Credit Cards

Canadian Tire is a Canadian general merchandise retailer, known for automotive, home, hardware, and garden products. It also operates a chartered bank, Canadian Tire Bank.

In its most recent quarter, Canadian Tire earned $119.9 million, $55 million of this (46%) from its financial services (credit card) division. Because financial services are the fastest growing part of its business, it's eager to expand in this area.

A few weeks ago, Vera and I were at Canadian Tire shopping for a new steam iron.  A store employee came by with a clipboard, mentioning a store promotion.  I didn't pay too much attention, wanting to know instead why the price on the steam iron display was different from the price on the box below.  The employee asked for my driver's license, wrote down my name and address, had me sign a form, and said I'd hear from them in about two weeks.  Then she helped with my purchase.

Last thursday I received a Canadian Tire MasterCard from Canadian Tire Bank.  Not much to that.  No questions asked. I assume that they had checked more than the information I had given them.

On the other hand, my nephew Patrick, who lives in Taiwan, has had difficulties getting a credit card from the largest bank in Taiwan, Chinatrust Commercial Bank, although he's employed and has a good credit record.  So have a number of his friends.  Apparently, they are apprehensive about granting cards to "foreigners", who they think might leave and not pay their debts, even though they are permanent residents of Taiwan.

CTCB prides itself on being international, on its excellent service, and on the many awards it has won.  It operates twelve branches in the U. S., three branches in Vancouver, and appears eager to expand its services world-wide.  How does it do this by discriminating against "foreigners" in Taiwan?  I would think these are customers they would want to cultivate.  They might encourage contacts in their country of origin to bank at CTCB.

Canada had been very welcoming to immigrants from Taiwan and Asia.  The only requirement for a "permanent resident" to become a citizen is that they reside in Canada for three years and demonstrate some knowledge of Canadian institutions.  I suspect many Taiwanese-born hold dual Canadian citizenship.  How many Canadian or U. S.-born hold dual Taiwanese citizenship?  How many Taiwanese "permanent residents" in Canada or the U. S. are refused credit cards, because of where they were born?  Time for CTCB to lighten up and forget the stereotypes.  They might find it good business.