Canadian Tire Financial Services
From Wikipedia, the free encyclopedia
Canadian Tire Financial Services is the credit arm of Canadian Tire. Its primary function is to issue the Canadian Tire Options MasterCard, although it also offers insurance, personal loans and lines of credit.
The MasterCard offers cash back on purchases made to the equivalent of a 1% discount on purchases on the card, returned as "Canadian Tire money on-the-card".
In October 2006, Canadian Tire Financial Services 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.[citation needed]
[edit] 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 on to its program. In 1968, the company was bought out 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.
Now CTFS provides a number of services, no longer just dealing with credit cards. It has expanded to house several different departments including CCR (corporate customer relations) and Canadian Tire's roadside assistance division. It is also home to CTFS's most recent addition: Canadian tire online Canadian Tire.
[edit] External links
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