Deferred Purchase and Equal Payments Plans Frequently Asked Questions

1.      When do I have to make a payment so that I can avoid being charged interest when I have a Deferred Purchase or Equal Payments Plan on my account?

Deferred Purchase Plan:

If the only purchase on your Canadian Tire® branded credit card is a Deferred Purchase you will not be required to make minimum monthly payments until the statement after your Deferred Plan expires.

If you are carrying a balance on your account for other purchases, you are required to make the minimum payment by the due date each month. This minimum payment does not include the portion of your balance that is on a Deferred Payment Plan. However, if you fail to make the minimum payment within 59 days of the statement date, or another default under your cardmember agreement occurs, the deferred payment plan will end and interest will start to be charged on that plan balance.

Upon expiry, your Deferred Purchase will become interest bearing.  To avoid being billed interest on this purchase you must pay the purchase amount by the due date of the next statement after its expiry.  If interest is charged, it will be calculated as of the expiry date of the Deferred Purchase, not the purchase date.

Equal Payments Plan purchase: 

To avoid being billed for interest on an Equal Payments Plan, you must do each of the following:

(i)                 pay in full your minimum monthly payment within 59 days of the   statement date for all months for the term of your Equal Payments Plan and ensure that your account does not otherwise go into default;

(ii)               pay in full your monthly instalment on the Equal Payments Plan by the due date for that statement.

If you fail to satisfy the first requirement above, the equal payments plan will end and interest will start to be charged on that plan balance. If you fail to satisfy the second requirement above, we will start to charge interest on the portion of the monthly instalment of the Equal Payments Plan that is unpaid.

 

2.      How will I know when my Deferred purchase will expire?
Your Deferred plan expiry date and payment due date are outlined on your monthly statement as indicated in the example below.

Statement Example

3.      If I do not pay off the financed purchase before the expiry date, will I be charged interest back to the original purchase date?

Deferred Purchase Plan:

No. Canadian Tire will not charge you interest from the original purchase date. Interest will only be calculated on the outstanding balance once your deferral period has ended.

Equal Payments Plan Purchase:

You must pay your monthly equal payments plan instalment in full by the statement due date to avoid paying interest. If you do not pay this amount in full, you will be charged interest on that portion of the equal payments plan instalment that is unpaid starting from the day after the monthly payment is due. 

 

4.      Will a Deferred Purchase or an Equal Payments Plan affect the available credit on my Canadian Tire Credit Card?

Yes. Your available credit will be reduced by the total amount of the transaction that you are financing.

 

5.      I have a Deferred Purchase or Equal Payments Plan in addition to other purchases on my account. When I make a payment how is it applied?

Payments are applied to your account in accordance with the cardmember agreement. Please select your card type from the links on this page and refer to the section entitled How we Apply Payments and Credits


6.      How do I finance a purchase at Canadian Tire?

 Present your Canadian Tire branded credit card at any Canadian Tire store at the time of purchase and advise the cashier that you would like to take advantage of the financing offer available on the merchandise you are purchasing. Please note that equal payments plans are not available on the Low Rate Options® MasterCard® .

 

7.      I do not have a Canadian Tire credit card but I want to finance a purchase at the Canadian Tire store, how can I do this?

A Canadian Tire branded credit card is required to qualify for financing at Canadian Tire. To apply, visit any Canadian Tire Store and apply for instant approval at the Customer Service Desk, apply online at
https://www.ctfs.com/ApplyNow
or call to apply 1-800-961-1151 (excluding Quebec, Quebec customers please apply in store or online)

 

8.      Is there a fee to finance under the Deferred Purchase or Equal Payments Plan?

No, Canadian Tire Bank does not charge a fee for entering into a deferred payment plan or an equal payments plan.




 

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