Tangerine Credit Card Cuts Its Cash Back Rewards
If you have a Tangerine credit card that offers cash back rewards, the good old days of getting excellent rewards with no fee are over. Starting April 29, 2017, Tangerine will slap on a few negative changes that will make its popular no- fee credit card less desirable.
There will be several negative changes. However, today I will only mention those that I feel will have the most impact on day-to-day uses of this credit card.
The Tangerine Money-Back credit card earns 2 percent on 2 selected categories (actually there can be 3 categories if you choose to deposit your cash bank in a Tangerine Savings account) and 1 percent on everything else. This 1 percent on everything is where it’s getting axed by Tangerine to a reduced 0.5 percent return. Another popular feature this card used to have is a 1.5 percent foreign transaction fee instead of the 2.5 percent that most other Canadian credit cards charge. Tangerine is axing this as well to a 2.5 percent foreign transaction fee.
A point worth mentioning is that there are credit cards in Canada that do not charnge a foreign transaction fee. I talked about these cards here in my YouTube video here: Credit Cards That Save You Foreign Transaction Fee
What you can do if you are already a Tangerine cardholder is keep using your Tangerine Money-Back credit for those selected 2 or 3 categories where it still returns 2 percent and switch to other credit cards that offer a better rate than 1/2 percent on everything else. The BMO Cash Back MasterCard and Simply Cash from American Express are two such cards that offer a flat 1 percent and 1.25 percent returns on everything across the board. The Rogers Platinum MasterCard also offers a flat 1.75 percent on everything, but there is a $29 annual fee if you are not a Rogers customer.
I have a video on cash back credit cards as well. There are many other free and annual fee cash back credit cards available. Research online to find the card that best suits your needs. My site www.AhmedDawn.com and YouTube channel www.YouTube.com/ADawn provide lots of information on credit cards that will help you find your credit cards. And unlike most other sites, my opinions are unbiased because I do not accept money or provide affiliated links to make money from credit card companies.