Monty: No, I think that’s about it. I just need to know the 1% cash back from exterior store and 2% or more based on the store, the multiplier.

Canadian Tire Options MasterCard: You will get it right away. There are some parts where you’ll get the bonus buck sort of like when you’re in the statement cycle, for example. Ours is done within the 24 hour period. If you go out and make $2,000 worth of purchases today, you’re going to have $20 to use on your card tomorrow.

Monty: Sounds good. I appreciate that.

Canadian Tire Options MasterCard: No problem sir, have a great day and thanks for calling.

Monty: Thank you, bye.

Monty: So there’s no annual fee with this card?

Canadian Tire Options MasterCard: That’s correct sir.

Monty: So it’s pretty straight forward if you make your payment?

Canadian Tire Options MasterCard: Yes exactly. There’s really no other catches with the card, which is not quite as a feature filled as a gold card would be with another bank. I know that there are a lot of cards out there that give free travel insurance or free car rental insurance with their cards. Unfortunately ours is not. But the actual card itself doesn’t really come with any other system access fees or service fees at all.

Monty: So the benefit here I just get free stuff from the Canadian Tire Store.

Canadian Tire Options MasterCard: That’s really the major benefit, that’s right. You’re just going to use it as a Bonus Buck Card as opposed to - I’m sure you got probably couple in your wallet there that does the air mile thing. Whereas we do the tangible product purchase. If that make sense to you, that’s great. Yes great questions. Is there anything else I can help you with at all?

Monty: My annual interest rate with you is 11.99%, is that the lowest possible?

Canadian Tire Options MasterCard: Yes, that is the lowest that card goes at this time. If you have an 11.99% then I am assuming, when you look at that plastic card it actually says the lower card rate, does it not? Do you actually see the lower rate on the card? That rate on the normal option card.

Monty: That is my rate. I just have the statement in front of me right now.

Canadian Tire Options MasterCard: That’s okay sir, it’s no problem. The 11.99 is used to be 10.9 about 2 years ago. It did not increase ‘till 11.99 this month our rate last year. I will tell you sir that the interest rates are increasing later this year as well. 12.5% unfortunately.

Monty: Just because of the economy?

Canadian Tire Options MasterCard: Exactly. So I just want to let you know just as we’re talking about it anyway, you will be getting a letter soon to let you know that everybody, every single one of our 4 million customers are going up by .5%. I’m sorry for that. We were talking along those lines, but fine. I just thought I’d just throw it. It’s going to be 12.5. Basically it’s what going to happen.

Monty: Oh I see, so it’ like 1% cash back then?

Canadian Tire Options MasterCard: Exactly, it is in the sense of what it is, that’s exactly correct.

Monty: So it’s 1% outside the store and 2% in the store, 2% or more.

Canadian Tire Options MasterCard: It all changes every week, so each franchise owner creates their own you know, you walk in and catch inside it will be 8 times the points next week it will be 12 times a week, after a week it will be 5 times. There is no real rivalry into it. Each store sets their own multiplier, you have 40 stores in your city for example, and you wanted to go out and get your purchase but you want to maximize your points, the honest to goodness truth is what we apply to customer security call and all of your pages to find out what their multiplier is, because you actually go to a different internet and check more on your bank, so to speak. Outside the store it’s pretty much straight line to 1%.

Monty: So what other options, what other benefits that the Option Card gives me?

Canadian Tire Options MasterCard: So the Options Card with the Canadian Tire Money with the loyalty money on it, that’s the major bonus feature on the card. What you also get with the card is you have options for 2 types of coverage plans. One is a warranty coverage plan, the other is for health life and employment insurance, but both come at a cost. We do have extra features - Identity Watch Protection, Job loss and health insurance like I just mentioned. There is also the product warranty coverage. We also do external insurance, which is kind of a life, at discounted rate. So, if you ever wanted some external insurance because you have the card, you can actually get it for pretty good rate through us with Canada Life. But all of those actually come with a cost and not for free.

This is a call where I'm asking about my Canadian Tire Options Mastercard. I like the rewards with this card.. I have the highest credit limit available, and the lowest interest available with this card.

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Canadian Tire Options MasterCard: Good morning, and thanks for calling Canadian Tire Financial. How can I help you today?

Monty: Okay, how are you today?

Canadian Tire Options MasterCard: I’m fine. How about yourself?

Monty: I’m good, thank you. I just have a question about my Canadian Tire Options card.

Canadian Tire Options MasterCard: Sure, yes go ahead.

Monty: So just for the points wise, how many dollars do you have to spend to collect points?

Canadian Tire Options MasterCard: Do you have an Option Card?

Monty: I do, yes.

Canadian Tire Options MasterCard: Like the regular Option Card, so it’s not an amount that you have to spend to, it’s more of a percentage. So when you purchase outside of the store, it’s 1% of the purchased in the Canadian entire store it’ 2% or more depending on what the multiplier on that week. So the store can vary.