Tangerine, the direct banking arm of Bank of Nova Scotia, has launched its new money-back MasterCard credit card in a preview phase.
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The new card, which does not charge any annual fee, provides 2% money-back rewards to consumers on purchases in two categories of their choice.
The 2% money-back categories include groceries, restaurants, entertainment, gas, recurring bills, as well as home improvement, among others.
In addition, the product also offers 1% money-back rewards on all other purchases.
The rewards, earned automatically, can be applied towards the credit card balance or redeemed into a Tangerine Savings Account.
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By GlobalDataIf consumers opt to have their money-back rewards deposited into their Tangerine Savings Account, they can secure an additional 2% category, for a total of three.
Tangerine president and CEO Peter Aceto said: "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.
"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."
