If you have a Tangerine Money-Back Credit Card, you might start to receive less cash back on some of your purchases.
As of April 29, cardholders will receive 0.5% cash back—down from 1%—on purchases not falling within their chosen 2% Money-Back categories. They’ll still receive 2% cash back on up to three categories of their choice.
Also, the foreign exchange conversion fee is rising to 2.5% from 1.5%.
Read: 3 Credit Cards with No Foreign Exchange Fees
Here’s an overview of some of the changes:
| Current | As of April 29, 2017 | |
| Rewards | 1% cash back on all other net purchases not falling within your chosen 2% Money-Back categories | 0.5% cash back on all other net purchases not falling within your chosen 2% Money-Back categories |
| Balance transfer fee | 1% or minimum of $5 (unless reduced or waived) | 3% or minimum of $5 (unless reduced or waived) |
| Cash advance fee | $2.50 within Canada; $5 outside of Canada | $3.50 within Canada; $5 outside of Canada |
| Foreign conversion fee | 1.5% | 2.5% |
| Over-limit fee | $20 | $25 |
To offset the decrease in cash back you’ll receive on purchases that don’t fall within your Money-Back categories, you can apply for a complementary card to earn 1% (or more) cash back.
The SimplyCash Card from American Express has no annual fee and new cardholders can earn 5% cash back on all eligible purchases at gas stations, grocery stores, and restaurants (up to $250 cash back) for the first six months. After six months, you’ll earn 1.25% cash back on all purchases.
- No annual fee
- Earn 5% cash back on eligible purchases at gas stations, grocery stores, and restaurants for the first six months (up to $250)
- Earn 1.25% cash back on all other purchases once welcome rate ends
- 0% interest rate on all balance transfers for the first six months
- No limit on the amount of cash back you can earn
But if you regularly shop at a retailer where American Express isn’t accepted, there’s also the Scotia Momentum Visa Infinite card. The card has an annual fee of $99. For accounts opened by April 30, you’ll earn 5% cash back on your first $3,000 in purchases for the first three months. After that, you’ll earn 4% back on gas and groceries, 2% back on drug store purchases and recurring bill payments, and 1% back on everything else.
If you choose the Scotia Momentum Visa Infinite card, you shouldn’t choose gas, groceries, drug stores, or recurring bill payments as your Tangerine Money-Back categories. The other 2% Money-Back categories are: Restaurants, entertainment, furniture, hotel/motel, home improvement, and public transportation and parking.
- Annual fee: $99
- Earn 4% cash back on gas and groceries, 2% cash back on drug store purchases and recurring bill payments, and 1% cash back on all other purchases
- Receive VISA Infinite benefits
Also read:
- Credit Card Battle: Tangerine Money-Back vs. SimplyCash from American Express
- Cash Back vs. Travel Rewards: Choose the Best Credit Card for You
- Best Cash-Back Credit Cards in Canada for 2017
