Is the Triangle Mastercard Really As Easy To Get As They Claim?

The Triangle Mastercard has been heavily advertised as an “easy-to-get” credit card with great rewards and benefits But is it really as easy to qualify for as they claim? I decided to dig into the fine print and apply for the card myself to find out

An Overview of the Triangle Mastercard

The Triangle Mastercard is issued by Canadian Tire Financial Services It offers the following highlights

• No annual fee
• Can earn up to 3% in Triangle Rewards on purchases
• New cardholders get 10,000 bonus Triangle Rewards points (worth $10)
• 0% intro APR on purchases for 12 months

On the surface it appears to be a decent no-fee cashback credit card. But what really caught my attention was their advertising about how “easy” it is to get approved even if you have no credit history.

I have seen many versions of their ads stating things like:

• “Easy to get approved!”
• “Apply now even if you have no credit history!”
• “Get approved today!”

Is it really that simple to get this card, even if you have bad credit or none at all? I chose to find out.

My Credit Profile

Before applying, let’s look at my credit profile which could be considered “subprime”:

• Credit score: 580
• Age of credit history: 1 year
• Number of accounts: 1 credit card
• Credit usage: 90% credit utilization
• Negative marks: 1 missed payment on record
• Income: $40,000 per year

However, Triangle Mastercard’s ads say that I should still have a good chance of being approved, right? Let’s find out!

Step 1: Starting My Application

I clicked “Apply Now” on the Triangle Mastercard website. ” The application asked for some basic information first:

• Name
• Address
• Date of birth
• Social insurance number

I entered my accurate information. So far, so good – nothing too intrusive yet.

Step 2: Employment and Income Details

Next, it asked about my employment status and income:

• I selected “Employed”
• Entered my annual income as $40,000

I was glad income wasn’t a required field. I assume providing income improves your chances though.

Step 3: Providing My Credit Profile Details

This is where things got more detailed – and concerning. The application asked me to provide:

• My credit score range (I selected 550-599)
• Total number of credit cards (I said 1)
• Total credit card balance (I entered $9,000)
• Credit limit on my card ($10,000)

I was surprised at the level of credit detail they asked for. I provided accurate numbers even though it highlighted my poor credit management.

Step 4: Reviewing My Application

Finally, I arrived at the review page. Everything I had entered over the past 15 minutes was summarized.

I noticed near the bottom in smaller print:

“Acceptance of your application is based on Canadian Tire Bank pre-screening criteria and verification of the information you have provided.”

The phrase “pre-screening criteria” concerned me. But I remained hopeful and submitted my application.

The Verdict: Application Denied

After submitting, I awaited the decision. Within 2 minutes, I received a message that my application was denied.

They provided a general reason that I did “not meet the criteria” but gave no specifics.

I was surprised and disappointed. Based on their marketing, I thought I’d at least have a shot with my credit profile. But I was denied faster than with most other cards.

Asking For Reconsideration

As a last-ditch effort, I called their reconsideration line. I explained I was surprised my application was declined given their advertised “easy” approval process.

The representative was polite but firm – he said my recent missed payment and high utilization disqualified me at this time. He suggested I re-apply in 6 months if those factors improve.

While frustrating, at least I got specific reasons for the denial this time. It seems their advertised “easy approval” really only applies to people with fair credit or limited history.

The Final Verdict: Not As Easy As Advertised

In the end, my experiment confirmed the Triangle Mastercard’s “easy approval” claims are misleading. Applicants with bad credit or no history face the same scrutiny as with most other cards.

If you have poor credit, your chances of approval are very low. This card ultimately relies on the same qualifying criteria as competitors when it comes to riskier borrowers.

However, if you have fair credit or limited history, it does seem plausible to get approved based on other reviews online. But for subprime borrowers, it’s certainly not as easy as advertised.

My advice – if you have poor credit, don’t get your hopes up about an “easy” approval. Take steps to improve your credit first before applying. With some time and discipline, you can work towards qualifying for this card and others down the road.

About Triangle Rewards Program

While I was disappointed not to get approved, I looked deeper into their rewards program to understand the potential benefits:

• Earn 1% in Triangle Rewards points on all purchases
• Earn 3% in Triangle Rewards points at Canadian Tire Gas+ locations
• Earn 1.5% in Triangle Rewards points at Mark’s and SportChek
• Points can be redeemed at over 500 Canadian Tire retail locations

For frequent Canadian Tire shoppers, the ability to earn rewards on gas and other categories can add up nicely.

Based on my research, here are a few of the best things to redeem Triangle Rewards points on:

• Canadian Tire Money – 92 points = $1 CT Money
• Instant Savings – 92 points = $1 off at checkout
• Groceries – 185 points = $10 grocery gift card
• Travel – 370 points = $100 travel voucher

Closing Thoughts

While the Triangle Mastercard’s approval process wasn’t as “easy” as advertised for subprime borrowers like myself, it can still be a decent no-fee cashback card for those who qualify. If you frequently shop at Canadian Tire and have fair credit, it may be worth considering.

Just don’t assume approval will be a complete cakewalk if you have bad credit or no history. Be prepared for them to review your application closely instead of taking their marketing promises at face value. With some work to improve your credit, the Triangle Mastercard may be in reach down the road.