Welcome to another Rewards Canada Clash! This time in our Clash of the Credit Cards we see two entry level no fee cards battle it out in the RC Arena! Those cards are the BMO eclipse rise Visa* Card and the Tangerine Money-Back Credit Card.
In this match up we look at over a half dozen criteria to compare the cards against one another along with a head to head detailed table comparison.
Click here to see all the other Rewards Canada clashes
Annual Fees
Both of these contestants are no annual fee cards which means there is no cost for primary or additional cards. As both are the same this first round of the clash is a draw.
Welcome Bonus
Right now the BMO eclipse rise Visa Card is being offered with a welcome bonus of 20,000 BMO Rewards points. The bonus is awarded after spending $1,500 on the card in the first three months. Those 20,000 points are worth $133 when redeemed for travel or BMO Investment products or $100 when redeemed as Pay with Points (Cash back statement credit option)
The Tangerine Money-Back Credit Card is currently being offered a welcome bonus of 10% extra cash back on up to $1,000 of spending in the first two months when you apply for the card by April 30, 2024. That works out to a maximum value of $100.
With a slightly higher welcome bonus value when redeemed for travel or investment products, this category goes to the BMO eclipse rise Visa Card.
Rates
For interest rates, the BMO card charges 20.99% on purchases and 23.99% for cash advances while Tangerine is 19.95% for both purchases and cash advances.
The BMO eclipse rise Visa card has an introductory offer of a 0.99% introductory interest rate on Balance Transfers for 9 months, with 2% fee that applies to balance amounts transferred. While the Tangerine Card has an introductory offer of 1.95% on balance transfers for 6 months and a 1% fee applied to the balance amounts transferred.
This category goes to the Tangerine card for having lower full time rates on purchases and cash advances.
Features & Benefits
Neither of these cards have any additional features or benefits so this round is a draw!
Earning & Redeeming
This is the category that holds the most weight in our Clashes and is the round that most people care about. The two competitors have differences in earning whereby the BMO eclipse rise Visa card earns points while the Tangerine Money-back credit card provides cash back. However, we do know the value per point for the BMO card which allows us to calculate the equivalent % return for each dollar spent to provide a proper comparison to Tangerine's cash back percentage.
Breaking down the BMO card's % value
The BMO eclipse rise Visa Card has two rates for earning points. It offers 5 points per $2 spent on recurring bill payments, groceries, dining and takeout and then 1 point per $2 spent on all other spending. There are also two primary redemption rates for the BMO card, one for travel and BMO investment products which is 150 points to $1 and one for Pay with Points which is their cash back statement credit option that is 200 points to $1.
If we take the 150 points to $1 and convert that to a rate of return it works out to 0.67 cents per point or a 0.67% return. For the 200 to $1 option it works out 0.5 cents per point or a 0.5% return. Now we can apply these to those confusing earn rates on the card and work out the % return per dollar spent:
- 5 points for $2 spent: Equals 2.5 points per $1, take 2.5 and multiply it by 0.67 to achieve a 1.34% return or by 0.5 for a 1.25% return
- 1 point for $2 spent: Equals 0.5 points per $1, take 0.5 and multiply it by 0.67 to achieve a 0.34% return or by 0.5 for a 0.25% return
The BMO card also offers annual bonus points that are awarded as follows:
- 2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points
- 2,500 bonus points for paying your full credit card balance on time for 12 consecutive months.
These points add a little extra value to the earn rates but the Pay with points bonus forces the cardholder to use the worst redemption option thereby keeping the overall return lower than if they redeemed points for travel or BMO Investment products.
Tangerine earn rates
The Tangerine Money-back credit is much simpler to calculate, it earns 2% cash back on two categories that the cardholder chooses and that can be increased to three categories if they choose to deposit cash back rewards to a Tangerine savings account. So that's a given - if you get this card you really should open the free account so that you can earn 2% on three categories of your choice.
All other spending outside of the two or three categories on the Tangerine card earns 0.5% cash back.
Another thing you'll want to note here is that BMO's accelerated earn rates have an annual caps of $5,000 per category whereas Tangerine's 2% accelerated earn rate is unlimited!
Redemption Value Comparison
For this comparison we assume the Tangerine cardholder is choosing to deposit to a Tangerine account to receive the third 2% category and also assume the cardholder selects the same three categories that the BMO eclipse rise Visa card offers an accelerated earn rate in.
| Spend Category | BMO eclipse rise effective earn rate per dollar when redeemed for travel or BMO Investments | BMO eclipse rise effective earn rate per dollar when redeemed for Pay with Points statement credit | Tangerine Money-back effective earn rate per dollar |
|---|---|---|---|
| Recurring Bill Payments | 1.34% | 1.25% | 2% |
| Groceries | 1.34% | 1.25% | 2% |
| Dining / Take Out | 1.34% | 1.25% | 2% |
| All other spending |
0.34% | 0.25% | 0.5% |
This round isn't even close as the clear winner is the Tangerine Money-Back Credit Card with better earn rates across the board. Even when you factor in BMO's annual point bonuses that are detailed above, the card still wouldn't match the Tangerine card's earn rates. So it's almost like a one-two punch by the Tangerine card.
Insurance
Insurance coverage tends to be light on no fee cards and that's the case here with these cards.
The BMO eclipse rise Visa Card offers Purchase Security Insurance, Extended Warranty Insurance and Mobile Device Insurance
The Tangerine Money-Back Credit Card offers Purchase Protection Plan and Buyer’s Assurance Protection Plan (Extended warranty) for insurance coverage.
By offering one more insurance benefit, specifically Mobile Device Insurance, the BMO eclipse rise Visa card wins this round.
Conclusion
Even though the BMO card won two rounds it gets knocked down to the mat in the most important category of all which is earning and redeeming. The Tangerine card's one-two punch in that category leads to it scoring a win in the RC Arena.
The winner of this clash is the: Tangerine Money-Back Credit Card
Key factors in Tangerine's win:
- Higher base earn rate value
- Higher accelerated earn rate value
- No annual cap on rewards earning
If you would like to see any cards go head to head against each other - please do not hesitate to reach out to us in the comments, on social media or via email.
Here is a direct side by side comparison of the two cards in this clash!
Basics |
 BMO eclipse rise Visa* Card |
 Tangerine Money-Back Credit Card |
|---|---|---|
| Card Type | Travel Points | Cash Back |
| Annual Fee | $0 | $0 |
| Limited Time Annual Fee Offer | N/A | N/A |
| Additional Card Fee | $0 | $0 |
| Interest Rate | 20.99% Purchase 23.99% Cash Advance | 19.95% Purchase 19.95% Cash Advance |
| Foreign Transaction Fee | 2.5% | 2.5% |
| Income Requirements | N/A | N/A |
Points earning |
BMO eclipse rise Visa* Card |
Tangerine Money-Back Credit Card |
|---|---|---|
| Standard Welcome Bonus | 20,000 points | 0 |
| Welcome Bonus Value* | $100 to $ 133 | $0 |
| Limited Time Welcome Bonus | 20,000 points | 10% cash back |
| Limited Time Welcome Bonus Value* | $100 to $ 133 | $100 |
| Renewal or Additional Bonus | 2,500 bonus points for redeeming at least 12,000 points annually towards your statement balance with Pay with points 2,500 bonus points for paying your full credit card balance on time for 12 consecutive months |
None |
| Travel Purchases | 1 point per $2 spent (0.25% to 0.34%) |
0.5% unless you select Hotel-Motel category to earn 2% |
| Grocery Purchases | 5 points per $2 spent^ (1.25% to 1.34%) |
0.5% unless you select Grocery category to earn 2% |
| Dining Purchases | 5 points per $2 spent^ (1.25% to 1.34%) |
0.5% unless you select Restaurants category to earn 2% |
| Gas Purchases | 1 point per $2 spent (0.25% to 0.34%) |
0.5% unless you select Gas category to earn 2% |
| Entertainment Purchases | 1 point per $2 spent (0.25% to 0.34%) |
0.5% unless you select Entertainment category to earn 2% |
| Drug Store Purchases | 1 point per $2 spent (0.25% to 0.34%) |
0.5% unless you select Drug Store category to earn 2% |
| Transit, Ride Share Purchases | 1 point per $2 spent (0.25% to 0.34%) |
0.5% unless you select Public Transport & Parking category to earn 2% |
| Recurring Bills | 5 points per $2 spent^ (1.25% to 1.34%) |
0.5% unless you select Recurring Bill Payments category to earn 2% |
| All Other Purchases | 1 point per $2 spent (0.25% to 0.34%) |
0.5% (2% for furniture or home improvement if you select those categories) |
| ^ Annual cap on bonus category spending | $5,000 per category | No caps |
| Overall value per $1 spent* | 0.25 to 1.34 cents |
0.5 to 2 cents |
Redemption / Exchange Options |
BMO eclipse rise Visa* Card |
Tangerine Money-Back Credit Card |
|---|---|---|
| Miles/Points deposited to | BMO Rewards | Bank account or statement credit |
| Travel Redemption Value | 150 points to $1 | Straight cash back |
| Value of points for travel redemptions | 0.34 to 1.34% | 0.5% to 2% |
| Cash Back Redemption option | 200 points to $1 | Straight cash back |
| Value of points for cash back redemptions | 0.25 to 1.25% | 0.5% to 2% |
Insurance |
BMO eclipse rise Visa* Card |
Tangerine Money-Back Credit Card |
|---|---|---|
| Purchase Protection | 90 Days Up to $60,000 lifetime |
90 Days Up to $60,000 lifetime |
| Extended Warranty Plan | Up to 1 extra year | Up to 1 extra year |
| Mobile Device Insurance | Up to $1,000 | None |
| Link to Apply |
This clash was first posted on January 31, 2024
Subscribe to our newsletters
Be sure to subscribe to the Rewards Canada News and RWRDS Bonus Bulletin email newsletters so that you don't miss out on any loyalty program news and offers! You can subscribe to our newsletters here: