Canadian tire money , officially Canadian tire 'money' , (CTM) is a loyalty program operated by Canadian Canadian retail network Ban Canada. It consists of a coupon, issued by the company, which resembles the original banknote. It can be used as a scrip at the Canadian Ban store, but is not considered a personal currency. The notes are printed on paper similar to what the Canadian currency prints when printed on original paper, and are co-produced by two long-established security printers, the British American Banknote Company (BABN) and the Canadian Bank Note Company (CBN). Some private-owned businesses in Canada accept CTM as payment (see history below), as many business owners like that shop at Canadian Tire. At the Canadian Ban shop, CTM is accepted for Canadian money at face value.
In April 2018, Canadian Tire announced that it will move on to Triangle Rewards, a card-based rewards program. However, consumers without a card will still get the Canadian Tire paper money.
Video Canadian Tire money
History and dynamics
The identifiable CTM aspect is the person displayed in front of each bill. According to Canadian Tire representatives, the fictitious characters represented are referred to as "Sandy McTire" and sport styled tam o 'shanter and mustache. He is based on no specific individual but is assumed to represent a frugal Scotsman, the Canadian Canadian blue-collar 1950s people.
It was introduced in 1958, and was inspired by Muriel Billes, the wife of co-founder and first president of Tire, Alfred J. Billes, in response to promotional gifts offered by many gas companies at the time. It was only available in the Canadian Tire gas bars but was so successful that, in 1961, it expanded into retail stores as well, and has become the most successful loyalty program in Canadian retail history. The posts on 'notes' refer to them as "cash bonus coupons".
Canadian Tire Money is granted for purchases paid in cash or debit, based on pre-tax amount, excluding supplies and store expenses. The initial coupon rate earned is 5% of the eligible purchase price, but is reduced to 3%, then to 1.4%, and now is 0.4%. Customers can use Canadian Tire Money to buy anything in the store. (Older coupons state that they can be redeemed at Canadian shops and gas stations, but coupons produced for at least the last 15 years do not have these words and can therefore be redeemed only in stores.)
It can also be used to cover sales tax on a purchase, therefore it is accepted as cash after tax is calculated. Also, even if the purchase is made entirely in this coupon, it is also considered a cash purchase and more coupons will be calculated and paid out.
In Ontario, the Retail Sales and Bulletin Act states that "vouchers must be replaced by franchisees". By sending it to other merchants, the merchants essentially violate Ontario law when they fail to include a discount in the value of the item calculated for taxes. Some merchants accept the Canadian Ban Money as a discount, but then do not calculate and submit sales tax, as required by law, and then fined for the practice; this is an ongoing issue.
In 2012, Canadian Tire started a pilot program to make "plastic" money, to make it a more manageable and trackable loyalty program. New plastic loyalty cards can earn points more than double that of traditional banknotes. According to customer service in July 2017, the purchase rate made with Canada's "Option" Ban card on in-store products was 4%. The reward rate for purchases in other stores is 0.8%.
Maps Canadian Tire money
Denomination
In 1958, five different denominations (consisting of 5 cents, 10 cents, 25 cents, 50 cents, and $ 1) were issued. The 1962 revision included the introduction of four lower grades (1 to 4 cents), and 12 higher denominations, including 35 and 60 cents. The six-denominational sequence introduced in 1985 included 3-cent, 5 cents, 10 cents, 25 cents, 40 cents, 50 cents, and $ 1. $ 2 bills added in 1989, and 3 cents dropped in 1991.
CTM coupons are now produced in fractions of 5 cents, 10 cents, 25 cents, 50 cents, one dollar, and two dollars. In addition, Canadian Tire Money can be obtained electronically on Canadian Tire credit cards such as Canadian Tire Options MasterCard. The latter can be used wherever MasterCard is accepted and produces Canadian Tire Money wherever it is used to make purchases, anywhere in the world. CTM is treated as a real currency by the franchise and can not be directly exchanged for real Canadian currency for customers. If an item purchased with Canadian Tire Money is returned, the customer receives a Canadian Tire Money back or is given an amount on the gift card. If an item is purchased with cash or card and refunded for refund, the customer receives a refund less the CTM value incurred on the item unless the CTM is also returned.
On December 2, 2009, as part of the advertised deal, Canadian Tire has distributed the first Canadian Tire coins, which can be redeemed for purchases of at least $ 40 merchandise. Another similar deal followed in 2010 (to coincide with the 2010 Winter Olympics), with a collection of three winter coins. Coins can be spent in the same way as conventional CTM.
Usage beyond Canada Ban
- At the end of 2004 in Moncton, New Brunswick, some customers at the Canadian Imperial Bank of Commerce ATM were awarded a total of 11 Ban Canadian bills, not real bills. They are compensated by the bank.
- Culturally, Canada Ban money is sometimes referred to by comedians: perhaps as a national version of "Monopoly money", perhaps using a comparison that undermines the value of the Canadian dollar against the US dollar, or perhaps as a misunderstood exotic element of Canadian society (see Ron James's comedic reference to the person described in the bill as "our king"). In the 2009 film trailer Park Boys Countdown Moving to Liquor Day, Jim Lahey offered Julian $ 700 in Canadian Tire for his trailer.
- In the mid-1990s, a man in Germany was caught up to $ 11 million in fake Canadian Tire money. It was restored before he left for Canada to redeem it. An Armenian man from Georgia also had a similar idea about fake scrip, and was caught with over 45 million fake coupons.
Special Issuances
The 10 cent note was released by the company between June 30 and July 2, 2017 to celebrate the 150th anniversary of the Canadian Confederation in 1867 as part of a national celebration.
See also
- Ban Canada Financial Services
- Loyalty program
- Numismatics
- Banknote
References
External links
- Canadian Ban 'Money' - Select 1958 expand the dashboard symbol - History, on the Canadian Ban website.
Source of the article : Wikipedia
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