A bank that focuses on credit cards

Canadian Tire Bank has credit card as the core business activity:

Canadian Tire Bank, the financial services arm of Toronto-based retail chain Canadian Tire, is a specialized institution that offers credit cards. It has some 11 million active members of Triangle Rewards, a rewards scheme of the bank. The bank, nevertheless offers savings and investment products as well as credit card insurance products.

Set up in 2003, the bank does not have any physical branches. Customers have to use online banking or its Triangle app. The app and the online banking system allow a customer to view transactions, account balance, credit card statement and pay bills. Customers can also avail text messages or email alerts services. All the other operations are through these 2 channels only.

UNIQUE BANKING SERVICES

The bank’s Canadian Tire High Interest Savings Account has no monthly fees and no minimum balance requirement and it offers an annual interest rate is 3%. Canadian Tire Tax Free High Interest Savings Account too has no monthly fees and no minimum balance requirement. It also has an annual interest rate of 3%. It also has 4 credit cards on offer - Triangle Mastercard, Triangle World Elite Mastercard, Gas Advantage Mastercard and Cash Advantage Mastercard. In addition to the accounts and cards, there are 2 credit card insurance products that helps a customer with payments on Canadian Tire Bank–issued credit card in case of need. The bank, however, does not offer chequing accounts or in-person banking.