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%.
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%|
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.
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.
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