May is a busy month for card holders, with credit card companies offering some juicy incentives to bolster loyalty. Here’s a roundup of the best deals on offer for Canadians this month along with some fine print you’ll want to look out for:
Tangerine MasterCard: Still a Solid Choice
The Tangerine cashback card came onto the scene with a real splash, offering no annual fees, unlimited cashback, 2% on two categories of your choice (three if you have your cash back earnings deposited into a Tangerine Savings Account) and 1% on all other categories. With not even a year under its belt, Tangerine has changed its policy, making some Canadians reconsider their choice. Although the 2% cashback on three selected categories remains intact, all other categories will have a 0.5% cashback reward instead. Additionally, the card is raising its foreign transaction fee from 1.5% to 2.5%.
Granted, the bait and switch isn’t good business practice, but the Tangerine credit card is still one of the best on offer in Canada today. With no fees, it literally doesn’t cost you a thing to keep the card in your wallet. For the promo categories, 2% is a great deal, and there’s still unlimited cashback, an advantage most credit cards won’t provide. So even with the changes made, the Tangerine money-back credit card is still a competitive choice for shoppers.
Scotiabank: Continuing Its Reputation for Excellence
Scotiabank has plenty of cards on offer including the Scotiabank Momentum MasterCard, which is still one of the most popular options among the Canadian public to date. A few changes among Scotiabank cards worth noting include:
- Scotiabank®* Gold American Express® Card is actually raising the signup bonus from 25,000 points to 30,000. That’s a tremendous offer worth $300 (instead of $250), so travelers can really take advantage of this upgrade.
- The Scotia Momentum® VISA Infinite card’s signup bonus is being changed. Instead of giving 5% cashback for the first three months and an introductory 1.99% on balance transfers for the first six months, now cardholders simply get to waive the annual fee for the first year.
- Scotiabank®* American Express® Card is extending the annual fee waiver of $39 to July 31st from April 30th.
Bottom line, Scotiabank is looking for ways to keep customers happy, and Canadian cardholders should make the most out of these offers.
The American Express NEW SimplyCash™ Preferred: More Cash Back
The American Express cashback card continues to live up to its name. While the annual fee is being raised from $79 to $99, the 5% cash back granted for the first six months is now being extended to ALL purchases. Additionally, the cash back offer has no category limitations, so you can get rewards points for purchases on anything like grocery, gas, dining, pharmaceutical, and more. In case that wasn’t enough for the American Express SimplyCash™ Preferred card, the $100K cap on cashback rewards has been lifted, so now Canadians can earn 2% cash back after the six months with no cap.
Canadian Tire Options® MasterCard®: Plenty of Options
Canadian Tire MasterCard is a relatively new face to GreedyRates, but it’s looking like it may become an attractive option for Canadian cardholders. CTFS is the financial service arm of the Canadian Tire retail chain that recently began its foray into the credit card market.
The Options card is currently the most benefit-laden CTFS card, but the financial institution also offers other Canadian Tire credit cards including their well-known Gas Advantage® MasterCard® and Cash Advantage® MasterCard®. Here’s a quick breakdown of the three:
- Canadian Tire Options MasterCard®: Easily the fastest and best way to collect Canadian Tire Money, the Canadian Tire Options MasterCard® has a lot to offer. Cardholders can earn up to 4% (or 10x) at participating Canadian Tire stores, Mark’s branches, Sport Chek locations, and Driver’s Academy. There’s also a unique multiplier for purchases at the Canadian Tire Gas Bars. Best of all, you will receive 2x reward points on all other purchases made with this card. Canadian Tire Points are good for purchases at any Canadian Tire store, and members will receive bonuses and exclusive offers just for signing up. Tech-ready consumers will appreciate the web app for faster payment, along with Apple Pay compatibility that lets you pay anywhere you go for contactless and headache-free purchasing.
- Gas Advantage® MasterCard®: This CTFS card offers a tiered discount system based on your previous month’s spending. Canadians can earn up to $.10 off per litre of gas, a big benefit considering the rising petrol prices. Discounts are used for gasoline/diesel purchases at all Canadian Tire Gas Bars. Rewards are accrued by making purchases at any Canadian Tire Stores, online, or Mark’s. All purchases will be doubled during the promotional period. There is a $500 cap on the highest level of discount per litre, though and after $500, your discount is lowered to $.02/litre. Another benefit to this card is that there’s no annual fee, and CTFS offers financing plans for in-store purchases.
- Cash Advantage® MasterCard®: The Cash Advantage card really makes an inviting offer. Now cardholders can get up to 1.5% cash back on all purchases anywhere and a whopping 3% cash back at Canadian Tire stores. How much you earn depends on the extent of your purchases and your annual credit balance/record. The 3% cashback offer is good for all Canadian Tire stores (online, in person, or catalogue purchases), as well as Canadian Gas Bars and Mark’s purchases. As with their other cards, the Canadian Tire Cash Advantage® MasterCard® has no annual fees and an easy online signup process.
It’s a great month to go shopping, so grab one of these reward-rich credit cards and start earning points today.