The web-pages are completely different with one focusing on credit cards and one on TFSA, GIS and the like.
Does anybody know the reason for this?
Is one of them a phishing scam or something?
August 4, 2010
They've probably had their store credit card and other financial stuff around for ages, and used ctfs.com for that. It's been registered since 1995, which is prehistoric caveman days for the internet). When they started doing online savings accounts and such, they decided they wanted a separate domain devoted to it - myctfs.com was only registered in 2006. Both are legit.
Actually, looking back in time, it seems that the ctfs.com domain originally belonged to some part of Canada Trust. By 2002 they had sold the domain name to Canadian Tire.
You are probably correct but, If they are both "Canadian Tire" branded, why can I not find any links between the two? If one of them is not a scam, I can only think of two other possibilities.
1. They are transitioning there services like Citizens bank did last year, and one is eventually going to point to the other.
2. "Canadian Tire" contracted out the financial portions of its brand to two different companies who can't get along. (otherwise I would at least expect links between the two websites).
December 12, 2009
I think your option two is probably more likely. I think they'll continue offering credit cards and may even launch more MasterCards, perhaps even Visas, now that they've sold their all-in-one chequing/mortgage account business. It's pretty cheap to offer high-interest savings accounts and no ATM cards now that they've pulled their own ATMs out of their stores.
Having said that, it will be interesting to see what they do. Canadian Tire I wouldn't be surprised to see them sell their prized credit cards business for the right price - perhaps even get out of banking altogether, again for the right price. They do both well - financial services and retail - but financial services lacks scale. Perhaps Wal-Mart Canada Bank might swoop in, buy up everything from Canadian Tire Bank and allow Canadian Tire to save face by offering Canadian Tire-branded credit cards issued by Wal-Mart Canada Bank with Canadian Tire paid a commission?
August 4, 2010
You can confirm that both sites belong to Canadian Tire Corporation Ltd by checking the security certificates. Many modern browsers turn your URL bar green, or display the name in green, or have some sort of "lock" icon - click on these and you can see the details.
While you might expect the ctfs site at least to link to the bank site, they are fairly distinct customer bases and functions. They would have developed their sites and software separately, and keeping them fairly separate makes it easier if they want to divest one or the other down the road. No sinister plots... 🙂