Brace yourself, Canada. Tim Hortons is coming out with two Tim Hortons credit cards! The two no-fee rewards Mastercards are the new Tims® Credit Card and the new Tims® Secured Credit Card.
That’s right, two of them. One regular card and one secured card for people with no credit history or low credit scores.You can earn Tims® Rewards Points when you shop almost anywhere, and double the points when you shop at Tim Hortons.
Who Issues The New Tim Hortons Credit Card?
Tims® Financial, a new company, issues the Tim Hortons Mastercard. The card is a Neo Financial product, which is also behind the HBC credit card and others.
Neo financial is a relatively new card issuer in Canada. It makes sense that a Tim Hortons credit card comes from a Neo. Neo is a fintech and it built its financial service for online and app users.
It makes it easy for a company like Tim Hortons to embed payments into their customer app. It is like adding sugar to a recipe to make it sweeter.
What Are The Tim Hortons Credit Card Rates?
The new Tim Hortons Credit Card is pretty good. It has no annual fee.
However, it does charge interest on unpaid balances like any other credit card. That means that you are borrowing money and it is a debt you need to pay back on time each month. If you don’t it can affect your credit score.
The purchase interest rates in Canada but outside Quebec are between 20.99%–25.99%. In Quebec the rates are limited by law to between 20.99%-24.99% for Quebec.
Since it is a credit card, it offers cash advances too. The cash advance rate outside of Quebec is somewhere between 22.99%–27.99%. Again, the cash advance rate is different in Quebec. The Quebec rate will be between . 22.99%-25.99%
How Do You Earn Tim Hortons Rewards Points With Tim Hortons Credit Card?
According to the company’s press release, you earn Tims® Rewards Points every time you pay for something with your Tims® Credit Card. Since it is a Mastercard, it works everywhere Mastercard works whether in-person or online.
Students, newcomers, and nearly every eligible Canadian can earn points when they purchase gas and groceries. You earn more points when you use your card at Tim Hortons.
Like any Mastercard, the Tims® Card comes with extended warranty insurance, zero-liability, and purchase protection
Tims® Rewards Points Earnings
- 5 Tims® Rewards Points per $1 spent on groceries, gas, or transit
- 15 Tims® Rewards Points per $1 when you scan your card at Tim Hortons
- 1 Tims® Rewards Points for every $2 spent elsewhere.
Tims® Secured Mastercard Rewards Earnings
The secured Tims® Card has its own reward earnings rate.
- 2 Tims® Rewards Points per $1 spent on groceries, gas, or transit
- 12 Tims® Rewards Points per $1 when you scan your card at Tim Hortons
- 1 Tims® Rewards Points for every $4 spent elsewhere.
It has the same interest rates as the regular Tims® Card.
What Can You Buy With Tims® Rewards Points?
At the time of writing, you can use your Tim Hortons points on food, drinks and other Tim Hortons products. You can use it to get coffee, doughnuts, breakfast sandwiches, soups, and everything else on the menu.
Those extra Tim Rewards Points can quickly add up to free food. Considering the cost of groceries, it makes sense to maximize your Tim Hortons Rewards potential.
No word yet if you can exchange the points at other retailers. However, that may be in future plans.
It will have a lot of competition from other credit cards that offer travel points and cash back. This credit card is likely a tool to get more app users and keep the money within the Tim Hortons environment and augmenting its balance sheet. If it is a success, it might branch out to other types of rewards and features.
How Do You Sign Up For The Tim Horton’s Mastercard?
The only way to get on the waitlist for the new Tim Hortons Mastercard is through the Time Horton’s app. Approval happens there too. That means that you have to download the app from Google Play or iStore.
Final Thoughts About The New Tim Hortons Credit Card Mastercard®
Get ready someday for a challenger bank built on doughnuts and caffeine. Why not? President’s Choice Financial offers the popular PC line of credit cards and cash accounts, plus other financial products. However, if a Tim Hortons bank comes to be, it would have a counter in a Tim Hortons café.
It would be on every corner in Canada. Don’t be shocked when it happens.
