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We all know many Credit Cards charge abhorrant interest rates.
But Canadian Tire is the worst of the lot, the most ghastly, Usurous Interest rates in the Industry.
What they do is get unsuspecting customers to sign up in the store. What they don't tell you is that they can randomly change the interest rates whenever they feel like it.
Suddenly, one day, I discovered they had raised my interest rate to over 25% (!)
They claim to provide notice on the Statement, but this is in find print and useless if your statement is online... you don't see any of the notices, of course.
Their business practices are reprehensible and they are a stain on the industry. I will never spend a dime in a Canadian Tire store ever again.
The complaint has been investigated and resolved to the customer’s satisfaction.
a few months ago I was notified that my options m/c interest rate was to be raised from 11.99 % to 20's somewhere. I made the purchases on that card based on my agreement to pay at 11.99%. Are they allowed to charge the higher interest rate on those previous balances? When I called they said the new rate would be applied to everything and I have not pursued it further, but it doesn't seem right.
when I pay any of my bills, the money comes out of my bank account immediately, but it does take time to transfer to the other company. All banks & businesses work on business days which does not include weekends. As for notification of change of interest rate, this notification shows right below your purchases. As of Sept 1st, if you payment isn't received by the due date, interest charges will only be charged on your previous statement charges & not on any new purchases. When a payment is paid in the canadian tire store, is does take 2 business days to post to your account, but interest stops on the date you actually went into the store to make you payment. If you notice on your statement, there are 2 dates showing with each purchase, the transaction date (which is the day the transaction actually took place) and the posting date (the date the card company posted that transaction to your account). The transaction date is the day they will use as payment received.
This is very true. Canadian Tire Options is cut up and in the garbage as I am typing at the moment. I had a payment of $121.23 due on October 31. I had set to be paid by online banking. Because it was not a business day, they received the payment on November 3. I had made more purchases during the month of October. When I received the new bill, it showed an interest of $8.85! I called them and they explained that it is their practice of charging interest not only on previous unpaid amounts but also for subsequent amounts! Am I the only one who thinks this is insane?
Would like to hear other comments or complaints.
My complaint with Canadian Tire is that when you pay your CT Mastercard bill at the Store, it takes 2 full business days for your account to get credited. This last time it was from Friday to Monday before a credit of $600 showed up on my account.
Now this is paying via debit card. Once you pay, the money has left your account. I phoned Canadian Tire accounts dept about this and they tell me that it is because it takes at least 2 business days for the money to clear My Bank!
I guess that means, if I got to Canadian Tire and purchase something for ie: $500 I will have to wait in the store for 2 days until it clears my bank account as I am using my debit card?
Baloney! The just collect 2 days worth of interest on the money you owe them. So with all the people who have Canadian Tire Mastercards, they must make a bit of extra money there.
That is true and they hide behind other credit reporting agencies as an excuse to not decrease your interest rates. I have decent credit and they still won't approve of a decrease.
Is there another watchdog agency that I can turn to?
sutomusic@eastlink.ca