Free to Use, Free to Choose: Review of the Tangerine Money-Back Credit Card Mar 30th

The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?

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Free to Use, Free to Choose: Review of the Tangerine Money-Back Credit Card

– ratesupermarket.ca

There’s a new cash back contender in Canada’s credit card market, and it’s bringing a new level of choice to consumers. Tangerine’s Money-Back Credit Card has officially launched after a successful trial run, and it has created quite a buzz for its unique and flexible rewards structure.

The no-fee card, which was tested throughout 2015 and early 2016 by 32,000 existing Tangerine clients, gives cardholders the ability to choose where they earn the most rewards. Unlike similar cash back options which offer top earnings on gas and groceries only, Tangerine cardholders select their two favourite spending categories to max their Money-Back Rewards, including:

Restaurants
Grocery
Gas
Entertainment
Home Improvement
Furniture
Hotel-Motel
Recurring Bills
Drug Store
Public Transport and Parking

Purchases made within the selected categories will earn 4% on the dollar for the first three months (2% after that), with 1% earned on all other spending. Money-Back Rewards are paid out monthly, and while cardholders can choose to directly apply them to their credit card balance, the card is designed to reward savers; those who deposit their Money-Back Rewards into their Tangerine Savings Account get a third spending category to maximize their earnings…

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