Quick overview of the Tims® Mastercard
The Tims® Mastercard is a retail rewards credit card from Tim Hortons, its financial arm, Tims Financial, and card issuer Neo Financial. The card rewards Tim Hortons lovers everywhere with up to 15 points on Tims purchases, up to 5 points on a variety of “everyday” categories, like gas, groceries, transit and more, for no annual fee.
Who can benefit most from the Tims® Mastercard
The Tims® Mastercard from Neo Financial is designed to appeal to a wide range of Canadians. Whether you're a frequent visitor to Tim Hortons or simply someone who enjoys earning rewards on everyday purchases, this card offers something for everyone.
Pros and cons
Pros
-
No annual fee: No fee for being a card member
-
Up to 15x points: Earn 15x points per $1 spent at Tim Hortons and up to 5x elsewhere
-
Welcome bonus: Simple, easy to reach $20 value welcome bonus for new accounts
Cons
-
Low base earn rate: 0.5x points per $1 spent is a very low base rate
-
Limited insurance: The card provides only basic insurance protections
Tims® Mastercard welcome bonus
The Tims® Mastercard comes with an easy-to-reach welcome bonus for new accounts:
- Get a $20 digital gift card upon first purchase with a new Tims Mastercard
This welcome bonus requires meeting minimum spending requirements, but those are straightforward and the majority of applicants will have no trouble reaching the targets:
Get a $20 digital gift card upon first purchase with a new Secured Tims Mastercard from October 16, 2024, to November 30, 2024. To receive the Welcome Offer, your first purchase must be made within 30 days of your Tims Mastercard account activation.
How to earn rewards with the Tims® Mastercard
The Tims® Mastercard by Neo is a versatile everyday rewards credit card. As such, it prioritizes giving you a robust selection of bonus categories in which to earn points. Beyond the points for your coffee, muffins or Timbits, Tims® Mastercard cardholders earn the following rewards on eligible purchases:
- Earn 5 points per $1 spent on groceries, gas, and transit
- Earn 15 points per $1 at Tim Hortons® restaurants when you scan for Tims® Rewards
- Earn 1 point per $2 spent on all other purchases
The rewards with the Tims® Mastercard are generous when you compare it with other offers. The card’s up to 5x outside of Tim Hortons is double the top rewards of the MBNA Amazon.ca Rewards Mastercard, for example. It’s a pretty similar rewards structure you’ll find with the premium tier of the Neo Credit Card, too, but Tims has added a few extra bells and whistles to make it just that little bit more exciting.
How to redeem
Redeeming Tims Rewards is a simple process. You can convert your Tims Rewards Points into your favourite items at Tim Hortons or apply them towards reducing the balance of your current billing cycle, with the potential to receive up to $45 in statement credit every week.
Key benefits of the Tims® Mastercard
- No annual fee: The Tims® Mastercard charges no annual fee. For a card with quality rewards on everyday purchases, the no annual fee is a great perk that can save you money.
- Generous rewards: And the rewards with the card are generous, indeed. The ability to earn up to 5x on “everyday” categories like gas, groceries, taxis, rideshares and more, is exceptional. Getting up to 15x when getting your morning coffee at Tim Hortons is another great treat, though the baseline 1x earn rate is something of a disappointment.
- Simple redemptions: If earning rewards is easy, redeeming them is even easier. You can use your Tims Rewards at the counter or drive-thru for any menu, or use the points to pay down your card account balance.
Tims® Mastercard insurance coverage
The Tims® Mastercard only provides the most basic insurance protections. Cardholders enjoy access to purchase protection and extended warranty coverage but lacks the travel and emergency insurance found with more premium card offer:
- Extended warranty: 1 year
- Purchase protection: 90 days
The Tims credit card is comparable to other no annual fee credit cards when it comes to insurance. Both the BMO CashBack Mastercard and Tangerine Money-Back Card provide the same insurance protection, meaning you likely won’t be missing out with insurance if you opted for the Tims® Mastercard.
Other benefits of the Tims® Mastercard
The Tims® Mastercard, powered by Neo, is accepted anywhere Mastercard is accepted. Other benefits include real-time spending notifications, access to the Tims Financial mobile app, digital wallet compatibility through Apple Pay and Google Pay and more.
How does the Tims® Mastercard compare?
Tims® Mastercard vs. Neo Credit Card
Neo Mastercard
2.2
Fair
Suggested credit scoreto receive the latest news, tips and offers by email
The Neo Card is also issued through Neo Financial and charges $0 annual fee. Unlike the Tims credit card, the Neo card gets its best rewards with a premium subscription. Neo Premium provides comprehensive insurance, enhanced cash back on average when shopping with Neo partners and more for a service charge.
Pros
-
No annual fee
-
Cash back rewards on purchases
-
Even more cash back potential with 10,000 Neo partners
Cons
-
Potentially high APR
-
Tiered cash back rates make it harder to unlock max earn rates
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
Up to 4%
Earn up to 4% cashback on gas and groceries, no matter where you pay for them.
Up to 1%
Earn up to 1% cashback on everything else
Up to 15%
Earn up to 15% cashback at participating partners with new offers added regularly.
Up to 5%
Visit any of Neo's 10,000 partners and earn an additional average of 5% cashback on top of your everyday cashback.
Earn up to 4% cashback on gas and groceries, no matter where you pay for them.
Up to 4%
Earn up to 1% cashback on everything else
Up to 1%
Earn up to 15% cashback at participating partners with new offers added regularly.
Up to 15%
Visit any of Neo's 10,000 partners and earn an additional average of 5% cashback on top of your everyday cashback.
Up to 5%
19.99% - 29.99%
Variable APR 19.99%-24.99% for Quebec residents
22.99% - 31.99%
Cash Advance APR 22.99%-28.99% for Quebec residents
$0
Annual Fee
Variable APR
19.99% - 29.99%
Cash Advance APR
22.99% - 31.99%
Annual Fee
$0
The Neo Card is also issued through Neo Financial and charges $0 annual fee. Unlike the Tims credit card, the Neo card gets its best rewards with a premium subscription. Neo Premium provides comprehensive insurance, enhanced cash back on average when shopping with Neo partners and more for a service charge.
Pros
-
No annual fee
-
Cash back rewards on purchases
-
Even more cash back potential with 10,000 Neo partners
Cons
-
Potentially high APR
-
Tiered cash back rates make it harder to unlock max earn rates
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
Up to 4%
Earn up to 4% cashback on gas and groceries, no matter where you pay for them.
Up to 1%
Earn up to 1% cashback on everything else
Up to 15%
Earn up to 15% cashback at participating partners with new offers added regularly.
Up to 5%
Visit any of Neo's 10,000 partners and earn an additional average of 5% cashback on top of your everyday cashback.
Earn up to 4% cashback on gas and groceries, no matter where you pay for them.
Up to 4%
Earn up to 1% cashback on everything else
Up to 1%
Earn up to 15% cashback at participating partners with new offers added regularly.
Up to 15%
Visit any of Neo's 10,000 partners and earn an additional average of 5% cashback on top of your everyday cashback.
Up to 5%
19.99% - 29.99%
Variable APR 19.99%-24.99% for Quebec residents
22.99% - 31.99%
Cash Advance APR 22.99%-28.99% for Quebec residents
$0
Annual Fee
Variable APR
19.99% - 29.99%
Cash Advance APR
22.99% - 31.99%
Annual Fee
$0
Tims® Mastercard vs. Scotia Momentum No-Fee Visa Card
Scotia Momentum® No-Fee Visa* Card
3.0
5% cash back
Welcome offerFair
Suggested credit scoreEarn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0)
Expires
Nov 1, 2025
Pros
-
No annual fee: The card does not charge an annual fee, making it cost-effective for users.
-
Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.
-
Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.
-
Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).
-
Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.
Cons
-
Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.
-
Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.
-
Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.
-
Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.
-
Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.
-
Limited perks: Compared to other no-fee cards, the Scotia Momentum No-Fee Visa Card offers fewer perks and lower reward rates.
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
1%
Cash back on all other eligible purchases.
0.5%
Off base rates at Avid and Budget locations in North America.
25%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee $0 for each additional card
2.5%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee: The card does not charge an annual fee, making it cost-effective for users.
-
Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.
-
Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.
-
Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).
-
Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.
Cons
-
Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.
-
Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.
-
Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.
-
Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.
-
Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.
-
Limited perks: Compared to other no-fee cards, the Scotia Momentum No-Fee Visa Card offers fewer perks and lower reward rates.
Eligibility
Fair
Recommended Credit Score
Recommended Credit Score
Fair
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
1%
Cash back on all other eligible purchases.
0.5%
Off base rates at Avid and Budget locations in North America.
25%
19.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$0
Annual Fee $0 for each additional card
2.5%
Foreign Transaction Fee
Purchase APR
19.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
The Scotia Momentum No-Fee Visa Card is another $0 annual fee credit card that offers rewards on things like groceries, gas stations, drugstores, recurring bill payments and more. That bonus rewards rate is just 1% back on those categories, with 0.5% back on all other purchases, however.
Disclosures:
- *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Is the Tims® Mastercard worth it?
So, is the Tims® Mastercard worth it? While it may not be the best credit card option compared to others in the market, it could be worth considering if you are a frequent Tim Hortons customer who visits multiple times a week. However, if you prefer more lucrative and flexible redemption schemes, there are likely other credit cards available that could better suit your needs.
Eligibility requirements
The Tims® Mastercard is accessible to most Canadians. There is no stated minimum personal or household income required to qualify, although you'll need a Good credit score. If your credit isn’t at that level you can opt for the Secured Tims® Mastercard, also from Neo Financial.
Disclosures:
Conditions Apply
The Tims® Mastercard is issued by Neo Financial™ pursuant to license by Mastercard International Incorporated. Mastercard and the circles design is a trademark of Mastercard International Inc. Tims Financial is a registered trademark of Tim Hortons Canada.
Welcome Offer Terms:From October 16, 2024, to November 30, 2024, new customers who apply and are approved for the Tims Mastercard are eligible to receive a $20 CAD Tims Gift Card via email upon their first purchase with their new Tims Mastercard, (the “Welcome Offer”). To receive the Welcome Offer, your first purchase must be made within 30 days of your Tims Mastercard account activation. It can take up to 24 hours from the time of first purchase for the Welcome Offer to be processed and emailed. There is a limit of one Welcome Offer per person, per account, and it cannot be combined with any other offers. This Welcome Offer is subject to the Tims Rewards Terms and Conditions and the Tims Rewards – Tims Mastercard Offer Terms and Conditions.
FAQs
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
Compare the best rewards credit cards
Compare the best rewards credit cards
Latest Articles
Disclaimer
The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.