News Releases
BMO Bank of Montrealòand Canadian Tire Financial Services have partnered to launch the new Canadian Tire Commercial Link™ MasterCard®* card for business customers.
The new commercial card, which will be distributed through Canadian Tire Retail store locations, is designed for businesses that require a credit card to pay for their purchases everywhere MasterCard is accepted, including Canadian Tire stores and gas bars. The new commercial card will replace the current Canadian Tire Business Class Commercial Card starting July 28, 2004. This card is held by more than 50,000 active Canadian Tire business customers.
The new Canadian Tire Commercial Link™ MasterCard®* card offers business customers the benefits of BMO Bank of Montreal’s commercial MasterCard capability and exclusive Canadian Tire benefits. From a no-fee card option, enhanced online reporting and expense management to exclusive Canadian Tire gasoline discounts and Canadian Tire™ CashBack® rewards, the new card supports Canadian Tire Financial Service’s objective of providing innovative services and products to its customers and reinforces BMO Bank of Montreal’s position as Canada’s second largest small-business bank.
“Canadian Tire has a strong history of providing innovative financial services and products to our customers as one of the country’s largest issuers of MasterCard. Working with BMO Bank of Montreal, who have excellent commercial card issuing capabilities, will allow us to provide a strong offering to business customers while allowing us to focus our significant consumer expertise on our strategic Options™ MasterCard®* platform,” said Tom Gauld, President, Canadian Tire Financial Services.
“BMO is extremely pleased to be aligning with one of Canada’s pre-eminent retailers to offer its business customers the conveniences and benefits of a commercial MasterCard,” said Randy Ford, Managing Director, Cardholder Services, BMO Financial Group. "With the growth of online purchasing and the demands to improve productivity, many businesses have adopted commercial cards for business payments, replacing cash, cheques and purchase orders. We are really excited that more businesses will come on board via their special relationship with Canadian Tire. What’s more, with the option to revolve on the new card, BMO Bank of Montreal will also continue to provide small businesses access to the commercial credit they need for cash flow management.”
Among the benefits of the new Canadian Tire Commercial Link MasterCard card are:
- Canadian Tire CashBack rewards on all business purchases made with the card. Canadian Tire CashBack rewards will be credited to eligible accounts on an annual basis.
- $0.02 per litre discount for gas purchases at Canadian Tire Petroleum gas stations when paid with the Canadian Tire Commercial Link MasterCard.
- A no annual fee and a fee option for accelerated reward accumulation rate (at $65 owner/$5 employee card fee)
- Acceptance at all Canadian Tire Retail stores and Canadian Tire Petroleum gas bars, and all other MasterCard-accepting locations in Canada, U.S. and 210 countries worldwide.
- Up to $50,000 business credit.
- Option to pay just 3% of balance every month.
- One-page application form (online application in fall 2004)
- 24-hour access to the internet account management solution - Canadian Tireô details Online® - to access statements, new transactions, enhanced transaction details (such as Canadian Tire purchases and fuel purchases) plus enhanced tools like transaction allocation to cost centre or general ledger, split, export to business software.
- Business-owner managed account with distinct employee card limits as delegated by the business owner.
- Payment convenience via web banking, telephone or pre-authorized debit in addition to mail in of a cheque.
BMO Bank of Montreal is a member of BMO Financial Group (TSX, NYSE: BMO), one of the largest financial services providers in North America and one of the top commercial card issuers in Canada. BMO Financial Group serves clients across Canada and in the United States through its Canadian retail arm, BMO Bank of Montreal; through Chicago-based Harris, a major U.S. mid-west financial services organization; and through BMO Nesbitt Burns, one of Canada’s leading full-service investment firms. It is the second largest small business banker in Canada and one of the largest in North America.
Canadian Tire Corporation, Limited (TSX: CTR.a, CTR) operates nearly 1,100 stores, gas bars and car washes in an inter-related network of businesses engaged in retail, financial services and petroleum. Canadian Tire Retail, with 453 stores operated by Associate Dealers across Canada, is one of the country’s most-shopped retailers, offering a unique mix of products and services through three specialty categories in which the organization is the market leader – Automotive, Sports and Leisure, and Home Products. www.canadiantire.ca offers Canadians the opportunity to shop online. PartSource is an automotive parts specialty chain with 40 stores designed to meet the needs of major purchasers of automotive parts – professional automotive installers and serious do-it-yourselfers. Canadian Tire Petroleum is one of the country’s largest and most productive independent retailers of gasoline, operating 243 gas bars and 52 car washes. Mark's Work Wearhouse is a specialty retail organization that operates 322 stores in Canada, selling work and work-related apparel and footwear. www.marks.com offers Canadians the opportunity to shop online. Canadian Tire Financial Services manages related financial products and services for retail and petroleum customers, and also markets other value-added products to our customers.
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