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Tangerine cash back MasterCard
October 8, 2015
7:07 pm
Loonie
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Oh, I wouldn't get rid of the collision in your case for sure, djino. Even when the car is paid off, it's still probably worth keeping for a while.

Although the odds of needing to use any insurance may not be too high, the cost of not having it when you lose that bet can be very high. And this is how insurance companies get rich!

Cars get written off really easily by insurance. I heard of someone just last month whose car was broken into, the door and some other part that didn't seem too crucial were toast, and the insurance wrote off the car. The car was worth a lot more to him "alive" than "dead" as it can be hard to find another decent older car. At last report he had decided to abandon the claim and get it fixed himself. That's what the wrecking yard is for!sf-smile (He would probably have been further ahead to have dropped the collision insurance a while ago, which would have paid for his door or part of it, if he got it at the wreckers.)

Yes, it might be worth raising your deductible. I'd say it's almost always a good idea. Car insurers are often quite explicit about the fact that they will drop you as a client after X number of claims, so you're only going to claim for a larger event anyway. Assuming there is a significant enough savings, I'd suggest either putting the money into an account for self-insuring the deductible and/or smaller claims or (in Ontario at least) buying the endorsement which allows for one "free" accident which doesn't count against your insurance record.
However, almost everything is different in Quebec, so perhaps you have other rules to consider there.

October 9, 2015
11:05 pm
Loonie
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I would be interested in hearing the experience of anyone who applies for this credit card. The more I think about it, the more I am inclined to think it might be a useful wallet item, but it MUST be very straightforward to use; and I'm not too interested if credit limit less than 5K.

Do they send bills in the mail or is it all only online?

Were you able to successfully sign up for auto-pay of the monthly bill? - If so, were there any restrictions on which account you could use?

What is the grace period?

Did you think you were given an appropriate credit limit?

Is there a charge for exceeding your credit limit? (I know TD charges for this.)

Anything else we should know?

October 10, 2015
6:30 am
djino
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Most of your questions are answered in cardholder agreement -> https://www.tangerine.ca/en/legal/credit-card-cardholder-agreement/index.html

Loonie said

I would be interested in hearing the experience of anyone who applies for this credit card. The more I think about it, the more I am inclined to think it might be a useful wallet item, but it MUST be very straightforward to use; and I'm not too interested if credit limit less than 5K.

Do they send bills in the mail or is it all only online?

27. How We Communicate with You: You can elect to receive statements and other communications from us electronically or by mail.
If you elect to receive information by mail, statements and other communications will be sent by regular mail to the address we have on file for you.

If you choose to receive information electronically, statements will be posted to your online Tangerine Message Board, and a notification may be provided to you by email (depending on your chosen notification settings). If you provide us with your email address, we may also send other communications to you by email. Even if you elect to receive statements and notifications electronically, we have the option to send them to you by mail instead.

Communications sent to you by mail will be considered to have been received by you five (5) business days after we mail it, or at the time of sending in the case of an electronic method, or when delivered in the case of a communication provided by hand. For our mutual protection, we may record all telephone calls that relate to the Credit Card Account.

Each Authorized User acknowledges that the statement, any information on the statement and other communications will be provided to the Primary Cardholder without notice to any and all Authorized Users, and that this acts as sufficient communication to all Cardholders and Authorized Users.

Were you able to successfully sign up for auto-pay of the monthly bill? - If so, were there any restrictions on which account you could use?

18. Pre-Authorized Debit (PAD) Agreements: A PAD is an automatic monthly Credit Card payment, initiated by you, withdrawn from a designated bank account on the Payment Due Date for either the current statement’s minimum payment, or the full Balance. To setup a PAD using your Tangerine Chequing Account or your Tangerine Savings Account, log in at tangerine.ca and go to ‘Move My Money’.

What is the grace period?

That will likely follow provincial legislation concerning due dates which is 26 days in Quebec, and 21 days in all other provinces.

Did you think you were given an appropriate credit limit?

I suppose this will be answered when your application is approved.

Is there a charge for exceeding your credit limit? (I know TD charges for this.)

I don't see anything in the agreement concerning a specific charge for that only that any amounts above your credit limit will be added to your minimum payment.

djino

October 10, 2015
2:57 pm
Loonie
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Thanks for the info, djino.

October 10, 2015
3:51 pm
Winnie
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Loonie said

Is there a charge for exceeding your credit limit? (I know TD charges for this.)

Over-limit: $20.00 (maximum one over-limit charge per monthly statement period)

That information is posted in Fees & Interest section.

October 10, 2015
11:44 pm
Loonie
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thanks, Winnie. Good for us all to know in advance!

October 11, 2015
12:13 am
djino
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Winnie said

Loonie said

Is there a charge for exceeding your credit limit? (I know TD charges for this.)

Over-limit: $20.00 (maximum one over-limit charge per monthly statement period)

That information is posted in Fees & Interest section.

Good find! I missed that.

October 11, 2015
7:30 pm
Loonie
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So the next question is whether their credit limits are reasonable.
I recall reading somewhere else that a number of people were annoyed with another issuer over what they felt were unreasonably low limits which would trigger an over-limit fee. Personally, I wouldn't want to bother with a card where I had to worry about credit limits. This is what makes me slow to change, as I'm happy with what I have now.
We'll have to wait and see how this works out.

October 12, 2015
3:42 am
djino
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Credit limits have not been an issue for me with the cards I currently use.

I have $5000 on my Scotia Gold Amex when I normally use $1000 / month.

$17K spread across the 2 MBNA accounts (13K on 0% card and 4K on Rewards World Elite). But I probably use 13K of it each month.

$3.6K on my Chase Amazon Visa card, but I would only use about $100 each month.

Tangerine themselves pre-approved me for $5000 overdraft protection on my chequing, so I'm not too worried about the credit card limit, but we will see.

Djino

October 12, 2015
12:06 pm
Loonie
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My goal is that any new card should allow me to continue to keep my expenditures low in relation to credit limit, and thus leave room for occasional major expenditures..

I note that it is considered advisable to keep one's credit card expenditures to within 30% of available credit.. https://creditcanada.com/how-to-improve-your-credit-score

October 12, 2015
6:08 pm
djino
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Loonie said

I note that it is considered advisable to keep one's credit card expenditures to within 30% of available credit.. https://creditcanada.com/how-to-improve-your-credit-score

Yup, agreed. But the Benefits of a $12K Balance transfer at 0% outweigh the temporary set back of my credit score/report. Eeven though my Equifax report shows a 760 score, I believe that to be enough to get an approval on any credit application.

djino

October 12, 2015
7:00 pm
Loonie
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Oh, yes, I'm sure 760 should be plenty. They like people who spend money! My problem, if any, may be that I don't spend enough.

November 7, 2015
7:14 pm
SlowPoke
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My wife just received the invite to register, it looked interesting and we were considering having her sign up for it.

Is there a list of the bonus categories?

On a side note, the Capital One Aspire card has not yet charged a forex fee on top of the exchange rate when I shop in USD

November 7, 2015
8:30 pm
Loonie
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The 10 categories are posted above, #33.

Just wondered, is it possible the forex fee is embedded in the exchange rate with CapitalOne? It's hard to imagine why they wouldn't advertise the fact if they weren't charging it.
0% on forex and 1% cashback would put them in the same category as the amazon/Chase card.

November 8, 2015
5:06 am
djino
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SlowPoke said

On a side note, the Capital One Aspire card has not yet charged a forex fee on top of the exchange rate when I shop in USD

Loonie said

Just wondered, is it possible the forex fee is embedded in the exchange rate with CapitalOne? It's hard to imagine why they wouldn't advertise the fact if they weren't charging it.
0% on forex and 1% cashback would put them in the same category as the amazon/Chase card.

All CapitalOne cards charge the 2.5% Forex fee. And just like most cards, its already included in the exchange rate. Just take for example the rate you were charged and compare it to the Mastercard international rate on the day the transaction occurred.

djino

November 8, 2015
7:23 am
SlowPoke
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Hi djino

What I did was compare the daily exchange rates and was surprised, that no extra fee was tacked on. Comparing to an MBNA and MBO Mastercard which clearly charged a Forex fee

It's been a quite some time now since I used it for USD transactions. Perhaps it was only for US transactions and has changed since.

Cheers

November 8, 2015
6:21 pm
SlowPoke
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Loonie said

The 10 categories are posted above, #33.

Just wondered, is it possible the forex fee is embedded in the exchange rate with CapitalOne? It's hard to imagine why they wouldn't advertise the fact if they weren't charging it.
0% on forex and 1% cashback would put them in the same category as the amazon/Chase card.

Thanks Loonie, missed that post

They sure don't advertise 0% forex for Canada, so I wouldn't expect it. Not sure why I was not charged at the time I will have to check again on the next USD purchase.

November 12, 2015
4:08 pm
Winnie
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Just received the invite to register with $12,000 credit limit, answered 3 simple questions from credit bureau (my bank, last credit application, previous address), picked-up 3 bonus categories with 2% cashback. It was quick and simple.

November 12, 2015
7:07 pm
Rick
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This is different:
If you don't make your Minimum Payment by the payment due date as shown on your monthly statement 3 times in any 12 month period, your interest rate will increase to 24.95% on Purchases, Cash Advances and Balance Transfers. This increase will take effect immediately following your third missed payment, and will be reflected on the following monthly statement. Your interest rate will go back to 19.95% when you've made 6 consecutive Minimum Payments by the payment due date shown on your monthly statements.

And some fees:

To be charged on the day the transaction occurs: (unless otherwise indicated)

Cash Advance: $2.50 within Canada; $5.00 outside of Canada
Balance Transfer: 1% or minimum of $5 (unless reduced or waived) of the amount transferred when it is posted to your account.
Dishonoured Payment: $25
Rush Card: $25
Over-limit: $20 (maximum one over-limit charge per monthly statement period)
Past Statement Reprint: $5 per past statement. There is no charge for a reprint of your current monthly statement.

November 13, 2015
4:08 am
djino
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Rick said

This is different:
If you don't make your Minimum Payment by the payment due date as shown on your monthly statement 3 times in any 12 month period, your interest rate will increase to 24.95% on Purchases, Cash Advances and Balance Transfers. This increase will take effect immediately following your third missed payment, and will be reflected on the following monthly statement. Your interest rate will go back to 19.95% when you've made 6 consecutive Minimum Payments by the payment due date shown on your monthly statements.

I don't think that should be of concern. As long as you continue to pay the statement balance in full by the statement due date, you continue with 0% regardless of the above. Which is what people should be doing with credit cards. Credit cards are meant for short term debt that you can pay back fully by the statement due date.

If the potential for you is to accumulate debt that you cannot pay off monthly, then you should be seeking services from a line of credit which has interest rates between 4-10% unsecured.

And some fees:

To be charged on the day the transaction occurs: (unless otherwise indicated)

Cash Advance: $2.50 within Canada; $5.00 outside of Canada
Balance Transfer: 1% or minimum of $5 (unless reduced or waived) of the amount transferred when it is posted to your account.
Dishonoured Payment: $25
Rush Card: $25
Over-limit: $20 (maximum one over-limit charge per monthly statement period)
Past Statement Reprint: $5 per past statement. There is no charge for a reprint of your current monthly statement.

The above is typical of most credit cards.

djino

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