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Tangerine MasterCard about to get worse
April 28, 2017
3:31 pm
Saver-Mom
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A concerted action of not using the Tang card may cause them to rethink dropping their rate. There are many online calclator tools available that help pick the best card according to how you spend. Tang used to be good for low to moderate spenders, less so now, and not good for big spenders.

April 28, 2017
5:22 pm
SavingIsGood
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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  

What is wrong with pre-authorized payments? It will still be 2%, correct?

April 28, 2017
6:46 pm
Saver-Mom
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Yes, as long as it is one of your categories.
But many purchases occur outside the 2-3 allowed categories, so why not look for a card that pays more?

April 29, 2017
6:06 am
SavingIsGood
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Saver-Mom said
Yes, as long as it is one of your categories.
But many purchases occur outside the 2-3 allowed categories, so why not look for a card that pays more?  

I agree. But what are the other options considering credit card with absolutely no fee (not even promotion 'no fee offer')?

April 29, 2017
6:41 am
Nehpets
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SavingIsGood said

I agree. But what are the other options considering credit card with absolutely no fee (not even promotion 'no fee offer')?  

MBNA Smart Cash Visa pays 2% gas and grocery, and 1% on everything else. No fee. They may even have a promo of 5% rewards for the first 6 months, but not sure if this is still in force.

Stephen

May 7, 2017
4:03 am
Loonie
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We're not the only ones who have noticed these changes and are very unhappy:
https://www.thestar.com/business/personal_finance/2017/04/25/tangerine-turns-its-winning-credit-card-into-a-lemon-roseman.html

If, as is suggested here, they were losing money on this card, then I doubt they'll do any better with the changes they've made. It will just encourage people to restrict their use of this card to the specific categories; and to get another card for everything else. Some people may not notice the changes, but many will, and there are always new cards coming along. As it stands, they are a fairly ordinary card as they have given up most of what set them apart.

May 7, 2017
9:11 am
Rick
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Loonie said
We're not the only ones who have noticed these changes and are very unhappy:
https://www.thestar.com/business/personal_finance/2017/04/25/tangerine-turns-its-winning-credit-card-into-a-lemon-roseman.html

If, as is suggested here, they were losing money on this card, then I doubt they'll do any better with the changes they've made. It will just encourage people to restrict their use of this card to the specific categories; and to get another card for everything else. Some people may not notice the changes, but many will, and there are always new cards coming along. As it stands, they are a fairly ordinary card as they have given up most of what set them apart.  

Bang on Loonie. I stopped using it for US and non-reward category purchases as soon as I heard of the changes. Prior to that, I was getting between 15 and 20 a month in cash back. Now, 3 weeks into my billing period, it's at 5 bux. Lot of USA purchases now going on my Amazon Visa and Tang gets NOTHING that isn't in my 2% categories. Their 28 day grace period does give more flexibility in paying it off each month though. Like that feature.

May 7, 2017
11:10 am
Loonie
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But didn't I read that Amazon Visa is being discontinued? I forget where I read that. As I recall, the options now are Rogers card or Marriott card or pay in USD and get a USD credit card.
One could also stop buying from the US. and never leave the country!
Maybe Hubie will have a deal for us, since they are good with the USD accounts.

May 7, 2017
12:19 pm
Norman1
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Looks like the Amazon.ca Rewards Visa Card is still around. However, Chase Bank has stopped accepting new applications for the Canadian card on April 3.

This is from Amazon.ca Rewards Visa Card Approval Process:

As of April 3, 2017, we are no longer accepting applications for the Amazon.ca Rewards Visa Card and there is no other way to get the card at this time.

For customers who applied before April 3 and your Amazon.ca Rewards Visa Card application was approved, Amazon.ca will send you a welcome email and will automatically add your Amazon.ca Rewards Visa Card as the default payment card for any purchases on Amazon.ca. You will receive your paper Cardmember Agreement and physical card in the mail within two weeks of being approved. After that, you can use your card to make purchases wherever your Amazon.ca Rewards Visa Card is accepted.

May 7, 2017
12:36 pm
Norman1
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Loonie said
We're not the only ones who have noticed these changes and are very unhappy:
https://www.thestar.com/business/personal_finance/2017/04/25/tangerine-turns-its-winning-credit-card-into-a-lemon-roseman.html

If, as is suggested here, they were losing money on this card, then I doubt they'll do any better with the changes they've made. It will just encourage people to restrict their use of this card to the specific categories; and to get another card for everything else. … 

Tangerine will lose even more money if they only get the charges with the 2% cashback. sf-frown

The current MasterCard Canada interchange rates for core Canadian cards (neither World nor World Elite cards) are from 1.00% to 1.55%.

Maybe Tangerine was hoping that enough people would carry balances and pay 19.95% per annum?

May 7, 2017
6:59 pm
Loonie
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If Chase has stopped issuing the Amazon cards, this does not speak well for their longevity, methinks. Perhaps they'll morph into something else.

Surely you don't think that Tangerine plans to get rich on unpaid bills, do you?sf-laugh
I mean to say, they have promised us that there would be no "unfair" fees, right? The fact that probably 95% of the people in the country think the interest rates on credit cards are usurious (the other 5% being bankers) and many have much harsher words for it obviously has nothing to do with fairness...sf-wink
You may have a point though. Perhaps there weren't enough unpaid bills to keep them happy. Old INGers are no doubt a penny-pinching lot of misers who would never dream of letting a bill go unpaid for even a day. We believed the nice Dutchman when he said "save your money'.sf-smile Financial literacy may not be Tangerine's friend.sf-laugh

May 7, 2017
11:23 pm
Cranston
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Loonie said
But didn't I read that Amazon Visa is being discontinued? I forget where I read that. As I recall, the options now are Rogers card or Marriott card or pay in USD and get a USD credit card.
One could also stop buying from the US. and never leave the country!
Maybe Hubie will have a deal for us, since they are good with the USD accounts.  

I am wondering if Chase wants out of Canada? As mentioned before the old Sears Mastercard managed by Chase was sold off to BNS and all the terms "were" as is. But was I informed of upcoming changes in July that they will "add" FX fee back in. So I applied for an Amazon Visa and looks like I unknowingly recieved just before the deadline. I plan to drop the BNS cash back Mastercard when I get my "cash back" payout. The Amazon Visa works better for me at Costco USA.
And oddly enough I cannot see how anyone can apply for a BNS Mastercard as it doesn't show on the BNS website.

So could we say no FX fees on a credit card in Canada could soon be non existent?

May 8, 2017
10:49 am
Loonie
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Yes, it looks like that's where it's headed - until some upstart sees an opportunity to be the sole provider, even if they don't offer the full 2.5
Maybe it's too costly for them. 2.5% is a good chunk of change.

May 9, 2017
4:40 pm
Norman1
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Looks like Chase is not willing to put more capital into Canada. Just the Canadian Amazon.ca Rewards Visa card is closed to new applicants.

The U.S. Amazon Rewards Visa Signature cards are still taking new applicants.

May 9, 2017
4:46 pm
Norman1
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Loonie said
If Chase has stopped issuing the Amazon cards, this does not speak well for their longevity, methinks. Perhaps they'll morph into something else.

Surely you don't think that Tangerine plans to get rich on unpaid bills, do you?sf-laugh

I mean to say, they have promised us that there would be no "unfair" fees, right? …

They did. But, only no "unfair" fees. Didn't commit to anything regarding interest!


You may have a point though. Perhaps there weren't enough unpaid bills to keep them happy. Old INGers are no doubt a penny-pinching lot of misers who would never dream of letting a bill go unpaid for even a day. We believed the nice Dutchman when he said "save your money'.sf-smile Financial literacy may not be Tangerine's friend.sf-laugh

Yes, the Tangerine Bank customer base of savers may not be the right group for finding people who carrying their credit card balances.

May 9, 2017
4:52 pm
Loonie
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The 2.5% exchange is a fee though; not interest. And certainly unfair.

Honestly, I would think it the best joke of the year if they have indeed misjudged our willingness to carry debt.sf-laughsf-laughsf-laugh

May 11, 2017
8:01 am
SavingIsGood
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Loonie said
The 2.5% exchange is a fee though; not interest. And certainly unfair.

Honestly, I would think it the best joke of the year if they have indeed misjudged our willingness to carry debt.sf-laughsf-laughsf-laugh  

Unfair? Fee is 'unfair'??? You must be joking. They can charge WHATEVER they want. There is no fairness in somebody making money. It is up to you to accept or decline. If Most people will decline, yes fee will go down. But people are sheep willing to get slaughtered daily...

May 11, 2017
10:42 am
Peseta
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Cranston said

So could we say no FX fees on a credit card in Canada could soon be non existent?  

Not quite.

Fido MasterCard is one option. Its a no annual fee card, and although they do have a FX fee of 2.5%, they also have a 4% cash back on foreign currency transactions, meaning you'll be earning at net of 1.5% cash back on your non CAD purchases.
http://www.fido.ca/consumer/fi.....creditcard

Another option is Rogers MasterCard, but they have an annual fee of $29 after the first year.

I think Tangerine really missed an opportunity to market their MasterCard as the only no-forex card offered by a major bank.

If the rumour is true and Scotia is planning to add forex fee to its Momentum MasterCard, I'll be closing it and switching to Fido.

Hubert, here is your chance to do something innovative with your upcoming credit card.

May 11, 2017
11:00 am
Loonie
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SavingIsGood said
Unfair? Fee is 'unfair'??? You must be joking. They can charge WHATEVER they want. There is no fairness in somebody making money. It is up to you to accept or decline. If Most people will decline, yes fee will go down. But people are sheep willing to get slaughtered daily...  

I should have put the word unfair in quotation marks. It's Tangerine's word, not mine. They're the ones who claim "no unfair fees". As if!

May 11, 2017
11:04 am
Loonie
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The problem with Rogers, and I think with Fido, is that you are then bound to be a customer of theirs in order to redeem your points. Not for me. I suppose you could just use it to avoid the Forex, and in most cases you'd still be ahead of any other credit card reward
Let's hope Hubert is listening, but I'm not holding my breath.

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