Co-branded cards in Canada are a hot commodity, with names like Canadian Tire, Marriott Bonvoy, and Air Canada Aeroplan coming to mind. However, perhaps no brand has as much name recognition in Canada as Tim Hortons.
Though there has previously been a Tim Hortons co-branded credit card in the Double Double Visa Card, which was discontinued in 2019, we are pleased to see its resurgence in the new Tim Hortons Mastercard, issued in partnership with Tims Financial and Neo Financial.
Read on for our review.
Overview
Welcome Bonus
The Tims Mastercard currently has a welcome bonus in which new cardholders can earn a Tims digital gift card.
- Get a $20 digital gift card upon first purchase
The Tims Mastercard® is a no annual fee card that offers Tims Rewards points everywhere you shop – with up to 5 points per dollar on everyday essentials.
20 Tims Digital Gift Card
$0
$20+
$0
Yes
–
This offer has an expiry date of , so ensure you apply early enough to be approved by that date.
Eligibility
The Tims Mastercard has no annual personal or household income requirements.
Earning Rates
The Tims Mastercard earns Tims Rewards Points for all eligible purchases made on the card at the following rates:
- Earn up to 15 Tims Rewards points per $1 at Tim Hortons restaurants when you scan for Tims® Rewards.
- Earn 5 Tims Rewards points per $1 on groceries, gas, EV charging, transit, taxi, and rideshare purchases.
- Earn 1 Tims Rewards point per $2 on all other purchases.
Note that the 15 points per $1 includes the rewards earning rate from scanning the Tims Hortons app when making a purchase. The earn rate from just the Tims Mastercard is 5 points per $1. Tims Rewards points are valued at approximately 0.5 cents each, which amounts to a 2.5% return on spending.
The card has a spending cap, whereby you can earn at the elevated 5 points per $1 rate up to a maximum spend of CAD $20,000 per calendar year. After that, you will earn 1 Tims® Rewards Points per CAD $2 spent.
Annual Fee
The Tims Mastercard has no annual fee.
Benefits
As a no annual fee card, the benefits of the Tims Mastercard are modest, namely insurance coverage.
Insurance Coverage
The Tims Mastercard offers the following types of insurance coverage:
- Purchase Protection (90 days)
- Extended Warranty (1 year)
Refer to the Tims Mastercard insurance certificate for additional details, including terms and conditions for eligibility.
Redeeming Tims Rewards Points
You can redeem Tims Rewards points for your favorite Tim Hortons menu items. When redeemed for items on the Tim Horton’s menu, the redemption value ranges from 0.34 to 0.66 cents each, as displayed in the table below for a selection of popular menu items:
| Category | Product | Regular Price | Points Required for Redemption | Cents Per Point |
|---|---|---|---|---|
| Breakfast | Hashbrowns | $1.99 | 300 | 0.66 |
| Baked goods | Donuts | $1.49 | 300 | 0.50 |
| Baked goods | Bagels | $1.99 | 400 | 0.50 |
| Lunch | Sandwiches | $6.39 | 1,300 | 0.49 |
| Beverages | Brewed coffee or tea | $1.80 | 400 | 0.45 |
| Beverages | Iced Capp, Classic | $3.49 | 800 | 0.44 |
| Baked goods | Timbits, box of 10 | $2.99 | 800 | 0.37 |
| Breakfast | Breakfast sandwiches | $3.39 | 1,100 | 0.31 |
You can also redeem rewards points to lower the balance of your current billing cycle by redeeming for statement credit (up to $45 in statement credit every week) at a redemption value of 0.4 cents per point (1,250 Tims Rewards points = $5 statement credit).
Comparable Credit Cards
Simplii Financial Cash Back Visa Card
The Simplii Financial Cash Back Visa Card is a great alternative to the Tims Mastercard as it earns 4% cash back on purchases at restaurants, bars, and coffee shops. The card has no annual fee and as part of the Visa Network will see similar card acceptance rates at merchants.
The Simplii Financial Cash Back Visa card earns 4% cash back on purchases at restaurants, bars, and coffee shops on up to $5,000 in spending per calendar year.
Check out our Simplii Financial Cash Back card review for more details.
Earn when you apply through Frugal Flyer.
$80 cash back
$1,000
$140+
$0
Yes
–
The cash back earned as a statement credit with the card is only distributed annually in December, which can be a significant downside for some.
American Express Cobalt Card
The American Express Cobalt card is a very strong alternative as it earns 5 Membership Rewards points on grocery and restaurant purchases. Membership Rewards points are worth much more than 1 cent per point when transferred to partnered frequent flyer and hotel loyalty programs.
The American Express Cobalt Card gives cardholders the opportunity to earn 5x Membership Rewards on eligible restaurant, food delivery, and grocery store purchases.
Check out our American Express Cobalt card review for more details.
15,000 Membership Rewards points
$9,000
$300+
$191.88
Yes
–
On the flipside, the Cobalt card comes with a monthly fee and will see a lower card acceptance rate at merchants as it uses the American Express network.
Conclusion
It’s always nice to see new cards and new partnerships in the Canadian financial ecosystem, and the Tim Hortons name is one that all Canadians are familiar with. If you’re a frequent consumer of Tims coffee and other food products, the Tims Mastercard is an exciting new option for you to consider adding to your wallet, and with little downside as a no annual fee product.
Reed Sutton
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