Tim Hortons says it plans to launch a credit card in Canada through its mobile app.
The popular quick service restaurant chain has created a new operating unit called “Tims Financial” and plans to offer a Mastercard credit card that will have no annual fee.
The company said its credit card will be available for Canadians to apply for later this summer, though consumers can immediately add their name to a waitlist on the Tims Financial website.
Through the credit card, customers will be able to earn rewards points on most purchases, including gas and groceries, as well as extra points at Tim Hortons restaurants.
About five million Canadians use the Tim Hortons app each month.
Other companies have also been pushing into credit cards. Canadian Tire (CTC), for example, offers a Mastercard rewards credit card.
Tim Hortons says it also plans to offer a second version of its credit card to students and newcomers to Canada who have little or no credit history.
Customers will be able to link the credit card to a digital wallet such as the Apple Wallet and receive a physical card, according to the company.
Tim Hortons is owned by Toronto-based Restaurant Brands International (QSR). So far this year, Restaurant Brands’ stock has gained 14% to trade at $100.51 per share.
