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 transaction fee is rising to 2.5% from 1.5%.
Here’s an overview of some of the changes:
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.
SimplyCash® Card from American Express
In your first 10 months as a new SimplyCash® Card from American Express Cardmember, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your Card. This could add up to $100 in statement credits in the first 10 months
- 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.
Scotia Momentum® VISA Card
Get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $39).Offer ends Jan 3,2023
- 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