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Canadian Tire Options Mastercard / after due date interest rates

BC, Canada Review updated:

Canadian Tire Options Mastercard is collecting incredible high late fees that are way out of proportion.
Late fee payments are stretching over 2 months.

In my example a three days late fee for an amount of 1436$
The first collected interest was an amount of 30.32$. But that is not enough the following month a follow up interest rate (the explanation I got for that is very foamy) was 14.28$.
To sum it an interest of 44.60$ which is around 2.5% was collected for a three days late payment of 1436$.

I just recommend to rethink before signing with Canadian Tire Options Mastercard.
Just a hint. They don't process payments on Saturday and Sunday which can cause such an interest payment.243

Fr
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Comments

  • Jm
      Aug 01, 2013

    You are not charged interest for just the 3 days, if your payment is received past your due date, the system goes back to the previous bill and charges interest on those purchases from the day you bought them until the day payment was received in full. So if the payment from your June statement was late, interest (which is calculated at a daily interest rate), would be put on your July statement. If your statement gets printed, say on the 15th of every month, then the interest on the July statement would show interest owed up until July 15th only, the residule interest owed (which is the remainder of the interest coming from the statement date to the date the payment was made) would show on the next statement.

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  • As
      Dec 27, 2013

    This is to inform you all people use or buy from Canadian tire store or use Canadian option master card please make sure you read the final print the worst company to do business. they gauge interest rate when ever they fell like. there must be a solution or investigation to be make regarding this bad practice of business .I wish we all to come to agreement and make boycott to not do business from this company. there should be a government involve for their practice of business.

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