It has been a long time coming. Since 2013 Tangerine gave hints that they will be coming out with a credit card “soon”. They started off with a preview of the credit card in 2015, where existing clients can register to get a chance to obtain the credit card before it goes public.
Many people managed to get the credit card during the preview period, but now, the Tangerine Money-Back Credit Card is now available to everyone.
- No annual fee
- Up to 5 supplementary cardholders
- Earn 4% cash back on a select group of categories for 93 days (if you apply between March 29, 2016 and June 27, 2016)
- Earn 2% cash back on a select group of categories (choice of 2 categories, a 3rd choice if you deposit the cash back into your Tangerine Savings Account)
- Earn 1% cash back on all other purchases
- 1.5% foreign conversion/transaction fee
This credit card really help increase the competition in the cash back market. The cash back will either be credited to your Tangerine Savings Account or credit card directly on a monthly basis. Much better than some of the other credit cards that make you wait to get your cash back. Either you have to wait till you reach a certain balance or you have to wait once a year. I am so glad to see how much less hassle this credit card is with its rewards.
The no annual fee makes this credit card a no-brainer to have, even just as a back up credit card in our wallet. You can be sure that I will have this credit card in my portfolio. Though I will only be taking advance of the 2% cash back categories only.
The 4% promotional period is only available to new cardholders who apply between March 29, 2016 and June 27, 2016. The credit card must be activated within 30 calendar days from the date the application was approved. The promotion offers a 4% cash back on the 2% categories that you have chosen.
If the 2% categories are changed during the promotional period, the 4% cash back will be automatically transferred to the new chosen category(ies).
Keep in mind that you need to have a Tangerine Savings Account to qualify for the 3rd bonus category.
Below is a list of categories to choose from:
- Drug Store
- Eating Places
- Home Improvement
- Public Transportation and Parking
- Recurring Bill Payments
For drug store, eating places, entertainment, gas, groceries, hotel-motel and recurring bills payments, there are other credit cards out there that can give a 2% or more return. So the other categories are very valuable to choose from.
Note that you can change your 2% category at any time, but it will only take effect on the first monthly statement date after the existing categories have been in place for 90 days. So plan ahead before you switch categories.
The 4% cash back promotion is pretty sweet. Though I look forward to seeing this credit card continue to improve as they gain more clients. I feel as though the 1.5% foreign transaction fee is a little awkward. It doesn’t waive the fee, so it is not as competitive as the Chase or Rogers credit cards, so it doesn’t give enough incentive to use this credit card for foreign purchases. I would recommend either waiving it completely, or just keep the regular 2.5% foreign transaction fee and add the option of having one permanent 3% cash back category instead.