In a surprising move by Tangerine, they are currently offering a $250 sign up bonus with the Tangerine Money-Back Credit Card. It has been a while since I last wrote about a specific bonus offer, and I usually post my monthly lists.
For example, these are the January lists:
- Best Current First Year Fee Waived Cards
- Top Cash Back Credit Card Offers
- Top Credit Card Higher than Normal Sign Up Bonuses
Lately, if I write about a specific card only, I’ve only been writing about significant changes or offers, such as:
- Changes to the Scotiabank Gold American Express® Card (when it had major changes to its cards)
- Earn 10% Cash Back with Scotia Momentum Visa Infinite Card (when they first offered this 10% cash back offer)
Otherwise, I have been leaning towards comparison posts, such as:
So if there is a card that you would like me to write about, please let us know in the comment section below.
Anyway, onto the Tangerine Money-Back Credit Card, below are the highlights of the card:
- No annual fee
- Earn $250 credit to your account (after spending $5,000 in the first 3 months) (if you apply before March 31, 2020)
- Earn 2% cash back on choice of 2 categories (3rd choice if you deposit the cash back into your Tangerine Savings Account)
- Earn 0.5% cash back on all other purchases
Prior to this sign up bonus offer, this card was offering a no limit 4% cash back on all choice of 2 to 3 specific category purchases within the first 3 months. So let’s do a quick mathematical calculation. Note that I am only going to consider 2% cash back purchases, cause you are better off using another card if you are only going to earn 0.5% in cash back for a specific purchase.
- Spend $5,000 and earn 4% on specific purchases nets you $200 in cash back. But you have to subtract the 2% that you would have earned, so that cuts the bonus in half to $100 added bonus.
- Compare this to $5,000 in spending with the new $250 bonus. You would earn the regular $100 (2% x $5,000), plus the $250 sign up bonus for a total of $350.
- But if you spent $12,500 wit the 4% cash back offer, then you would pocket $500 in cash back overall.
The idea is, this new cash back offer is a much better deal if you have lower spending. But the more spending you had, the 4% cash back offer was actually better.
Either way, if you have been thinking about this card and you can manage to put $5,000 in spending on this card, the $250 cash back bonus is quite attractive!