Following quickly on the heels of adding new account fees, Tangerine is now making some less than friendly changes to their credit card.
The most important change to me is that they are increasing the foreign exchange fee from 1.5% to 2.5%. So, using this credit card is going to cost me more when I travel, primarily in the U.S.
The change that’s likely to annoy more customers is reducing credit-card rewards. Currently, certain categories of transactions get 2% cash back and the rest get 1%. The rest will now get only 0.5%.
Of course, we’d all be better off if there was no such thing as credit-card rewards and retailers were charged less to accept credit card payments. But I’m not holding my breath.
A slew of other fees that affect those who handle credit poorly are going up as well.
I still find Tangerine products to be better than most of what I can get at the big banks, but future fee increases could change that.