TD Canada will issue two new credit cards in Summer 2017

I reported that Tangerine will make some significant changes to one of the (previously) best credit cards in Canada very soon. I decided to take some study and look for some alternatives. It seems that TD Canada is going to issue two new credit cards in the summer of 2017.

The benefits of the two cards are interesting, some of major points including:

• A TD Cash Back VISA card. It has no annual fee, and earn 1% cash back on grocery, gas, and pre-authorized payments. Other than that, the cashback rate is 0.5% on all other purchases. It is also good to know that the card comes with purchase security and extended warranty insurance.
• A TD Cash Back VISA Infinite card. It provides much better benefits than the previous card, but it charges an annual fee of $120. However, the fee could be waived if you have the TD all-inclusive account. One of the greatest benefits of the card is that it earns 3% cashback on grocery, gas, and pre-authorized payments. Other than that, the cashback rate is 1%. For those new users, the cashback rate is 6% in the fist three months. Terrific!

I am planning to apply for the VISA Infinite card once the application link is available.

New Changes are Coming to Tangerine Money-Back MasterCards

Recently, there are rumors about the upcoming changes to one of the best credit cards in Canada, the Tangerine Money-Back MasterCards.

According to the latest updates, the major changes include:

•     Balance Transfer Fee
• before: 1% or minimum of $5 (unless reduced or waived)
• after: 3% or minimum of $5 (unless reduced or waived)
•     Cash Advance Fee
• before: $2.50 within Canada; $5 outside of Canada
• after: $3.50 within Canada; $5 outside of Canada
•     Foreign Conversion Fee
• before: 1.50%
• after: 2.50%
•     Money-Back Categories
• before:   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.
• after: 1% Money-Back Categories You will earn 1% Money-Back Rewards on all other Net Purchases not falling within your chosen 2% Money-Back Categories

The full details of the changes can be found here:  https://www.tangerine.ca/en/landing-page/creditcardnotification/index.html

Based on these changes, this card is not among the best rewards-based credit cards in Canada anymore. I am looking for some other credit cards in the next few days.

Thanks, Tangerine, for losing some loyal customers!