Tangerine launches preview for new money-back credit card

New card offers unlimited Money-Back Rewards on all purchases to help Canadians save even when they're spending

TORONTO, Oct. 6, 2015 /CNW/ - Tangerine is excited to announce the details of its new Money-Back Credit Card that launches today in a Preview phase. Canadians now have the chance to be among the first to use the unique MasterCard credit card, which offers 2% Money-Back Rewards on purchases in two categories of their choice and 1% Money-Back Rewards on all other purchases, with no annual fee.

Designed to help Canadians be smart with their money, the rewards are earned automatically and can either be applied towards the credit card balance or redeemed into a Tangerine Savings Account. If clients choose to have their Money-Back Rewards deposited into their Tangerine Savings Account, they will get an additional 2% category, for a total of three.

The 2% Money-Back categories include groceries, restaurants, entertainment, gas, recurring bills, home improvement and more to help Canadians save as they go about their everyday spending.

"Our team has spent the past two years working hard to develop our unique Money-Back credit card that allows clients to spend and save at the same time," says Peter Aceto, President and CEO of Tangerine. "We're coining this revolutionary new concept as 'Spaving' – and we're very excited to introduce this concept and our new credit card to the Canadian market today."

"We're thrilled to be the payment network powering Tangerine's first credit card," said Brian Lang, President, MasterCard Canada. "When Canadians use MasterCard they expect safety, convenience and innovative payment options. With their new Tangerine Money-Back credit card they get everything MasterCard provides plus valuable card benefits."

Tangerine is inviting Canadians to register at Tangerine.ca for a chance to be a part of the Credit Card Preview. Selected Previewers who are Tangerine clients will be the first to receive applications, followed by non-clients. Approved Previewers will have the opportunity to try the card and provide feedback on the experience before everyone is invited to apply for the card in early 2016.

About Tangerine

Tangerine is a direct bank that delivers simplified everyday banking to Canadians. With more than 1.9 million clients and close to $38 billion in total assets, we are Canada's leading direct bank. Tangerine offers banking that is flexible and accessible, products and services that are innovative, fair fees, and award-winning client service. From no-fee daily chequing and high-interest savings accounts, GICs, RSPs, TFSAs, mortgages and mutual funds, Tangerine has the everyday banking products Canadians need. With over 1,000 employees in Canada, our presence extends beyond our website and Mobile Banking app to our Café locations, Pop-Up locations and 24/7 Contact Centres. Tangerine was launched as ING DIRECT Canada in 1997. In 2012 it was acquired by Scotiabank, and operates independently as a wholly-owned subsidiary. For more information, visit tangerine.ca

SOURCE Tangerine

Image with caption: "Today, Peter Aceto, president and CEO of Tangerine announced the details of Tangerine’s revolutionary new Money-Back Credit Card, marking the bank’s transition from a savings to everyday bank for Canadians. (CNW Group/Tangerine)". Image available at: http://photos.newswire.ca/images/download/20151006_C4594_PHOTO_EN_515043.jpg

Image with caption: "Today, Peter Aceto, president and CEO of Tangerine announced the details of Tangerine’s revolutionary new Money-Back Credit Card, marking the bank’s transition from a savings to everyday bank for Canadians. (CNW Group/Tangerine)". Image available at: http://photos.newswire.ca/images/download/20151006_C4594_PHOTO_EN_515045.jpg

Image with caption: "Today, Peter Aceto, president and CEO of Tangerine announced the details of Tangerine’s revolutionary new Money-Back Credit Card, marking the bank’s transition from a savings to everyday bank for Canadians. (CNW Group/Tangerine)". Image available at: http://photos.newswire.ca/images/download/20151006_C4594_PHOTO_EN_515047.jpg

Image with caption: "Tangerine president and CEO, Peter Aceto, shows off the new Tangerine Money-Back Credit Card, which was announced today at the bank’s downtown Toronto café. Canadians can now register for a preview to get a first look at the card in advance of the 2016 launch. (CNW Group/Tangerine)". Image available at: http://photos.newswire.ca/images/download/20151006_C4594_PHOTO_EN_515049.jpg

Cayley Kochel, Tangerine, 647-462-3421, [email protected]