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Tuesday, April 4, 2017

Tangerine Money Back MasterCard losing value on April 29th

Lots of buzz surrounding the news that came out last week about the Tangerine Money Back Credit Card. The card that sort of stormed onto the market last year already had one change where its coveted 4% back in select categories for the first three months of having the card was removed earlier this year and now the following is happening on April 29th:
  • All spend that doesn't fall under your 2 or 3 selected bonus categories drops from 1% to 0.5%. That's right, half a percent
  • The foreign transaction fee moves from 1.5% to 2.5%. Making it equal to most cards in Canada
  • Some other fees are also being affected, here is the whole list of changes:
This card has quickly turned from being one of the better ones out there to just an average cash back card. It is really unfortunate to see this change especially when some other cards are being enhanced to provide better cash back rewards. When considering a cash back card you should always refer to our Cash Back Comparison chart to see what card will work best for you.

Here is what remains the same on the card:

To learn more about the Tangerine card click here.

What are everyone's thoughts? Do you currently have the card and will you keep it after these changes?


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