Canadian Tire money
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- Main article: Canadian Tire
Image:Canadian tire money.png Canadian Tire "money" (CTM) was first introduced in 1958, as a response to the promotional giveaways that many gas companies offered at the time. It was only available at Canadian Tire gas bars, but was so successful that in 1961, it was extended to the retail stores as well, and has become the most successful loyalty program in Canadian retail history.
Many Canadian households have a wad of Canadian Tire money stashed somewhere in a drawer. These are coupons issued by Canadian Tire, which resemble real currency (although the coupons are considerably smaller than Bank of Canada notes), and can be used as scrip in Canadian Tire stores. In fact, Canadian Tire money has been successfully passed off as Canadian currency to American and Mexican tourists on a few occasions, and some privately-owned businesses (in Canada) accept it as payment, since the owners of many such businesses shop at Canadian Tire.
Canadian Tire money is given out for purchases paid for by cash or debit, usually at a rate of 1.5% of the pre-tax total. Customers can use Canadian Tire money to buy anything in the store. (Older CTM coupons state that they are redeemable at Canadian Tire stores and gas stations, however CTM coupons produced during at least the last 15 years lack this wording and are therefore redeemable in the stores only.) The "money" can also be used to cover the sales tax on the purchases, since it is accepted as cash after the taxes are calculated.
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Denominations
CTM coupons are currently produced in 5-cent, 10-cent, 25-cent, 50-cent, one-dollar, and two-dollar denominations. In addition, Canadian Tire money can now be earned electronically on Canadian Tire credit cards and the Canadian Tire Options MasterCard. The latter can be used wherever MasterCard is accepted and earns Canadian Tire money no matter where it is used to make a purchase (and at a preferential rate when used to make a purchase at Canadian Tire). Many customers find this to be a more convenient means of storing Canadian Tire money.
Trivia
An unusual incident occurred in Moncton, New Brunswick in late 2004, when several customers at a Canadian Imperial Bank of Commerce ATM were dispensed a total of 11 bills of Canadian Tire money instead of real bills. They were compensated by the bank. (Source: [1])
Contrary to popular belief, the man on the "money" is not Canada's first Prime Minister Sir John A. Macdonald; he is actually a fictional creation named Sandy McTire.
See also
External link
- Canadian Tire Currency — Canadian Tire Currency Picture Catalogue Index, 1958–2003 Issues
