Quick overview of the Secured Tims® Mastercard
The Secured Tims® Mastercard is a credit-builder credit card from Neo Financial and Tims Financial, the banking arm of Tim Hortons. The card is a no annual fee secured card, meaning that it requires a minimum security deposit of $50 or more to open an account, with that deposit acting as the credit limit. With on-time payments and responsible use, you can improve your credit score and gain access to better card offers in the future.
Who can benefit most from the Secured Tims® Mastercard
Using one of the best secured credit cards is a great way to establish a strong credit history. These cards are available without a hard credit check, meaning you can apply without having to worry about your credit score being impacted. The Tims Secured Mastercard is a great example of this card type, as it offers rewards, credit-building and no annual fee, all in one package.
Pros and cons
Pros
-
No annual fee: There’s no fee for using the card. Many secured credit cards feature an annual fee of $20 or higher
-
Build credit: Build credit with on-time payments and low credit use
-
No credit check: There is no hard inquiry when applying for the card
Cons
-
Low base earn rate: 0.25x points per $1 spent is a very low base rate
-
Limited insurance: The card provides only basic insurance protections
Secured Tims® Mastercard welcome bonus
The Secured Tims® Mastercard features the same straightforward welcome bonus as the Tims® Mastercard:
Get a $20 digital gift card upon first purchase with a new Tims Mastercard:
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 Secured Tims® Mastercard
The Secured Tims Mastercard earns versatile Tim Rewards Points on everyday purchases. Cardholders earn the following rewards on eligible purchases:
- Earn 2 points per $1 spent on groceries, gas, and transit
- Earn 12 points per $1 at Tim Hortons restaurants when you scan for Tims Rewards
- Earn 1 point per $4 spent on all other purchases
That earn rate is about half of what you can expect from the Tims® Mastercard. But, while half the rewards is frustrating, it’s still an impressive 2x on key categories, something not found with many other secured card options.
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 Secured Tims® Mastercard
- Establish a strong credit history: The card is a great tool for building a positive credit history. Making regular, on-time payments and maintaining low credit utilization with a secured credit card can help you build a strong credit profile. This is crucial for obtaining future credit cards, loans and mortgages and ensuring you get the lowest rate possible
- Earn solid rewards: The card earns up to 12x points on purchases. This breaks down as 12x for Tim Hortons purchases, 2x on gas, groceries, transit, rideshares and more
- 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 item, or use the points to pay down your card account balance
Related article: What’s the difference between a secured and an unsecured credit card?
Secured Tims® Mastercard insurance coverage
The Secured 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 offers:
- Extended warranty: 1 year
- Purchase protection: 90 days
Other benefits of the Secured Tims® Mastercard
The Tim Hortons 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 Secured Tims® Mastercard compare?
Secured Tims® Mastercard vs. Neo Secured Credit Card
Neo Secured Mastercard
2.7
Poor
Suggested credit scoreto receive the latest news, tips and offers by email
The Secured Tims® Mastercard is issued through Tims Financial and Neo. Neo Financial also issues a secured card option, the Neo Secured Credit Card. That card also requires a deposit of $50 or more, offers enhanced cash back with Neo partners, plus up to 4% back on everyday categories like streaming, food delivery and rideshares.
Pros
-
Low minimum security deposit
-
Cash back rewards on purchases
-
No hard credit check
Cons
-
High APR range
-
$5 monthly fee
-
Best cash back offer requires high balance
Eligibility
Poor
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Poor
Required Annual Personal Income
$0
Required Annual Household Income
$0
Up to 4%
Earn up to 4% on gas and groceries
up to 1%
Earn up to 1% on everything else
$680
Earn up to $680 in annual cashback
Earn up to 4% on gas and groceries
Up to 4%
Earn up to 1% on everything else
up to 1%
Earn up to $680 in annual cashback
$680
19.99% - 29.99%
Variable APR For Quebec 19.99%-24.99%
22.99% - 31.99%
Cash Advance APR For Quebec 22.99%-25.99%
$59
Annual Fee $5 monthly fee
Variable APR
19.99% - 29.99%
Cash Advance APR
22.99% - 31.99%
Annual Fee
$59
The Secured Tims® Mastercard is issued through Tims Financial and Neo. Neo Financial also issues a secured card option, the Neo Secured Credit Card. That card also requires a deposit of $50 or more, offers enhanced cash back with Neo partners, plus up to 4% back on everyday categories like streaming, food delivery and rideshares.
Pros
-
Low minimum security deposit
-
Cash back rewards on purchases
-
No hard credit check
Cons
-
High APR range
-
$5 monthly fee
-
Best cash back offer requires high balance
Eligibility
Poor
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Poor
Required Annual Personal Income
$0
Required Annual Household Income
$0
Up to 4%
Earn up to 4% on gas and groceries
up to 1%
Earn up to 1% on everything else
$680
Earn up to $680 in annual cashback
Earn up to 4% on gas and groceries
Up to 4%
Earn up to 1% on everything else
up to 1%
Earn up to $680 in annual cashback
$680
19.99% - 29.99%
Variable APR For Quebec 19.99%-24.99%
22.99% - 31.99%
Cash Advance APR For Quebec 22.99%-25.99%
$59
Annual Fee $5 monthly fee
Variable APR
19.99% - 29.99%
Cash Advance APR
22.99% - 31.99%
Annual Fee
$59
Secured Tims® Mastercard vs. Capital One Guaranteed Secured Mastercard
Capital One Guaranteed Secured Mastercard®
2.6
Poor
Suggested credit scoreto receive the latest news, tips and offers by email
Another option is the Capital One Guaranteed Secured Mastercard. Capital One is one of the biggest names in American credit cards and it’s now looking to make a name in Canada, with the Guaranteed Secured Mastercard its first credit-building option. The card lacks rewards and charges a $59 annual fee, however, making it a tough sell versus the Tims card.
Pros
-
Guaranteed approval for those with weak credit
-
Helps build or repair credit history with responsible use
-
Low annual fee
-
Purchase and travel benefits for available for those who qualify for the unsecured card version
Cons
-
High interest rate
-
Limited extra features for secured cards
-
Security funds are required for the secured version
Eligibility
Poor
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Poor
Required Annual Personal Income
$0
Required Annual Household Income
$0
21.9%
Purchase APR
21.9%
Balance Transfer Rate
21.9%
Cash Advance APR
$59
Annual Fee
Purchase APR
21.9%
Balance Transfer Rate
21.9%
Cash Advance APR
21.9%
Annual Fee
$59
Another option is the Capital One Guaranteed Secured Mastercard. Capital One is one of the biggest names in American credit cards and it’s now looking to make a name in Canada, with the Guaranteed Secured Mastercard its first credit-building option. The card lacks rewards and charges a $59 annual fee, however, making it a tough sell versus the Tims card.
Pros
-
Guaranteed approval for those with weak credit
-
Helps build or repair credit history with responsible use
-
Low annual fee
-
Purchase and travel benefits for available for those who qualify for the unsecured card version
Cons
-
High interest rate
-
Limited extra features for secured cards
-
Security funds are required for the secured version
Eligibility
Poor
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Poor
Required Annual Personal Income
$0
Required Annual Household Income
$0
21.9%
Purchase APR
21.9%
Balance Transfer Rate
21.9%
Cash Advance APR
$59
Annual Fee
Purchase APR
21.9%
Balance Transfer Rate
21.9%
Cash Advance APR
21.9%
Annual Fee
$59
Is the Secured Tims® Mastercard worth it?
The Secured Tims® Mastercard is a great option for anyone looking to build their credit history while earning rewards at the same time. The card’s modest security deposit (minimum of $50) is reasonable, particularly with some cards that require an initial deposit of $500. The addition of rewards is equally enjoyable, especially so since you can redeem those points for Tims’ goods instantly at any Tim Hortons location. Ultimately, it’s an intriguing secured rewards card that can help you build credit and advance on to more impressive offers down the line, like the American Express Cobalt®.
Eligibility requirements
The Secured Tims Mastercard is accessible to most Canadians. There is no stated minimum personal or household income required to qualify.
Conditions Apply
The Tims® Mastercard is issued by Neo Financial™ pursuant to license by Mastercard International Incorporated.
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.
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