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Tangerine MasterCard about to get worse
March 24, 2017
9:49 am
Norman1
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JenE said
As of April 29/17:

2% Money-Back Categories
You will earn 2% Money-Back Rewards on all eligible Net Purchases in two (2) qualifying 2% Money-Back Categories of your choice if your chosen Redemption Destination is the Credit Card. If your chosen Redemption Destination is a Tangerine Savings Account, you will earn 2% Money-Back Rewards on eligible Net Purchases in three (3) qualifying 2% Money-Back Categories of your choice.

0.50% Money-Back Categories
You will earn 0.50% Money-Back Rewards on all other Net Purchases not falling within your chosen 2% Money-Back Categories. (Change from 1%)

Foreign exchange charge change from 1.5 to 2.5

Peter said
Tangerine's breakdown of the changes: https://www.tangerine.ca/en/landing-page/creditcardnotification/index.html

That's too bad. sf-frown

I think Tangerine had a winner with the 1% base and 2% on certain categories. ½% base and 2% on certain categories is not that great. Looks like they are hoping people won't notice the change and not shift their other-than-2% charges to another credit card.

March 24, 2017
11:28 am
Loonie
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A lot of people liked the deal on foreign transactions as well, and now that is gone.

For a free card, it will still be good for a lot of people. You'd definitely want to have more than one card and not use this one for anything except your categories. It's not a card I'm interested in though. I really dislike having to fuss about categories.

I do think people will notice the change, especially if this is their only or primary card. Their spending habits probably won't change, but their rewards will, and they will notice.

this card has only been around for a year or so, as I recall. I think it doesn't look good on Tangerine to be downgrading it like this, and after such a short time.

March 24, 2017
7:07 pm
SavingIsGood
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It was nice while it lasted. But anyway, 95% of my purchases are grocery, recurring bills and home improvement.

For foreign exchange (read: US$) I use US$ VISA, then pay bills in US$ bought at local exchange office having way better exchange rates than ANY bank.

There is Another cash-back VISA coming as replacement for those who have particular Master Card; Grocery will be 4% cash back, some things 2% and the rest 1%. I will not tell you which card replaces which... I am bad...

March 24, 2017
10:51 pm
Rick
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Their exchange rate always seemed like it cost more compared to my Amazon card. The 2% made it worthwhile, but if the For Ex fee is going up to 2.5%, what's the point? Guess it's back to the Amazon Visa for all our US purchases.

March 25, 2017
6:51 am
Peseta
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Its not the smartest move for a bank that brags about saving money to its clients. This MasterCard is slowly becoming just another credit card with mediocre offerings. Would have loved to have it, but I never got it because of their 1.5% forex. Now I definitely have no reason to get it.

No forex would have been a great way to stand out from all the other big banks, but I see that slowly Tanga is joining them instead of trying to make itself innovative and customer friendly, like ING used to be. Scotia is pulling the strings now, so all these fee hikes and money grabs totally make sense.

March 25, 2017
8:19 am
JenE
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"Save more with up to 4% cash back rewards1

The Meridian Visa Infinite Cash Back Card is your key to earning the exclusive privileges you deserve. You'll be rewarded with unique benefits and exceptional service.

Earn 4% on gas and grocery purchases and 2% on pharmacy purchases and utility bill payments. You’ll also earn 1% on all other eligible purchases."sf-cool

March 25, 2017
9:38 am
Winnie
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JenE said
"Save more with up to 4% cash back rewards1

The Meridian Visa Infinite Cash Back Card is your key to earning the exclusive privileges you deserve. You'll be rewarded with unique benefits and exceptional service.

Earn 4% on gas and grocery purchases and 2% on pharmacy purchases and utility bill payments. You’ll also earn 1% on all other eligible purchases."sf-cool  

Meridian Visa Infinite Cash Back Card Annual Fee: $99 (First year free)

March 25, 2017
9:43 am
Saver-Mom
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It appears this Meridian Visa Infinte card is almost a direct copy of the Scotia Momentum Visa Infinite card. Meridian offers first year 99$ fee waived, while Scotia offers 5% on first $3000 of purchases within the first 3 months of use. Each charge 30$ for extra cards for family members. Scotia gives 2% cash back for recurring bills while Meridian words it for "utility bills". Might be worth using one of these Visa cards for the 4%,2% and 1% rewards, and keeping Tangerine for 2 or 3 eligible 2% categories such as Restaurants, Hotels, Home Improvement, Furniture, Entertainment and Parking...

CIBC also has a special on now: "Get 4% cash back on all your spending up to $5,000◊ Over your first 6 statements◊. Plus, get a first-year annual fee rebate‡. Offer applies to new cardholders." (Their 2% is for Tim Hortons and Telus! Bit of a niche.)

Not sure when and where the rewards are deposited, and as Loonie previously noted, best to make sure the cash rewards are deposited before you have to pay the 99$ fee for another year.

Clearly the lowering of the 1% base to 0,5% will lose them some clients and business, me and mine included. Are you reading this Tang?

March 25, 2017
11:04 am
Top It Up
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Chasing all these rewards, holding multiple CCs and multiple accounts with which to pay the monthly bills, paying the yearly fees, keeping track of which CC offers the best % rebate on the various categories PLUS only getting limited time offers on the higher % rebates PLUS all the spending required to earn the rebates ... 2% on Tim purchases - like what does that get you - 1 free double, double per year ... SORRY, just can't see the reward in all the hassle.

March 25, 2017
11:58 am
Norman1
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Saver-Mom said

Scotia [Momentum Visa Infinite card] gives 2% cash back for recurring bills while Meridian [Visa Infinte card] words it for "utility bills".…  

They are different in a subtle way.

The Scotia card gives 2% on charges flagged as recurring, regardless of Merchant Category Code (MCC). In contrast, the Meridian card gives 2% on charges with certain MCC codes, regardless of whether the recurring flag is set or not. This is from the Meridian card's reward terms and conditions:

2. Program Summary

The Program awards:

  • Rewards are earned at 4% on the first $25,000 CAD you spend on gas (Merchant Codes 5541, 5542), grocery (Merchant Code 5411), 2% on the first $25,000 CAD you spend on drug (Merchant Code 5912) and utility bill payments (Merchant Codes 4814, 4815, 4821 ,4899, 4900), and 1% on net purchases made after you have reached the 4% and 2% $25,000 annual spend maximums and on all other eligible net purchases charged to this Meridian Visa Infinite Cash Back Card. The Program can be located at the url described in Section 11 below.
March 25, 2017
12:25 pm
Saver-Mom
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Yes, Norman, and I have some significant recurrent bills to insurance company for example, so am more inclined to Scotia.

Top it up, I am not partial to Timmy's coffee and agree that is an insignificant category. But last year we got back around $2000 in cash back rewards, not insignificant to me.

Here are two cash back calculator tools:

http://www.scotiabank.com/mome.....mcashback/

https://www.bmo.com/main/personal/credit-cards/bmo-cashback-world-elite-mastercard#rewards-calculator

This brings up the option of the BMO Cashback World Elite card that pays a straight 1.75%, no worries about managing categories. The extra cash back in the first months amounts to about $140 which covers the first year fee of $120. Extra cards are $50.

March 25, 2017
1:14 pm
Winnie
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Saver-Mom said
But last year we got back around $2000 in cash back rewards, not insignificant to me.

This brings up the option of the BMO Cashback World Elite card that pays a straight 1.75%, no worries about managing categories. The extra cash back in the first months amounts to about $140 which covers the first year fee of $120. Extra cards are $50.  

So, to get back $1,900 ($2,000 - $120 fee) in cash rewards per year, someone need to spend around $115,000 per year.

We only spend $20,000-$25,000 per year.
We got around $450 in cash back rewards last year using no fee Tangerine MC.

March 25, 2017
1:53 pm
Loonie
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You might want to also look at the insurance packages that come with these cards, although it can sometimes be difficult to ascertain the details without first getting the card. I like Meridian's. It appears to offer good travel benefits including $5 million health insurance through age 75 (unusual - Scotia's ends at 65th birthday) , although I'm sure there are exclusions etc. In general, I think it's a better package.

March 25, 2017
2:07 pm
Loonie
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Perhaps, if you're spending that much money on credit cards, you are charging some business expenses, in which case you might want to look at cards directed towards business customers. I don't know much about them but there may have been a thread about this. Something to consider anyway.

Also there are some super-premium cards for people who put a lot on their cards. They are expensive, but they also offer more benefits. Again, I don't know much about them. Probably more directed towards travel benefits.

March 25, 2017
2:20 pm
Loonie
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BMO card looks good although insurance not as good as Meridian.

It looks similar to MBNA World Elite MC which gives 2% on everything but weak on insurance. I am not keen on MBNA as I read some reviews somewhere which suggested they could be difficult to deal with, but, still, it does give the biggest bang for your buck in terms of cashback and you don't have to fuss about categories. Maybe worth a shot. Should check if they have annual maximums.

March 25, 2017
3:21 pm
Deb
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I have this card, Loonie, and no , there aren't any annual maximums. Also have never had any problems dealing with them, smooth sailing so far.
The #1 cashback card recommended by MoneySense!

March 25, 2017
6:13 pm
Loonie
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thanks, Deb. That's useful feedback.
MBNA may then be the best card for people who want cashback and who don't put much emphasis on the insurance packages. Also, I believe they pay out monthly.

April 27, 2017
7:24 pm
bpwest
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Norman1 said

JenE said
As of April 29/17:

2% Money-Back Categories
You will earn 2% Money-Back Rewards on all eligible Net Purchases in two (2) qualifying 2% Money-Back Categories of your choice if your chosen Redemption Destination is the Credit Card. If your chosen Redemption Destination is a Tangerine Savings Account, you will earn 2% Money-Back Rewards on eligible Net Purchases in three (3) qualifying 2% Money-Back Categories of your choice.

0.50% Money-Back Categories
You will earn 0.50% Money-Back Rewards on all other Net Purchases not falling within your chosen 2% Money-Back Categories. (Change from 1%)

Foreign exchange charge change from 1.5 to 2.5

Peter said
Tangerine's breakdown of the changes: https://www.tangerine.ca/en/landing-page/creditcardnotification/index.html

That's too bad. sf-frown

I think Tangerine had a winner with the 1% base and 2% on certain categories. ½% base and 2% on certain categories is not that great. Looks like they are hoping people won't notice the change and not shift their other-than-2% charges to another credit card.  

Hello all: just a friendly reminder that recently announced changes to Tangerine MasterCard take effect in a couple days...I will shift my spending to another card, save for my three Tangerine 2% categories, and have already changed over my automatic (pre-authorized) payments to another card...
I was happy with this card; it suited 'little ol' me', but the move to 1/2% means we won't be as close as we once were! sf-smilesf-frown

April 27, 2017
10:22 pm
moneyhelp
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bpwest said

Hello all: just a friendly reminder that recently announced changes to Tangerine MasterCard take effect in a couple days...I will shift my spending to another card, save for my three Tangerine 2% categories, and have already changed over my automatic (pre-authorized) payments to another card...
I was happy with this card; it suited 'little ol' me', but the move to 1/2% means we won't be as close as we once were! sf-smilesf-frown  

Yep, kind of glad that I didn't apply for this card, as I was in the market for a new CC that was worth it, but now, nuh-uh sf-confused

April 28, 2017
3:17 am
3oakwest
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Tangerine always comes with short term goodies for us, but cannot be relied upon for longterm performance.

I will only be using it for my 2% categories.

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