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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.

Tim Hortons Credit Card - FAQs

What can I get for free with a Tim Hortons Credit Card?
You can earn double the Tims Rewards Points. That means that you will earn points faster. You can redeem those points for Tim Hortons products like food, drinks, and whatever else Tim Hortons sells.
Who is Neo Financial?
Neo Financial is a Canadian financial technology (fintech) company. It has the Neo Cash Back Credit Card for consumers but also offers business-branded credit options.Neo Financial offers and manages the Hudson’s Bay Credit Card and the Tim Hortons Credit Card. It offers banking-as-a-service (BaaS) and helps companies integrate payments into their store, app, and online experience.
What is Tims Financial?
Tims Financial is a new Tim Hortons company. It will manage the Tim Hortons Credit Cards.
Will the new Tim Hortons Credit Card help me build my credit history?
Yes. If you have a good credit history, opening a regular Tim Hortons credit card will help you continue to build and maintain a good credit score providing you pay your bills on time and in full. The Tim Hortons Secured Credit Card will help you establish or rebuild a credit history so that you might eventually qualify for the regular Tim Hortons Mastercard.
Stefani Balinsky avatar on Loans Canada
Stefani Balinsky

Stefani Balinsky is the Head of Content Strategy at Loans Canada. Her work and her commentary have appeared in major media including the Toronto Star, Financial Post, and Bell Media. She is a creative and analytical thinker with a way with words. Direct, empathetic and funny, she makes convincing and coherent sense out of complex ideas. She has many years of leadership experience in marketing, writing, mentoring, and fintech.

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