Tangerine has announced that it is adding a MasterCard credit card to its product offering as the no fee bank takes another step toward being an everyday bank.

The no fee card will offer money-back rewards, an automatic monthly redemption of these rewards and will allow customers to make online credit limit adjustments. The card will offer 2 per cent money-back rewards on purchases in two categories of their choice and 1 per cent on all other purchases, with no annual fee.

Tangerine is the direct banking arm of Bank of Nova Scotia.