Some Canadians bummed store’s paper money going electronic
May 21, 2012, 12:04 PM | Updated: Oct 11, 2024, 1:40 pm
The Loonie isn't the only wacky currency in Canada. It turns out many Canadians have been using promotional coupons printed by retailer Canadian Tire as an alternative currency for years. (Wikimedia: Tomasz Piwowarek)
(Wikimedia: Tomasz Piwowarek)
The Loonie isn’t the only wacky currency in Canada. It turns out many Canadians have been using promotional coupons printed by retailer Canadian Tire as an alternative currency for years. (Wikimedia: Tomasz Piwowarek) |
The Loonie isn’t the only wacky currency in Canada. It turns out many Canadians have been using promotional coupons printed by retailer Canadian Tire as an alternative currency for years.
“They introduced the tire money in ’58. So it’s been 54 years we’ve had it in our lives,” said Canadian folk singer Corin Raymond, in an appearance on 97.3 KIRO FM’s Ross and Burbank Show.
Raymond is currently using Canadian Tire money to record an album at a studio willing to take the bills just like cash.
“If I give him [the studio owner] $5,000 in Canadian Tire money, he’s not going to have trouble spending all that money,” said Raymond. “Canadian Tire is a place you can get anything.”
The currency comes in denominations of 5 cents, 10 cents, 25 cents, 50 cents, $1 and $2, and Raymond said there are lots of places in Canada that accept it.
“Here in Toronto for instance, there are several bars that accept tire money at par.”
But the paper bills in circulation today are being challenged by the company’s new rewards program.
The new program runs on a Canadian Tire ‘Money’ Advantage card, offering rewards not just for cash and debit purchases, which is when the paper bills are awarded, but also when customers make credit card purchases.
When the company announced the loyalty program change, they said it was in response to research that suggested their customers wanted a more convenient option.
For those still carrying the bills, Canadian Tire assures them their tire currency is still valid at the store.
“Yes, you can still redeem your paper Canadian Tire ‘Money’ at any time,” says the company’s website.
Customers can even use Canadian Tire paper money and Canadian Tire Money Advantage card points combined against the cost of the same purchase.
But while Canadian Tire’s research indicated people wanted an electronic option, Raymond who has $3,600 in paper Canadian Tire money saved up, told Ross and Burbank the new card option just won’t be the same.
“It’s part of our bloodstream,” said Raymond. “Everybody has some.”
Listen to discussion of Canadian Tire money on Ross and Burbank:
By JAMIE GRISWOLD, MyNorthwest.com Editor
