I swear, as soon as I get a Borrowell credit score update telling me that my credit score is up and in a healthy 800+ zone, I end up applying for another credit card and bring it back down again. I applied for this new credit card because of the new fees that Paytm are passing along, the 1.75% convenience fee for using your credit card to pay property taxes or utility bills. Here’s my Triangle World Elite Mastercard review and why I think it’s one of the best no fee credit cards available out there in Canada.
Is the Canadian Tire Mastercard worth it? I would definitely say so since it has no annual fee.
Instead of cash back, or airline points, you get CT Money (Canadian Tire Money) in a virtual CT Money currency. Instead of $0.05 here and a $0.10 Canadian Tire bill here, you can get electronic CT Money (or eCTM). This is actual CT Money on my desk:
Triangle World Elite Points
The Triangle credit card and points are as follows:
- 3% in CT Money on grocery store purchases on the first $12,000 spent per year (any grocery store except for Walmart and Costco). Here’s a list of the qualifying merchants that you will get 3% earn rate with code 5411.
- No-Frills, Real Canadian Superstore, Metro, Foodbasics, Maxi, Sobeys, IGA, Super C, Freshco, Zehrs, Safeway, Foodland, Marche, Loblaw, Save On Foods, Provigo, YIG, Fortinos, SuperMarché, Valu-Mart, Longos, T&T, Alimentation, Farm Boy, Cash & Carry, Dominion, Thrifty Foods, Calgary Co-op, Extra Foods, Whole Foods, Rabba, and Canyon Creek
- 4% in CT Money from Canadian Tire, Sport Chek, Atmosphere, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey and participating Mark’s/L’Équipeur, and Sports Experts stores
- $0.07 per litre back in CT Money if you gas up with premium fuel
- $0.05 per litre back in Canadian Tire Money if you gas up with regular fuel at Canadian Tire Gas+ and participating Husky stations
- 0% financing for purchases over $200-$499 (12 equal monthly payments) or 24 equal monthly payments for purchases over $500 from Canadian Tire, Atmosphere (Quebec), Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey. The financing is provided by Canadian Tire bank.
- 0% financing for purchases over $200 with 12 equal monthly payments at Sport Chek and Atmosphere
The CT Money that you earn can be redeemed at Canadian Tire, Sport Chek, Atmosphere, Sports Rousseau, Hockey Experts, L’Entrepôt du Hockey and participating Mark’s/L’Équipeur, and Sports Experts stores. You can’t redeem your eCTM for gift cards.
If there is a period of inactivity in your Triangle account for more than 18 months or more, your eCTM points will become expired.
Triangle World Elite Mastercard Benefits
With this Triangle World Elite Mastercard review, I discovered that there are some very unique benefits for the Triangle World Elite Mastercard, one of them is free roadside assistance in Canada (perfect for me and my lemon-ish 7 year old car, it has only needed a jump start once or twice this year!).
- Roadside Assistance Gold Plan (provided by Canadian Tire Services Ltd)
- With this you can choose to have Roadside assistance for a particular vehicle, OR for you as the driver.
- It provides 24 hours Roadside assistance in the United States and Canada
- This encompasses towing, changing a flat tire, boosting a battery, lockout service, and extrication (I hope the last one doesn’t ever have to be used!)
- Your coverage for the Roadside Assistance program starts 24 hours after you register online
- You have to be the primary holder to activate a plan
- Unlimited tows to any Canadian Tire service centre (within towing limits of 250km)
- Extended Warranty Insurance for purchases within 90 days from loss, damage, or theft
- The standard Car Rental Collision/Loss Damage Waiver Insurance
The Road Assistance Gold Plan is worth $99.95. This is great especially if you don’t have anything like CAA membership to help you with flat tires or roadside assistance.
I have used the Canadian Tire Roadside assistance on a number of occasions and it has been a life saver. It is renewed annually for free, and you get a new membership card in the mail automatically.
One thing is you have to be present when you call, but you can be the driver of the vehicle and the vehicle doesn’t have to be yours. The Roadside Assistance can follow the driver (you) rather than the vehicle.
Triangle World Elite Annual Fee
There is zero annual fee for the Triangle World Elite. Just the way I like it!
The cost for a supplementary card (e.g. if your spouse wants to collect points too) is also free.
- Transunion vs Equifax, Why the 100 Point Difference?
- 10% Cash Back Credit Card in Canada
- Paying property taxes with a credit card
TRiangle World Elite Income Requirements
The minimum annual income is $80,000.
There is no annual income requirement for its sister cards, the Triangle Mastercard and the Triangle World Mastercard.
Canadian Tire Financial Services Benefits… Pay Utility Bills with a Credit Card
The most important reason that I am getting the Triangle World Elite Mastercard is so that we can pay property taxes, utility bills (such as BC Hydro and Fortisbc), tuition payments, and insurance premiums with a credit card to collect points.
You will get 1% in CT Money for each $1 spent with this categories.
You will not be charged for paying a bill with these categories when you pay with a Canadian Tire Options Mastercard.
- Property Taxes
- Utility Bills
- Tuition Payments
- Insurance Premiums
Sure, it might not seem like much, but for a $10,000 property tax bill, that’s $100 that you can spend at Canadian Tire! There’s always “something” that needs to be purchased around a house for home-moanership, like a lawnmower, or a rake, or a storage shed, or an inflatable pool (ha!).
The one caveat is that not all payees may be on the list. For example, “City of Vancouver Property taxes” might not be on their list (but it is). Canadian Tire states that not all service providers may permit online bill payments with a credit card or they may charge a fee.
I must admit, I previously turned my nose up at the measly 1% but now that Paytm is charging you a 1.75% convenience fee, the 1% in eCTM (or electronic Canadian Tire Money) looks very attractive. I feel like I just got dumped and the loyal Canadian Tire friend who was by my side all along (who I didn’t notice while I was busy admiring Paytm) just became very intriguing.
I also really like the Roadside Assistance and I like that there is zero annual fee. The Roadside Assistance is a very unique perk. I also like that they provide a 3% reward for shopping at grocery stores (minus Costco and Walmart). I would use the PC Financial World Elite Mastercard at No Frills and Superstore, but I could see myself using this card instead of the TD Aeroplan Visa Infinite at other grocery stores.
I’m not so keen on the zero percent financing for items costing more than $200 (personally it would be very difficult to keep track for myself and I would be afraid I accidentally forget and then get charged interest), but it is an interesting concept.
Finally, if you want to really jump in on the Canadian Tire Financial bandwagon, Canadian Tire even has a high interest savings account with one of the best rates in Canada.
Do you have the Triangle World Elite?
Have you tried using the Roadside Assistance?
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.