What Is The Triangle World Elite Mastercard?
The Triangle World Elite Mastercard is the second and enhanced version of the Triangle Program cards set up by Canadian Tire.
Canadian Tire, being one of Canada’s oldest retail stores, has existed for roughly a hundred years now. Since its inception, it has managed to adapt to the varying times.
Today, it’s no different, as they reinvent their brand to increase patronage and make it easy for their customers to shop.
Canadian Tire Reward Programs
Canadian Tire is known for its reward programs for its loyal customers.
A few years ago, they made several changes to their loyalty reward program. They moved from physical rewards to digital.
The Canadian Tire Money was usually given out whenever a purchase was made at a Canadian Tire outlet.
Now, the rewards are earned through the Triangle Mastercard. Whenever a purchase is made through the mobile application or a physical card a reward is earned.
Benefits Of The Triangle World Elite Mastercard
Welcome benefits: This card initially had no welcome benefits because it has no annual fee. However, they recently ran a new card membership bonus. The bonus allows a customer to earn up to 15% back in Canadian Tire Money when they activate their card and make their first purchase. The maximum is $50 Canadian Tire money. New members can earn 4% every day and an additional 11% membership bonus.
Reward benefits: The Triangle Reward Program has both the Triangle World Mastercard and the Triangle World Elite Mastercard. They operate at different reward rates, the latter being a lot higher. At a 4% daily reward rate, a purchase of $100 earns you $4 back in Canadian Tire Money. However, the average sales tax in Canada is 13%. So a payment of $100 would be equivalent to $113. Hence reducing the amount of CTM earned to 3.35% instead of 4%.
Earning benefits: Earning with this card is easy. You get a basic earn rate of 1% on eligible purchases and 1% on groceries. You can earn 3% CTM for all purchases up to the sum of $12,000 in your first year and 1% after your first $12,000 mark. Assuming you spend a thousand dollars monthly, you will get to $12,000 by the end of the year. As a result, you will earn roughly $480 in saving at any Canadian Tire outlet.
Gas benefits: For a regular car user or a lover of road trips, earning 5cents/litre of fuel purchased for your car is a huge bonus. Taking into account that the average price of fuel in Canada is around $1.25/litre currently. It means you save and earn an average of 5.6% of your money back. This serves as a major benefit if you’re a regular car user.
Travel benefits: The Canadian Tire World Elite Mastercard is not a travel card. A travel card would offer major travel benefits like lounge access, hotel room upgrade or a free ticket. However, this card offers a concierge service. This can come in handy if you find yourself at an unfamiliar location. With service from Assurance Services Canada Inc., You can enjoy premium assistance from a top-quality concierge team. Consider your entertainment, shopping and business arrangements taken care of when you make use of the first-class concierge service.
Annual benefits: The annual benefits from using this card stay the same every year. However, the only catch with this card is that you have to be financially eligible. An individual would need to have a personal annual income of $80,000 or an annual household income of $150,000 to qualify for this card. Nevertheless, the card attracts no yearly fee, and its rewards are quite numerous.
Referral benefit: While other credit cards may offer a percentage in reward for bringing new members to own their card, the Triangle World Elite Mastercard does not provide such compensation.
Insurance benefit: The card has no comprehensive travel insurance benefit. However, their car Rental Theft and Damage policy is worth about $65,000, and you are eligible if you meet their criteria. You have to;
Decline the rental agency’s damage waiver and pay fully with your Triangle World Elite Mastercard.
Always pay with the card and ensure that your name is on the car rental.
You must not rent a car beyond 31 days.
Having this kind of insurance is a huge bonus. Naturally, it costs about $20/day in car rental charge. The Triangle World Elite Mastercard is not a travel card so the travel benefits are relatively lower than other cards.
Purchase benefit: This card is very beneficial for shoppers. Whenever you buy an item using this card with full payment in either Canada or the USA, you get an extended warranty on the item spanning five years. Also, you get security and 90 days of protection for the item globally. This means that your product remains protected wherever you are in the world for 90 days.
Foreign transaction benefit: Although most cards charge $5 in foreign cash advances, this card charges only $4. That makes it the second-best card, right behind the Desjardins Classic Visa card. The Triangle World Elite Mastercard charges the standard 2.5% on foreign transactions. Very few cards charge lower or higher than this standard charge.
Other benefits: Triangle World Elite Mastercard offers world-class customer service, top-notch online service experience, and top-class roadside assistance. Their customer service is available for 24 hours, 7 days a week. Using their roadside service allows you to access five service calls every 12 months and one free tow. Also, you get free access to all service lines within Canada and the United States as long as you are within 250km of the location.
What Are The Other Options?
Tangerine money-back credit card: This card has a basic entry personal income requirement of $12,000. It is far less than the Triangle World Elite Mastercard. It has no annual charge, unlimited cashback rewards worth 2% of spending made on grocery, furniture, restaurants, gas, entertainment, etc. And it also has insurance coverage for purchase protection up to 90days. You get a balance transfer bonus within your first 30 days. This means that you can transfer your balance from other cards to this card in your first 6 months at a 1.95% rate.
SimplyCash Card from American Express: The card offers no annual charge. New cardholders enjoy 2.50% cashback on all purchases in their first three months, valued at $150. The rate drops to 1.25% for other months. Their interest rate includes; 19.99% on purchases and 22.99% on cash advance and balance transfers. They have no annual income eligibility.
Home Trust Preferred Visa: It offers no annual fees and no foreign exchange fees. A cashback reward of up to 1% on every purchase except purchases made in foreign currencies. The card offers purchase protection and rental car insurance.
How Is The Triangle World Elite Mastercard Different From Other Cards?
At first glance, the Triangle World Elite Mastercard might seem better than many other cashback cards.
The longevity of the Canadian Tire makes the CTM equivalent to the dollar. Nevertheless, it does come with its cons.
Moreover, there are limits to this card’s capabilities.
While other cards require less or no annual income, this card requirement is up to $80,000 in personal income and $150,000 in household income. Although the Triangle World Elite Mastercard offers a higher cashback earn rate on groceries, it is limited to only a few stores.
How To Get The Card?
Application for the Triangle World Elite Mastercard is made online. Once you click apply and fill out the contact and personal information form and your social insurance number.
You will receive either approval or denial on your application. If approved, your physical card would arrive in 7-10 days.
How To Use The CT Money?
Canadian Tire money has the same value as the Canadian dollar, so $1 Canadian Tire money is equal to $1. It can be used as a means of payment at all participating stores and outlets.
Remember, not all participating store outlets accept it as payment. You can use Canadian Tire money for fuel. It covers groceries, entertainment, and travel.
Who Needs This Card?
The decision to own a card is entirely dependent on an individual’s lifestyle. This card has limited benefits for a person who travels often.
It offers incredible benefits to frequent shoppers and car owners who make fuel purchases often.
The Triangle World Elite Mastercard is a premium card.
Only individuals with an annual income of $80,000 or households with yearly revenue of $150,000 are eligible to own it.
Like other cards, its benefits depend on what a person frequently does.
With a lifestyle built on spending, you can save as you spend when you use the card. For more information on bonuses, offers, and more. Do not hesitate to contact us.
Thanks for reading, please let me know your thoughts and comments below.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.