Canada’s red-hot inflation rates have pushed up the price of nearly everything, from meat to gas to furniture. And with supply chains and labour markets still disrupted and the Bank of Canada scrambling to draft an adequate plan, it doesn’t look like inflation will ease before the end of the year (or the next).
For Canadians struggling to adjust to new prices, this might be bad news. But there is some hope. With the earnings on a rewards or cashback credit card, you could keep inflation rates at bay. How does that work? Let’s take a look at one of Canada’s finest rewards card (the Canadian Tire Triangle Mastercard) and find out.
1. Gas
If there’s one place where Canadians are feeling inflation the most, it’s at the pump. Canadians are now paying 33 cents more per litre than last year, with some cities seeing all-time highs from $1.45 to $1.62 per litre.
While the Canadian Tire Triangle Mastercard won’t earn you 33 cents per litre, it will earn you five cents at eligible Husky and Gas+ gas stations. Five cents may not sound like a lot, but if you fuel up often, those rewards can start to add up.
2. Groceries
If gas isn’t a concern, surely groceries are. According to Statistics Canada, the average cost of meat has soared since last year. Sirloin steaks are 12% more expensive, wieners are 13% higher, and even bacon is 14% more costly.
But inflation isn’t limited to just meat products. According to BetterCard, a data mining company that closely examines food prices, potatoes are 25.6% costly and even butter is 19.1% more expensive than last year.
That said, the Canadian Tire Triangle Mastercard could help you cut into inflation by earning you 1.5% cashback on all grocery purchases (excluding Walmart and Costco). Again, while 1.5% back on a steak that costs 12% more than last year may not seem like a great deal, the cumulative force of your grocery bills will help you earn enough to combat inflation. Not all grocery products have gone up in price (vegetables have actually gone down), and if you’re earning money on all grocery products, you can start to level out the higher prices.
To be fair, the 1.5% on the Triangle Mastercard isn’t super lucrative. In fact, you can find cashback cards and rewards cards with 4%, even 5%, back on groceries. As long as you meet the requirements for these cards (high credit scores), they might better serve you in the long run.
3. Canadian Tire products
Finally, we can’t leave out the slew of products that you can buy at Canadian Tire, from cleaning products to furniture to car supplies, which have been affected by inflation, too. With a Canadian Tire Triangle Mastercard, you’ll earn 4% back on all these purchases. Your earnings come to you in the form of Canadian Tire Money, which you can then use at participating retailers.
Is the Canadian Tire Triangle Mastercard right for you?
The Canadian Tire Triangle Mastercard is ideal for Canadians who shop frequently at Canadian Tire and buy gas at Husky or Gas+ stations. Because your earnings will come to you in the form of Canadian Tire Money, you’ll benefit the most from this card if you buy most of your products there.
For Canadians who don’t shop at Canadian Tire, you can still use one of Canadian’s best rewards cards or cashback cards to fight inflation. Choose a card that will reward you more points or cashback for your spending and you could amass some serious rewards during this heavy inflationary period. Pro tip: save your cashback for when inflation rates and prices drop and you’ll put more spending power behind them.
