Tangerine, Scotia’s online bank, has announced the launch of its new Tangerine Money Back credit card. It is now available to the general public, and it’s shaking up the landscape!
The card offers an extremely innovative and competitive cash back program. There is no annual fee and it offers money-back rewards that are deposited automatically into a savings account or against your statement balance every month. You earn 2% cash back in up to 3 bonus categories of your choice and 1% on all other purchases. There are no limits, earning caps or tiers.
The card is the richest no fee cash back credit card on the Canadian market. By comparison, BMO’s no fee cash back card offers 1%, Cap One’s offers 1%, and RBC’s offer 2% in grocery, but 1% everywhere else.
With no annual fee, the highest cash back earn rate and the most user friendly redemption process, this card is great as your primary no fee rewards card, or in combination with other category based cash back cards.Apply Now!
Tangerine Credit Card Features
- No Annual Fee
- Unlimited Cash Back: There are no limits to how much cash back you can earn, whether it be in bonus categories or not, whether in the promo period or not – earn unlimited rewards.
- 2% Cash Back In Up To 3 Categories of Your Choice: After the 3 month promotional period expires, earn 2% cash back on purchases in up to three 2% Money-Back Categories of your choice. If you redeem your cash back as a statement credit you’ll get to choose any two categories. Opt to have your cash back earnings deposited into a Tangerine Savings Account and you get to add a 3rd category absolutely free.
- Receive 1% Cash Back On All Other Purchases: Earn 1% cash back on all other eligible spend, both in the promo and non-promo period. Again, no limits.
- You Choose The Categories: You choose 2-3 categories from any 10 options (below)
- Automatic Monthly Redemptions: Every month your cash back gets automatically applied as a statement credit or gets deposited into your savings account.
There are two options to receive your Tangerine Cash Back Rewards:
- You can have them deposited back onto your Credit Card, in which case they are applied against the balance owing on your Account. If you select this redemption option, then you can choose two 2% Money-Back Categories.
- You can have them deposited into your Tangerine Savings Account, where they are treated just like regular cash deposits and earn interest. With this redemption option, you can choose three 2% Money-Back Categories.
The card only comes with a 1.5% foreign transaction fee. Most Canadian credit cards charge a 2.5% foreign transaction fee for purchases made outside of Canada, including purchases to non-Canadian websites. The only cards not to charge any foriegn transaction fees are Rogers Bank, Amazon, Marriott and Sears (for now).
You can choose from the following Money-Back bonus categories:
- Drug Stores: merchants classified as “Drug Stores/Pharmacies” (MCC 5912);
- Eating Places: merchants classified as “Eating Places, Restaurants, Bars, Lounges, Discos, Nightclub Taverns and Fast Food Restaurants” (MCC 5812 – 5814);
- Entertainment: merchants classified as “Sports Venues, Theatres, Amusement Parks, Carnivals, Circus, Tourist Attractions and Exhibits, Movie Theatres, Zoos, Bands, Orchestras, Aquariums” (MCC 7941, 7922, 7996, 7991, 7929, 7998, 7832, 7829);
- Furniture: merchants classified as “Home Furnishing Stores, Furniture Reupholstery” (MCC 5712, 5719, 7641);
- Gas: merchants classified as “Service Stations” (MCC 5541/5542);
- Grocery: merchants classified as “Grocery Stores and Supermarkets” (MCC 5144, 5422, 5462);
- Home Improvements: merchants classified as “Hardware Stores, Home Supply Warehouse Stores, Lawn and Garden Supply Stores, Glass/Paint/Wallpaper Stores, Florist supplies nursery stock & flowers, Floor Coverings, Drapery and Window Coverings” (MCC 5251, 5200, 5261, 5231, 5718, 5713, 5714);
- Hotels-Motels: merchants classified as “Lodging, Hotels, Motels, Resorts or by Property name” (i.e. Fairmont, Marriott, Holiday Inn, etc.) (MCC 7011, 3500-3828);
- Public Transportation and Parking: merchants classified as “Automobile Parking Lots and Garages, Public Transportation (including Buses, Trains, Ferries), Taxis, Road Tolls” (MCC 7523, 4111, 7524, 4121, 4784);
- Recurring Bill Payment: Recurring bill payments are defined as payments made on a monthly or other regular basis, and which are automatically billed by the merchant to your Tangerine Money-Back Credit Card, such as your monthly phone bill. Not all merchants offer recurring payments, and not all ongoing payments will be considered “recurring payments” for purposes of this category. Please check with your merchant to see if your recurring payment qualifies.
The merchant categories below do not earn 2% Money-Back Rewards:
- Purchases at wholesale clubs, alcohol retailers, general merchandise merchants, convenience stores and other merchants whose business is not limited and thus the businesses are not categorized under any eligible Merchant category codes. (this would be your Costco, Walmart, Canadian Tire, Sears, The Bay stores);
- Food purchased at discount retailers or specialty retailers such as fish markets and health food stores;
- Gasoline purchases that are not for retail or automobile gasoline;
- Purchases for dining within a retail store, hotel, pub, bar, club, lounge or other merchant that is not categorized as a restaurant;
- If the merchant category for the purchase is not identified. This may happen when the transaction information we receive does not come directly from the merchant.
Although, you can make changes to your 2% Money-Back categories, there are hurdles to prevent gaming the system. The first change will take effect on the next monthly statement date. After that, you can request further changes at any time, but the new 2% Money-Back categories will only take effect on the first monthly statement date after the existing categories have been in place for 90 days.
Is It Worth It?
With no annual fee, a 2% cash back rate in up to 3 merchant categories of your choice, 1% on all other spend with no caps or tiers, and automatic monthly redemptions, the Tangerine money back credit card is the most lucrative, consumer friendly and transparent cash back card on the Canadian market.Apply Now!