After much anticipation, Tangerine Forward Banking has finally released its new credit card, the Tangerine Money-Back Credit Card. For the time being, it is not available to everyone in the public yet. But you can register for a special preview. The Preview is open for registration for a limited time, and only a select number of registrants will be invited to apply for the card during the preview period.
- No annual fee
- Earn 2% cash back on a select group of categories (choice of 2 categories, a 3 choice if you deposit the cash back into your Tangerine Savings Account)
- Earn 1% cash back on all other purchases
- 1.5% foreign conversion fee
The 2% cash back categories to choose from are: grocery, furniture, eating places, hotel-motel, gas, recurring bill payments, drug store, home improvement, entertainment, public transportation and parking. That is actually a very diverse amount of very valuable choices.
Having that 3rd option is very valuable, so definitely deposit the money into your savings account instead of directly applied towards your credit card balance. If you don’t have an account, you should definitely consider opening one. By depositing into your savings account, you will also have the chance to earn some interest (however minimal) before your next payment is due.
The 1.5% foreign conversion fee is definitely lower than the usual 2.5% fee from other credit cards, but it doesn’t beat the credit cards that waive the fee entirely. So I wouldn’t use this credit card on foreign purchases. The Chase Amazon.ca Rewards Visa or the Rogers Bank Platinum MasterCard are still better choices.
I must say that I am very excited to see this new credit card. When this goes system wide, I will for sure have this credit card in my portfolio. The no annual fee makes this credit card a no-brainer for me.
I hope that more people jump on board this offer when it goes public. The more people who jump on this offer, the more pressure it will put on the competition.
Great job Tangerine, 2 thumbs up to you!!