Tim Financial, the financial services division of Tim Hortons, offers a secured credit card for those trying to build their credit score without paying annual fees.
Applicants do not undergo hard credit checks and, once approved, can earn reward points that can be redeemed for their fave Tims treats or as a statement credit towards their balance when purchasing using their card.
This Secured Tims Mastercard review covers everything you need to know about this secured card, including its benefits, downsides, and application process.
Key Takeaways
- The credit limit of this secured card ranges from $50 to $10,000, depending on how much your security deposit is.
- Quebec residents can only access a secured Tims credit card if they don’t qualify for the unsecured version. Everyone else can apply for this card directly.
- The Tims Rewards can let you earn cashback up to 6% of your purchases as statement credit.
Secured Tims Mastercard Summary
The Secured Tims Mastercard has no annual fee and offers access to a $50 to $10,000 credit limit depending on how much your deposit is as security funds. It provides extended warranty, purchase protection, and rewards on eligible purchases.
This secured card charges anywhere from 20.99% to 26.99% APR for purchases and 22.99% to 27.99% for cash advances. For those in Quebec, it charges 20.99%-24.99% for purchases and 22.99%-24.99% for cash advances.
Secured Tims Mastercard Benefits
These are the benefits of having a Tims secured credit card.
No Credit Check
The biggest benefit of the Secured Tims Mastercard is that it doesn’t require a hard credit check. This means those with no credit history or who have low credit scores, such as newcomers or students, won’t have trouble applying for this card.
Note: This doesn’t apply to Quebec residents.
No Annual Fee
Just like the unsecured version, the Secured Tims Mastercard has no annual fee, making it an ideal option for those who want to build their credit and earn rewards without spending extra.
Extended Warranty
Most items purchased using a secured Tim Hortons credit card have an extended manufacturer’s warranty for up to one year. Repairs and replacements are offered. Reimbursements are up to $1,000 per incident.
Purchase Protection
Most items you buy using this secured credit card are protected for 90 days after the purchase date. During this time window, you can request your damaged or lost items to be repaired, replaced or reimbursed.
Build your Credit History
Your Secured Tims Mastercard transactions will help you build your credit score, provided that you diligently repay your balances and do not abandon your outstanding debt.
Earn Rewards
With this secured card, you can earn points per eligible dollar you spend. You can redeem your points for your faves at Tim Hortons or convert them to statement credits (more on this later).
Downsides of the Secured Tims Mastercard
These are the main downsides of using a Secured Tims Mastercard.
Deposit cash upfront
To use this secured credit card, you must deposit $50 to $10,000 upfront as security funds. The amount you deposit will be equal to your credit limit, so this card isn’t suitable for those who need a credit card to cover extra expenses.
High interest rates
The Secured Tims Mastercard charges 20.99%–26.99% interest for purchases and 22.99%–27.99% for cash advances, which are some of the highest interest rates you can expect from credit cards.
For Quebec residents, the maximum interest rate for purchases is 24.99%, and it’s 25.99% for cash advances.
Secured Tims Mastercard Application and Requirements
The Secured Tims Mastercard application process is as simple as installing the Tim Hortons app and completing the sign-up process on the screen in minutes.
To be eligible for this card, you must meet the following Secured Tims Mastercard requirements:
- Be part of the age of majority in your province or territory
- Have a Canadian residential address
- Own a Canadian ID
- Be able to deposit security funds
Residents of Quebec cannot purposely apply for this card. Only Quebec residents who are not qualified for the Tims Mastercard will be offered a secured version.
Tim Hortons Rewards
With your Secured Tims Mastercard, you can earn Tims Rewards Points everywhere you shop. The table below shows how many points you can earn per purchase type.
| Purchase Type | Earned Points |
| Groceries | 2 points per $1 |
| Gas & EV Charging | 2 points per $1 |
| Transit, Taxi, & Ridesharing | 2 points per $1 |
| Tim Hortons Restaurants | 12 points per $1 |
| Everyday Purchases | 1 point per $4 |
There are two ways to enjoy your Tims Reward Points: by redeeming them for Tim Hortons treats and by converting them to statement credits.
1,250 points are worth $5 statement credits on your secured credit card. When buying from Tim Hortons, where you can get 12 points per dollar spent, that’s about a 6% return on your spending.
Is the Secured Tims Mastercard Safe and Legit?
The Secured Tims Mastercard is as safe and legitimate as any other credit card. Tims Financial created this financial product in collaboration with trusted providers in the finance industry, such as Neo Financial and Mastercard.
Moreover, the app for this card is encrypted, features a two-factor authentication process, and allows users to freeze/unfreeze their cards as needed. With Zero Liability Protection, Tims secured credit card users also won’t be liable for unauthorized purchases.
Secured Tims Mastercard vs Tims Mastercard
These are the main differences between the unsecured and secured versions of the Tims credit card:
- Hard Credit Check: The Secured Tims Mastercard doesn’t approve applicants based on their credit scores (through a hard credit check), while the unsecured version does.
- Credit Limit: With the Secured Tims Mastercard, your credit limit is limited to the amount of security funds you’ve deposited. A Tims Mastercard’s credit limit is not dependent on any security deposits, which is why its credit limits are often higher.
Secured Tims Mastercard Alternatives
Here are the two best alternatives to the Secured Tims Mastercard.
KOHO Prepaid Mastercard
This card is approved regardless of your credit score and can be used to build credit. In addition, it offers cash back rates of up to 5% and includes a free budgeting app.
You can get it for free here, plus a $40 welcome bonus.
KOHO Prepaid Mastercard
$40 welcome bonus after first purchase (use GETCASH promo code during sign-up)
$0 monthly fee*
Earn up to 5% unlimited cash back
Get up to 4% savings interest on your balance
Unlimited Interac e-Transfers and debit transactions
Free budgeting app and access to credit building
Neo Secured Credit Card
This secured credit card is very similar to the Secured Tims Mastercard. Applicants won’t be subjected to hard credit checks; you can deposit $50 to $10,000, and you’ll get to build your credit score.
Depending on the plan you choose (free or paid), you can earn up to 5% cash back when using the Neo secured card.
Neo Secured Credit
Rewards: Earn up to 5% cash back on purchases at Neo partner stores.
Welcome offer: $25 welcome bonus.
Interest rates: 19.99% – 29.99% for purchases; 22.99% – 31.99% for cash advances.
Annual fee: $60
Credit limit: Starts at $50.
Credit score required: Poor or bad credit score.
Home Trust Secured Visa Card
This secured visa card gives you a $500 to $10,000 credit line, depending on how much you deposit for your security funds. If you opt for the free version, you’ll incur a 19.99% interest rate, but when you pay an annual fee of $59, you can enjoy a lower 14.90% APR.
Home Trust reports your payment history monthly to the credit bureau to build your credit score.
Is the Secured Tims Mastercard Worth It?
For those with bad or no credit scores, such as newcomers or students, the Secured Tims Mastercard can be worth it in building your credit score. It has more benefits than prepaid cards, for example, and lets you enjoy rewards that can potentially lower some of your expenses.
FAQs
Can I use the Tim’s credit card outside Canada?
Yes. As a Mastercard, the Tim’s credit card can be used internationally. Just look for establishments that accept Mastercards.
What is the credit limit on the Tim Hortons credit card?
The maximum credit limit on the Secured Tims Mastercard credit card is $10,000, as that’s the maximum security fund you can deposit. The unsecured version may have higher limits, depending on your credit history.
Is the Tims credit card easy to get?
Yes, the unsecured version of the Tims credit card is easy to get. Regardless of your credit score, you’ll likely be approved to get this card if you meet their eligibility requirements.
