Tangerine, the direct banking arm of Bank of Nova Scotia, has introduced its new Money-Back Credit Card in Canada.
The new card, which does not charge any annual fee, will offer 4% money-back rewards for the first three months in two categories of choice and 1% money-back rewards on all other purchases. The categories include restaurants, grocery, gas, entertainment and home improvement.
The new offer is twice the regular 2% money-back rewards that cardholders can earn in two categories of their choice, while continuing to earn 1% money-back on all other purchases.
Tangerine said that if customers 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 (currently 4%), for a total of three.
Tangerine president and CEO Peter Aceto said: "We want to help Canadians make smarter decisions with their hard-earned money and this now includes giving them more choice when it comes to their spending.
"Whether it’s groceries, gas, entertainment or other everyday spending needs, our new credit card puts money back in the pockets of our clients, allowing them to save while they spend."