At last, the long awaited Tangerine Money-Back Credit Card is now available to the general public. This no-fee MasterCard is Tangerine’s first foray into the credit card space, and it’s packed with juicy rewards and benefits that you might only find in an annual fee card.
Of course, the bank that first wanted us to, “save your money” added a unique twist to its rewards program. Like any cash-back credit card, Tangerine’s Money-Back cardholders earn cash back rewards on every purchase. You get 2% cash back in two categories of your choice, and 1% cash back on every other purchase.
The twist is that cash back rewards can then be automatically deposited back onto their credit card as a statement credit, or sent directly into their Tangerine Savings Account each month. If cardholders choose to have their Money-Back Rewards redeemed into their Tangerine savings account instead of back on their credit card, they will get an additional 2% Money-Back category, for a total of three.
Tangerine Money-Back Credit Card features
Tangerine’s Money-Back Credit Card is now open to all Canadians to apply after a successful preview phase launched in October 2015 that saw 108,000 people register for the chance to apply and 32,000 people participate in the card preview.
The new MasterCard is offering a bonus of 4% Money-Back Rewards for the first three months in two categories of choice and 1% Money-Back Rewards on all other purchases, with no annual fee. Again, those cardholders who choose to transfer their Money-Back Rewards into their Tangerine savings account will earn an third 4% category for the first three months.
Money-Back categories are incredibly broad and include groceries, gas, restaurants, hotel, drug store, home improvement, entertainment, parking, furniture, and recurring bills.
Key Features at a Glance
- No annual fee
- Unlimited Money-Back Rewards
- 4% Money-Back Rewards (regularly 2%) on purchases in two chosen categories and 1% Money-Back Rewards on all other purchases for the first three months
- Clients will receive three categories at 4% if they choose to redeem their Money-Back Rewards into a Tangerine Savings Account
- Automatic monthly redemption of Money-Back Rewards into a Tangerine Savings Account or towards the Credit Card balance
- Pause My Card feature allows Clients to temporarily suspend use of their card if it’s been misplaced
- Easy credit limit adjustments online
- Easy online travel notification feature
- Ongoing automatic Pay My Balance feature (minimum payment or entire balance)
- Customizable email Orange Alerts to keep Clients up-to-date on what’s happening in their Account
Additional Card Benefits:
- 1.5% Foreign Conversion Fee – one of the lowest in market
- Free Cards for Authorized Users on your Account
- Purchase Assurance and Extended Warranty – For most new purchases made anywhere in the world using your Tangerine Money-Back Credit Card, you may receive a lifetime maximum of up to $60,000 for the following insurance coverage:
- Purchase Assurance, which may automatically cover loss, theft or damage, in excess of other insurance, for 90 days from the date of purchase; and
- Extended Warranty, which may double the period of repair services, to a maximum of one additional year, when the original manufacturer’s warranty expires.
Interest on overdue balances and cash advances is 19.95%. Cash advances come with a $2.50 charge in Canada and a $5 charge outside of Canada.
Money-Back Credit Card Game
To help celebrate this launch, Tangerine created the Money-Back Credit Card Game available now at tangerinemoneybackgame.com.
Starting today, consumers can visit the site to play for the chance to win great prizes. Prizes include gift cards ranging from $5 – $100 related to Tangerine’s 2% Money-Back Categories. I played this morning and won a $5 Starbucks e-gift card.
Share Tangerine’s Money-Back Game with your friends on Twitter using the hashtag #tangerinemoneyback and you’ll be entered to win even more prizing related to Tangerine’s Money-Back Credit Card categories: a $500 grocery gift card, a $250 gas gift card or a $250 home improvement gift card.
Final thoughts
Tangerine promised a game changing rewards card that stuck to its core values. With the Tangerine Money-Back Credit Card, cardholders get all of that and more with a no-fee cash back credit card that encourages saving by offering an additional bonus when rewards are transferred into a Tangerine savings account. It’s a clever marketing tactic that’s sure to lure customers into opening a savings account to activate the extra bonus category.
To determine whether the Tangerine Money-Back Credit Card comes out ahead of other no-fee cards, such as the SimplyCash Card by American Express, or the PC Financial World Elite MasterCard, you’ll need to determine which categories you spend the most in your budget.
All-in-all, Tangerine delivers with a solid no-fee cash back rewards card that pays above the going market rate of 1% back and uses some aspects of gamification to make spending, saving, and earning rewards fun. The 4% Money-Back Rewards bonus offer for the first three months is just icing on the cake.
Click here to apply or learn more about the Tangerine Money-Back Credit Card.
WestJet unveiled a new perk this week that will leave its members (and their friends and family) smiling. The day after Calgary-based WestJet celebrated its 20th birthday, the airline also announced that WestJet RBC World Elite MasterCard customers can now redeem their WestJet companion voucher for travel anywhere in the WestJet network, including Mexico, the Caribbean, Hawaii and Europe. In addition, the first checked bag at no charge benefit has also been extended to include the entire network.
Enhanced WestJet Companion Voucher
Already a hidden gem amongst the rewards community, the WestJet RBC World Elite MasterCard now offers unrestricted access to the WestJet network without requiring a minimum annual card spend or high annual fees.
The WestJet companion voucher is part of the welcome bonus and annual renewal award available to new and existing WestJet RBC World Elite MasterCard holders. This offer allows the primary cardholder to take a companion on a round trip on the same itinerary for $99 in Canada and the U.S., $299 for sun destinations including Hawaii, Mexico and the Caribbean, or $399 for trips to the U.K. and Ireland. Flights are subject to taxes, fees and charges on any WestJet-marketed and operated flight anywhere in the WestJet network.
I spoke with Sol Zia, manager of rewards at WestJet, about these changes. He said the company undertook a large scale research study of WestJet rewards members and non-cardholders to understand the barriers and pain points from the rewards program.
“The number one complaint about the program was the restricted companion voucher,” said Zia in a phone interview.
Previous to this enhancement, cardholders received an annual round-trip companion flight for $99 (plus fees and taxes) on a WestJet marketed and operated flight in Canada and the continental U.S. (excluding Hawaii and Puerto Rico).
Zia also said that many people who haven’t considered the WestJet RBC World Elite MasterCard may be underestimating the benefit of the companion flight and free checked bag for up to eight people in your party.
“There are no blackout dates, even at Christmas, and so there are huge savings to be had at times which are convenient to cardholders and their companions.”
WestJet RBC World Elite MasterCard benefits
New cardholders get a welcome bonus of $250 WestJet dollars as well as an annual round-trip companion flight voucher starting at $99 (plus fees and taxes) after your first purchase.
Here’s what you’ll get with the WestJet RBC World Elite MasterCard:
- Earn 1.5% back in WestJet dollars on every purchase you make.
- Earn 2% back in WestJet dollars when you purchase WestJet flights or WestJet Vacations packages.
- Receive an annual round-trip companion voucher that allows you to go anywhere WestJet flies
- Get your first checked bag free on all WestJet flights.
- Redeem any amount of WestJet dollars, at any time. One WestJet dollar earned is worth one Canadian dollar when redeemed for travel with WestJet or WestJet Vacations.
- Travel whenever you want with no blackout periods or seat restrictions, and no advance booking requirements.
- Use your WestJet dollars just like cash towards all or part of your next WestJet flight or WestJet Vacations package.
The card comes with a $99 annual fee and, since it’s a World Elite MasterCard, you’ll need a minimum $70,000 annual income (or $120,000 household income) to qualify. Additional cards are $49 per year.