# Thoughts on Tangerine Money Back MasterCard



## OutofBounds (Dec 7, 2016)

Hi all, 

If some of you may remember, I posted in my intro thread about how I'm working to get my finances back under control and learning about investing. I was given some great advice and reading material from that thread and I've been taking it to heart. One of the biggest take aways that I got was to pay down my LOC debt before focusing too much on my savings/investings. 

This week, while going over my budget, finances and banking stuff I noticed that Tangerine has a cash back Mastercard that offers 2% money back in 2 categories (that I can choose) and 1% on everything else. They say that the cash back is paid out monthly and can be sent directly into a savings account. 

I currently have a Scotiabank Visa with a $1000 limit. My girlfriend and I put all our household expenses (food, fuel, etc) on it and pay it off at the end of each month. I don't think we've ever paid a dime of interest. The card gives us Scene points which we can use for free movies at the theater. However, we don't really go to movies often enough anymore and I just rack up points without using them. 

I'm considering cancelling the Visa and setting up the Tangerine Mastercard. My reasoning is two-fold; 1. I can put the Money Back rewards into my emergency savings account and although small is better than nothing and 2. Costco takes Mastercard, not Visa, and 90% of our shopping and fuel purchases are at Costco. We have the executive membership which gives us cash back there as well, so I'd be double dipping in a way.

I'm also considering just lowering the Visa limit to $500 and keeping it in my bail out bag* for emergency use only. The credit card would be a means to book a hotel if needed etc. 

Is my reasoning sound? Am I going to negatively affect my credit rating by cancelling a card and applying for a different one? is there a better option for a cash back MasterCard (honest truth here, I haven't looked too much yet)?



*Bail out bag: We live in a townhouse/duplex, so housing is close together and if one house catches fire they all do. Due to my dad being a career fire fighter, I have an emergency preparedness mindset and as such have a bag near the door we can grab if we need to evacuate in a hurry and have minimal time to grab anything else. . At the moment it holds clothes, copies of important documents on a USB drive, toiletries, spare keys to the vehicle, backup cell phone and a few hundred dollars in cash. Basically enough to get us into a hotel, grab some food and make the process of recovery quicker if we lose everything.


----------



## bobsyouruncle (Dec 25, 2016)

So far I can recommend it. I don't think there's a better option out there that has no fee and doesn't require a high income. 

I have a Scotiabank Visa collecting Scene points we didn't use. Plus, we shop in Costco and other places which don't accept Visa, so we kept having to use our debit card in those places, making it more annoying to track spending.

So in December I applied for a Tangerine MasterCard and so far I'm glad we did. It makes tracking my spending a lot easier, and the monthly cash back is more rewarding. Plus, foreign transactions are 1.5% instead of the usual 2.5%.

You can also get a third category if you open a Tangerine Savings Account and have the cash back put into the Tangerine account. 

I haven't used my Visa since. If I was you, I wouldn't cancel the Visa. Keep it, and if there's an annual fee, cancel near the fee date. They may offer to waive the annual fee, in which case you can choose to keep it open or not. If you're not using it and it's not costing anything, it's no big deal.


----------



## gibor365 (Apr 1, 2011)

AFAIK,if you have category "groceries",you on't get 2% in costco as it goes by merchant code and Costco is counted as discount store. My favorite card is CIBC Dividend World Visa, they give 4% cashback on groceries and gas, 2% on Tim Hortons and Telus, rest at 1%, we pay small annual fee, but last year got cashback about $1,000 ! Also they have auto collision waiver....very useful if you rent car.
For foreign transaction the best card is Amazon.ca Visa - no FX fees at all.

I agree that you don't have to cancel other card, I have 6 CC, 2 of which I don't use for years and there is no any fees..... one of them is AMEX, it was useful when we were driving in France, as AMEX was thae only card that got accepted on some toll roads


----------



## bobsyouruncle (Dec 25, 2016)

gibor365 said:


> AFAIK,if you have category "groceries",you on't get 2% in costco as it goes by merchant code and Costco is counted as discount store. My favorite card is CIBC Dividend World Visa, they give 4% cashback on groceries and gas, 2% on Tim Hortons and Telus, rest at 1%, we pay small annual fee, but last year got cashback about $1,000 ! Also they have auto collision waiver....very useful if you rent car.
> For foreign transaction the best card is Amazon.ca Visa - no FX fees at all.
> 
> I agree that you don't have to cancel other card, I have 6 CC, 2 of which I don't use for years and there is no any fees..... one of them is AMEX, it was useful when we were driving in France, as AMEX was thae only card that got accepted on some toll roads


Yes, I think you're right about Costco being 1%, but the benefit to me (aside from the 1% on top of Costco membership cash back) is keeping transactions off my debit card.

CIBC Dividend World Visa is a good card, as is the Scotia Momentum Visa, but with places like Costco and No Frills (and I think Walmart now as well) not accepting Visa, it made sense for us to have a MasterCard. But everyone's needs can be different.

At the end of the day, Tangerine is a no fee card that's easy to qualify for. It can't hurt to have one, even if you later discover something else may better fit your needs.


----------



## jerryhung (Mar 28, 2011)

http://forums.redflagdeals.com/jerr...ome-bonus-aeroplan-amex-churning-faq-1685293/

for Tangerine MC, I'd wait until a good offer comes
I applied late Nov 2016 during RateSuperMarket's $100 Gift card offer for card approval. Double dip!!


----------



## mordko (Jan 23, 2016)

Tangerine cc is great. They actually give you three 2 percent categories, As long as you open a savings account with them and debit cc balance from it automatically. Amazon visa has a better USD exchange rate, butTangaribe's cc exchange rate is second best. 

Having two free cards is definitely useful. Every now and then one gets blocked so you need another plastic. I use tangerine and HSBC Premier MasterCard. The latter has all imaginable insurance benefits, as well as a 1 percent cash back. For example when our son bought an IPAD and dropped it on day two, our HSBC card covered the costs of buying a replacement. Also you get travel, collision insurance, etc...


----------



## carverman (Nov 8, 2010)

gibor365 said:


> For foreign transaction the best card is Amazon.ca Visa - no FX fees at all.


You mean the Amazon.ca Visa card from JPMorgan Chase Bank, N.A.
There is still a conversion of the USD amount to Canadian dollars.


----------



## carverman (Nov 8, 2010)

bobsyouruncle said:


> At the end of the day, Tangerine is a no fee card that's easy to qualify for. It can't hurt to have one, even if you later discover something else may better fit your needs.


Tangerine MC applications suck though. Even though I'm a Tang customer, I applied and got a call from some woman claiming to be from Tangerine MC, around 8pm one night last Novemeber, asking all sorts of personal questions. 
Then she wanted me to send her copies of documents that I consider very personal, like my citizenship certificate, tax return and Ontario IDcard.

I told her to SHOVE IT! No other CC application required this kind of documents.

I've pretty much moved most of my money back to PCF...no special interest promotions from Tang.


----------



## OutofBounds (Dec 7, 2016)

Thanks for all the advice. It sounds like it's a pretty good match for what I need. I didn't see the bit about an extra 2% category with a Savings account, so that's good to know. I have a savings account already with them so I'll ask about it. I don't need alot of the other perks like foreign transactions, since I don't travel or do deals outside of Canada often. Car rental insurance I get through my own auto insurance coverage for next to nothing (perks of having a girlfriend working for the insurance company). I also don't qualify for alot of the high end cards like the HSBC Premier due to income levels. 

I'll see if a good deal like jerryhung suggests comes along in the near future for the Tangerine MC and keep my Visa in reserve.



carverman said:


> Tangerine MC applications suck though. Even though I'm a Tang customer, I applied and got a call from some woman claiming to be from Tangerine MC, around 8pm one night last Novemeber, asking all sorts of personal questions.
> Then she wanted me to send her copies of documents that I consider very personal, like my citizenship certificate, tax return and Ontario IDcard.
> 
> I told her to SHOVE IT! No other CC application required this kind of documents.
> ...


Good to know, I'll watch out for it. People who phone me don't get squat with regards to information. If they want the info, they have to leave a call back number which can be verified. I have yet to have any promo stuff from Tangerine, but I only have chequing, savings and TFSA with them.


----------



## bobsyouruncle (Dec 25, 2016)

carverman said:


> Tangerine MC applications suck though. Even though I'm a Tang customer, I applied and got a call from some woman claiming to be from Tangerine MC, around 8pm one night last Novemeber, asking all sorts of personal questions.
> Then she wanted me to send her copies of documents that I consider very personal, like my citizenship certificate, tax return and Ontario IDcard.
> 
> I told her to SHOVE IT! No other CC application required this kind of documents.
> ...


I never experienced anything like that. 

I applied over the phone and was asked regular application questions.

I then received an email after a few days to go to Canada Post and show them one proof of ID and one proof of address.

Immediately upon doing that I received an email from Tangerine thanking me for confirming my identity and telling me that if I had't already received my card that it is on its way. It arrived a few days later, I activated it online, voila.

I would advise OP to apply over the phone. I applied online and for some reason the application wasn't processed. When I called it was a simple process and it got done.


----------



## m3s (Apr 3, 2010)

OutofBounds said:


> I currently have a Scotiabank Visa with a $1000 limit. My girlfriend and I put all our household expenses (food, fuel, etc) on it and pay it off at the end of each month. I don't think we've ever paid a dime of interest. The card gives us Scene points which we can use for free movies at the theater. However, we don't really go to movies often enough anymore and I just rack up points without using them.
> 
> I'm considering cancelling the Visa and setting up the Tangerine Mastercard. My reasoning is two-fold; 1. I can put the Money Back rewards into my emergency savings account and although small is better than nothing and 2. Costco takes Mastercard, not Visa, and 90% of our shopping and fuel purchases are at Costco. We have the executive membership which gives us cash back there as well, so I'd be double dipping in a way.
> 
> ...


Yes this sounds like a good plan to me

I use Tangerine Money Back and I find it to be truly hassle free as the cash is simply deposited into my savings account monthly and you can easily change categories later if you want. I previously used MBNA Smart Cash and it was fairly similar however it only credited cash back in $50 increments which is a hassle in the end compared to Tangerine. Tangerine also has a much better web interface than MBNA, or TD for that matter. I also use it for Costco

For your Visa, instead of cancelling it I would just put it somewhere safe and/or reduce the credit limit to $500. The reason is that your credit score takes into account the average age of your cards. So when you cancel old cards you reduce that experience you've built up while if it's a free card there is not much harm in leaving in open at 0$. I also reduce them to $500 just to be on the safe side

Bottom line if you want hassle free cash back Tangerine is a good choice imo


----------



## gibor365 (Apr 1, 2011)

> CIBC Dividend World Visa is a good card, as is the Scotia Momentum Visa, but with places like Costco and No Frills (and I think Walmart now as well) not accepting Visa, it made sense for us to have a MasterCard.


 We buy groceries at RCSS,Highland farm and Yummy market...all accept Visa and we get back 4%, I think even Food Basics counts...


> Car rental insurance I get through my own auto insurance coverage for next to nothing


 I doubt that it would work in Europe ... Last time we got flat tire in france, Europcar charged us 200 EUR,CIBC Visa paid back everything w/o any problems...
On Tangerine MC, I have 2% categories 
HOME IMPROVEMENT
PARKING/PUBLIC
RECURRING BILLS,
so use it mostly for Home Depot, paying bills and presto


----------



## bobsyouruncle (Dec 25, 2016)

gibor365 said:


> We buy groceries at RCSS,Highland farm and Yummy market...all accept Visa and we get back 4%, I think even Food Basics counts...


We aren't as upmarket as you!


----------



## gibor365 (Apr 1, 2011)

bobsyouruncle said:


> We aren't as upmarket as you!


Do you think Costco is cheaper than stores I listed?!


----------



## bobsyouruncle (Dec 25, 2016)

gibor365 said:


> Do you think Costco is cheaper than stores I listed?!


The gas is! lol


----------



## OutofBounds (Dec 7, 2016)

gibor365 said:


> We buy groceries at RCSS,Highland farm and Yummy market...all accept Visa and we get back 4%, I think even Food Basics counts... I doubt that it would work in Europe ... Last time we got flat tire in france, Europcar charged us 200 EUR,CIBC Visa paid back everything w/o any problems...
> On Tangerine MC, I have 2% categories
> HOME IMPROVEMENT
> PARKING/PUBLIC
> ...


I've never heard of RCSS, Highland Farm, Food Basics or Yummy Market. LOL! I think the MasterCard will fit our needs in the grocery buying dept.

I've also never been to Europe and have no plans to go anywhere for the next 3 - 5 years. Only trip I might do outside Canada in that time is Vegas for a distributor/manufacturer show next January.

I'll definitely look into what my insurance covers for rental cars though if I ever have the need for one.


----------



## gibor365 (Apr 1, 2011)

RCSS - Real Canadian Superstore ,you never heard of it?!

btw,just was checking costco website and yes, you can use Visa when buying online


----------



## OutofBounds (Dec 7, 2016)

gibor365 said:


> RCSS - Real Canadian Superstore ,you never heard of it?!
> 
> btw,just was checking costco website and yes, you can use Visa when buying online


OH! RCSS...derp. Yeah that makes sense. I have heard of it. We never shop there though. 95% of our groceries come from Costco, with a few supplementary items form Safeway when they're on sale with Air Miles perks. The only time I fuel up at a place that's not Costco is when they're closed or I'm in a town that doesn't have one. Then it's Shell for Air Miles.


----------



## gibor365 (Apr 1, 2011)

> Then it's Shell for Air Miles.


 Check Pioneer, for last several years I was driving from work passing both Pioneer and Shell, Pioneer in 95% of the times was cheaper by 2 cents


----------



## OutofBounds (Dec 7, 2016)

gibor365 said:


> Check Pioneer, for last several years I was driving from work passing both Pioneer and Shell, Pioneer in 95% of the times was cheaper by 2 cents


Never heard of Pioneer. LOL. We have Shell, Husky, Chevron (I think??), Superstore, No Frills, Costco, UFA, and Safeway for gas stations here in GP.


----------



## My Own Advisor (Sep 24, 2012)

Back to the question...I know a number of folks that use this card and it's very good - good perks. 

We hold the Amazon VISA - great for international travel (and our Amazon purchases) and we hold a grandfathered CapOne card - 1.5% cash back but lots of travel insurance perks, the latter easily save us hundreds of dollars per year on travel insurance.


----------



## carverman (Nov 8, 2010)

OutofBounds said:


> Good to know, I'll watch out for it. People who phone me don't get squat with regards to information. If they want the info, they have to leave a call back number which can be verified. I have yet to have any promo stuff from Tangerine, *but I only have chequing, savings and TFSA with them.*


 I have the same too. And I already established my identity with the bank, so this BS when she called me after 8pm one night and started asking all sorts of questions really got me annoyed. 
I answered the questions, but when she wanted me to send in copies of legal documents, I refused.
I told her my identity was already established with the Tangerine Bank. I could her a copy of my utility bill, but that was it. Anyway her manner over the phone pissed me off. 
I later got message when I logged in to my Tang acct that my application for the Tang CC was refused and to apply again 6 MONTHS LATER. They can shove their card!

As far as the Tang bank, every time I call, I get put on hold and an announcement that
the wait time can be as much as 15 minutes or more. So I hang up and send them
a email. Never hear back from them.
As far as I'm concerned their online and telephone service sucks. 
Maybe they can attract customers by offering special interest promotions, but that's about it.

I've moved most of my savings back. TFSA is next by the end of this month
when they pay me interest on it. Going back to my regular bank PCF.


----------



## gibor365 (Apr 1, 2011)

> Going back to my regular bank PCF.


Could you share what Tangerine gave you after 2.4% promo got expired?


----------



## carverman (Nov 8, 2010)

gibor365 said:


> Could you share what Tangerine gave you after 2.4% promo got expired?


Just the regular 0.8% rate. That doesn't even keep up with inflation which is over 2% and you get taxed on that so it really amounts to about 0.5% or in other words, "keep your savings with us and just watch your money rot in our bank'.

They never came to the phone when I called, put on hold for over 10 minutes..finally hung up.

They never answered my online inquiry (Contact Us) while logged into my account.

Currently they have a promotion for 2.4% on NEW savings accounts. 


I'm moving all my money out of Tang on Feb 1st, as there is really no reason to keep it there now, if they are not continue with the promotion after Jan 15th. 
IMO, Just not a good bank for customer service.


----------



## Beaver101 (Nov 14, 2011)

carverman said:


> Just the regular 0.8% rate. That doesn't even keep up with inflation which is over 2% and you get taxed on that so it really amounts to about 0.5% or in other words, "keep your savings with us and just watch your money rot in our bank'.
> 
> They never came to the phone when I called, put on hold for over 10 minutes..finally hung up.
> 
> ...





> I have the same too. And *I already established my identity with the bank, so this BS when she called me after 8pm one night and started asking all sorts of questions really got me annoyed.
> I answered the questions, but when she wanted me to send in copies of legal documents, I refused.
> * *I told her my identity was already established with the Tangerine Bank. I could her a copy of my utility bill, but that was it. Anyway her manner over the phone pissed me off.
> * I later got message when I logged in to my Tang acct that my application for the Tang CC was refused and to apply again 6 MONTHS LATER. They can shove their card!
> ...


 ... don't you want to at least give candid feedback to them as a parting gift for all the lousy service you got? Not to the low end CSR, but "management" ... or how about their President/CEO ... Peter Aceto?


----------



## EngPhysGuy (Jul 9, 2015)

I have the CC and I love it. 
I honestly have not had any issues with their support either. I generally use the online live chat which seems to be quick and correct.


----------



## PrairieGal (Apr 2, 2011)

> I have the CC and I love it.


+1

I love getting free money deposited into my savings account every month.


----------



## carverman (Nov 8, 2010)

PrairieGal said:


> +1
> 
> I love getting free money deposited into my savings account every month.


It's only "free" if you pay off the balance each month before the due date..otherwise you pay
them 19.97% (compounded to 21.93% APR), so in essence they win by a difference of 20% on your monthly balance while paying you 2% on selected merchant purchases.

Good deal?


----------



## carverman (Nov 8, 2010)

Beaver101 said:


> ... don't you want to at least give candid feedback to them as a parting gift for all the lousy service you got? Not to the low end CSR, but "management" ... or how about their President/CEO ... Peter Aceto?


No, it's not worth the agravation. 
i'll just move my money out tomorrow (Feb 1), and if they decide to offer another promotion this year on
EXISTING accounts , I will move my money back..otherwise why bother? I can get 0.8% on savings at ANY bank.


----------



## gibor365 (Apr 1, 2011)

After 2.4% of 6 months promo, my MIL got just 2% for next 3 months... Considering that no one now gives more, except EQ with same 2%, for now I probably will leave her money in tangerine


----------



## Eclectic12 (Oct 20, 2010)

carverman said:


> It's only "free" if you pay off the balance each month before the due date ... Good deal?


I'd guess it depends on whether one gets anything that one wants/can use for paying off a different CC before the due date as well as if the past due interest charges are similar or not.


Cheers


----------



## redsgomarching (Mar 6, 2016)

carverman said:


> Just the regular 0.8% rate. That doesn't even keep up with inflation which is over 2% and you get taxed on that so it really amounts to about 0.5% or in other words, "keep your savings with us and just watch your money rot in our bank'.
> 
> They never came to the phone when I called, put on hold for over 10 minutes..finally hung up.
> 
> ...


Inflation is not at 2%.


----------



## OutofBounds (Dec 7, 2016)

carverman said:


> It's only "free" if you pay off the balance each month before the due date..otherwise you pay
> them 19.97% (compounded to 21.93% APR), so in essence they win by a difference of 20% on your monthly balance while paying you 2% on selected merchant purchases.
> 
> Good deal?


It is for me. I don't think I've paid a dime in interest on a credit card since I was about 20. 

Thanks for all the info folks. We're mid move right now, so I'll get it set up after we're settled. It's interesting to hear that a few people have had negative experiences with Tangerine. I've only been with them a short time, but so far everything has gone smoothly.


----------



## gibor365 (Apr 1, 2011)

> It is for me. I don't think I've paid a dime in interest on a credit card since I was about 20.


 I didn't in whole my life


----------



## PrairieGal (Apr 2, 2011)

That's true enough. But I budget with YNAB, so using my credit card is the same as using as using my debit card. It is all pre-planned spending. I pay it when I get the statement, or even before. I never pay interest. My son asked me what the interest rate was and I didn't even know. 

The way I see it, Tangerine pays me money for spending I would do anyway.


----------



## Mortgage u/w (Feb 6, 2014)

Scotiabank (which owns Tangerine) offers a better card, in my opinion. They have 3 Momentum Visas which offer cash-back options but also have great additional perks. I currently hold the Momentum Infinite which pays up to 4% cash-back. It has a $99 annual fee (the first year is free) but it pays itself back quickly. The perks are great for this card - travel/car rental insurance, etc. Of course, you need to value these perks too but the high cash-back is pretty sweet especially if you use your card for everything. I guess if you want a stripped down, no fee, cash-back type of card, the Tangerine is a tough one to beat.


----------



## SW20 MR2 (Dec 18, 2010)

I use a combination of the Cap One Costco card and the Tangerine card. Between the two, I get 2% on 5 categories. The category on Tangerine that's really good is the recurring bill. Things like my monthly cell phone, internet, 407, kid's school, etc all earn me 2%, and they make up the majority of my credit card bills each month.


----------

