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LOBLAWS is getting bank into banking
September 17, 2020
6:29 pm
Norman1
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Norman1 said

Normally, no. But, as an introductory offer, one can earn 1,000 points each on up to five bill payments of $50 or more to unique billers each month.

savemoresaveoften said

Earn a max of $5 a month does not appeal much to border having another account.

The challenge is that one cannot give much reward for bill payments which don't go through the MasterCard Debit part of the product.

There's no payment earned for sending a bill payment remittance into the Payments Canada clearing system.

It is the MasterCard Debit charges that earns the card issuer, President's Choice Bank, the card interchange payments from a merchant's MasterCard acquirer. Even that may not amount to much.

For an electronic in-person MasterCard debit, the interchange is 5¢ + 0.25%. The interchange for a contactless tap could be as low as 2¢ flat. They could be hoping people will use the MasterCard Debit lots online for the standard interchange of 1.15%.

September 18, 2020
6:57 am
Norman1
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On second look, the MasterCard interchange is actually zero for in-person use because the tap, swipe, or chip-and-PIN charges go through Interac and not MasterCard.

President's Choice Bank is really hoping that there is significant online shopping use of the card!

September 18, 2020
10:08 am
savemoresaveoften
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"
The challenge is that one cannot give much reward for bill payments which don't go through the MasterCard Debit part of the product.

There's no payment earned for sending a bill payment remittance into the Payments Canada clearing system."

Can Tire Triangle master card gives 1% can tire money on all online bill payments, including hydro, property tax, etc. The money earned can be spent at Can Tire, Sport Chek, etc. That is superior to the PC Money account offer.

September 18, 2020
10:17 pm
Norman1
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savemoresaveoften said

Can Tire Triangle master card gives 1% can tire money on all online bill payments, including hydro, property tax, etc. The money earned can be spent at Can Tire, Sport Chek, etc. That is superior to the PC Money account offer.

I think we looked into that previously and found that not all the billers were in the list that Triangle MasterCard allows one to pay that way.

It is not surprising that the list would be controlled. Canadian Tire Bank doesn't get a commission or interchange for pushing a bill remittance into the Payments Canada system. So, that 1% in Canadian Tire money earned comes out of Canadian Tire Bank's pocket.

Some of the brokerages, like Scotia iTRADE, accept account funding by bill payment. It would cost Canadian Tire Bank significantly if the biller list included Scotia iTRADE and people starting making TFSA and RRSP contributions by bill payment through their Triangle MasterCard!

September 19, 2020
1:01 am
Loonie
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That's why, when you buy a car, they will only let you put the first $2000 on credit card.

September 28, 2020
9:49 pm
Rick
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savemoresaveoften said
Can Tire Triangle master card gives 1% can tire money on all online bill payments, including hydro, property tax, etc. The money earned can be spent at Can Tire, Sport Chek, etc. That is superior to the PC Money account offer.  

I'm getting 2% for my monthly bills (BC Hydro doesn't allow direct payment on a credit card) with Tang M/C. Cash. Monthly. Only thing they're good for.

December 1, 2020
12:38 pm
Briguy
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Norman1 said

savemoresaveoften said

Can Tire Triangle master card gives 1% can tire money on all online bill payments, including hydro, property tax, etc. The money earned can be spent at Can Tire, Sport Chek, etc. That is superior to the PC Money account offer.

I think we looked into that previously and found that not all the billers were in the list that Triangle MasterCard allows one to pay that way.

It is not surprising that the list would be controlled. Canadian Tire Bank doesn't get a commission or interchange for pushing a bill remittance into the Payments Canada system. So, that 1% in Canadian Tire money earned comes out of Canadian Tire Bank's pocket.

Some of the brokerages, like Scotia iTRADE, accept account funding by bill payment. It would cost Canadian Tire Bank significantly if the biller list included Scotia iTRADE and people starting making TFSA and RRSP contributions by bill payment through their Triangle MasterCard!  

Triangle bill pay is quite inclusive, you can even bill pay to load your Mogo debit card.

December 5, 2020
5:48 pm
RetirEd
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KamWest - Wait a minute! Doesn't the CUSTOMER have to pay a fee for an E-transfer to a merchant? That's not likely to make you any friends. (Unless they have Senior account privileges. People with paid packages on their accounts aren't getting anything free, so that doesn't count!)
RetirEd

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