $99 annual fee. The standard card offered a cash back rate of 3% as long as you were able to spend at least $1500 in a given month on the card with an annual maximum of $1000 earned. Similarly, the platinum card offered a whopping 5% cash back on all purchases if you spent at least $3000 on the card in a given month with an annual maximum of $2000 earned. Here is a table depicting how the tiers worked:
|Up to $500||0.5%||0.5%|
|Up to $1,500||1%||1%|
|Up to $3,000||3%||3%|
Unfortunately, this card was first released in small quantities as a trial and was never heavily marketed. Once members of RedFlagDeals became the majority of people signing up for it and exploited it to the max, Canadian Tire quickly realized that this was going to be a money losing proposition for them. After 1 year of faithfully doling out cash, they changed the rules of the program and discontinued the platinum version of the card altogether. The cash back rate for the standard card was dropped to 1% with a monthly spending of $1000 required to reach this rate. The cash back program was changed again in 2009 and is now a normal annual tiered system, much like many other cash back cards currently available. It is still a decent cash back credit card because there is no cap to the amount of rewards you can earn, but most people will choose either the MBNA Smart Cash Platinum Plus Mastercard, the Capital One Gold Cash Back Mastercard, or the Citi Enrich Mastercard because of higher returns, bonuses, and extra perks.
- Highest cash back reward ever to be offered on a Canadian credit card.
- Unlike most cash back cards, you earn the top cash back rate on your ENTIRE amount spent that month if you enter the top tier.
- DOUBLE the cash back for all purchases at Canadian Tire including gift cards and gas.
- An effective gas discount of 15% was possible at Canadian Tire gas bars by buying CT gift cards first and also collecting Canadian Tire money.
- When combined with the Memberworks gift card purchase program, the effective discount rose to as much as 25%! Now those were the days!
- Payments are made quarterly instead of annually.
- Free supplementary cards.
- Not a great card for people without consistently high monthly spending patterns.
- Annual maximums of $1,000 cash earned for the standard card and $2,000 for the platinum.
- No real insurance package with this card.