Tangerine Bank Raises Its Fees and Lowers Its Cash Back

Tangerine Bank used to have a pretty good cash back credit card until now.

Effective April 29, 2017 here’s what they are going to do:

If you don’t make your Minimum Payment by the payment due date as shown on 2 consecutive monthly statements, your interest rate will increase to 24.95% on Purchases, Cash Advances and Balance Transfers, including Balance Transfers with Promotional Rates in effect. This increase will take effect immediately, and will be reflected on the following monthly statement. Your interest rate will go back to 19.95% when you’ve made 12 consecutive Minimum Payments by the payment due dates shown on your monthly statements.

You will earn 0.50% Money-Back Rewards on all other Net Purchases not falling within your chosen 2% Money-Back Categories.

Change:  Used to be 3 consecutive months and 6 consecutive minimum payments by the payment due dates. and 1.0% Money-Back Rewards on all other Net Purchases.

Balance transfer: 3% or minimum of $5

Change: Used to be 1% or minimum of $5

Cash Advance Fee: $3.50 within Canada

Change: Used to be $2.50 within Canada

Foreign Conversion Fee: 2.50%

Change: Used to be 1.50%

Over the limit fee: $25

Change: Used to be $20

Summary: #FAIL

To read all the lovely details, check out the “Upcoming Changes” on the Tangerine website.