Tangerine Cash-Back Credit Card: Is it Worth it?

With a cash back rate of up to 2%, the Tangerine Money-Back Mastercard is one of the best no-fee cash back credit cards in Canada.

It is easy to apply for and you get a chance to choose cash back categories where you spend the most.

That said, is the card worth adding to your wallet? This Tangerine Mastercard review covers what you need to know.

Tangerine Money-Back Mastercard

Rewards: Earn up to 2% unlimited cash back on 3 categories of spending.

Welcome offer: Extra 10% cash back when you spend up to $1,000 in everyday purchases within your first 2 months (worth up to $100).

Interest rates: 19.95% for purchases and cash advances.

Annual fee: $0

Min. income required: $12,000

Tangerine Money-Back Credit Card Benefits

For a limited time (until August 16, 2021), new cardholders get an extra 10% cash back when they spend up to $1,000 within the first two months.

This Tangerine credit card has no annual fees and offers a very decent level of cash back returns when you spend money on various types of purchases.

By default, cardholders earn 2% cash back on two “Money-Back” categories of their choice.

You can choose to earn this top rate when you spend on groceries, furniture, restaurants, hotel stays, gas, recurring bill payments, drugstore, home improvement, public transit and parking, or entertainment purchases.

Even better, when you deposit cash back earned into a free Tangerine Savings account, you get one extra 2% cash back category… for a total of 3.

All other purchases on your card outside of the 2% categories earn 0.50% cash back.

Note that there is no limit to how much cash back you can earn. Unlike credit cards that peg your maximum cash back per year, the Tangerine Mastercard earns ‘unlimited’ cash back.

If you are carrying a balance on your other credit cards, Tangerine offers a 1.95% balance transfer rate for the first 6 months.

Not to be left out, this credit card also provides basic insurance coverage including purchase protection for 90 days and extended warranty for up to one extra year.

And, of course, users get the benefit of Mastercard’s Zero Liability and acceptability by merchants worldwide.

How To Redeem Cashback

Cash back earned using your Tangerine Money-Back Card is automatically paid out on a monthly basis.

You can choose to have it deposited in a free Tangerine Savings Account and this option gives you an extra purchase category to earn cash back at a 2% rate.

Funds in this savings account are not locked-in and you can withdraw it at any time. In the meantime, it earns a 0.10% interest rate.

A second option is to apply the cash back as a statement credit to pay a portion or all of your credit card balance.

Downsides of this Card

There is little to gripe about as far as this card is concerned.

One thing to note is the 3% balance transfer fee if you take advantage of the promotional balance transfer offer. Also, to get three 2% reward categories, cash back must be deposited in a Tangerine savings account.

While this card has no annual fees, standard fees and interest applies as follows:

  • Cash advance: $3.50 in Canada and $5 elsewhere
  • Dishonoured payment: $25
  • Over-limit: $25
  • Past statement reprint: $5 each
  • Foreign currency conversion: 2.50%

How To Apply for This Tangerine Credit Card

The income requirement for this card is $12,000 which makes it a good option if you are looking for a student card, newcomer card, or an easy-to-qualify-for credit card.

In addition to the minimum annual income, you will also need to:

  • Be permanent resident of Canada
  • Have reached the age of the majority in your province
  • Have a decent credit score
Apply for this Card

Tangerine Credit Card Alternatives

For cash back earnings when you shop using a no-fee credit card, two other options are:

1. Tangerine World Mastercard

  • Annual fee: $0
  • Cash back reward: Up to 2% (also offers an extra 10% cash back bonus offer)

In addition to the benefits offered by the Tangerine Money-Back Mastercard, the “World” version also offers rental car insurance, mobile device insurance, complimentary membership in Mastercard Airport Experiences provided by LoungeKey, and access to free Boingo W-Fi around the world.

To qualify for the Tangerine World Mastercard, you need a minimum personal income of $60,000 or $100,000 for a household.

Get more details in this Tangerine World Mastercard review.

2. SimplyCash Card from American Express

  • Annual fee: $0
  • Cash back rewards: 1.25%

If you prefer to earn the same cash back rate on all your purchases while paying no annual fees, the SimplyCash Card from American Express is worth checking out.

It offers a flat-rate 1.25% unlimited cash back on all purchases.

Cardholders also get travel accident insurance coverage, purchase protection, and extended warranty.

The standard interest rates for this card are 19.99% for purchases and 21.99% for cash advances.

You can apply here or read SimplyCash Card from AMEX review.

 Tangerine Money-Back Credit CardTangerine World MastercardSimplyCash Card from American Express
Annual fee$0$0$0
Maximum cash back rate2% (up to 3 categories); 0.5% everything else2% (up to 3 categories); 0.5% everything else1.25%
Purchase interest19.95%19.95%19.99%
Cash advance interest19.95%19.95%21.99%
Welcome offer10% bonus cash back offer (worth $100);
1.95% balance transfer rate for first 6 months
10% bonus cash back offer (worth $100);
1.95% balance transfer rate for first 6 months
2.5% cash back for first 3 months (up to $150)
Other perksPurchase protection, extended warrantyPurchase protection, extended warranty mobile device rental car insurance, free Boingo Wi-FiTravel accident insurance, purchase protection, extended warranty
Income requirement$12,000$60,000N/A
Learn moreApplyApplyApply
Tangerine Money-Back Credit Card Review
4.8

Summary

The Tangerine Money-Back Credit Card is one of the best cash back credit cards in Canada. This review covers its features, benefits, downsides, fees, and more.

Pros

  • Up to 2% unlimited cash back
  • Cash back is paid out monthly
  • Low income requirement
  • Has no annual fees
  • Balance transfer promo

Cons

  • 3% balance transfer fee

Best Credit Offers this month

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

1.95% balance transfer offer for 6 months.

$350* welcome bonus offer from Scotiabank.

Annual fee waived in the first year.

Comprehensive travel benefits and mobile device insurance.

Cash back card with the most awards in 2021.

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals offered in as fast as 5 minutes.

Low interest rates starting at 9.9%.

Free prepaid reloadable Visa card.

Access to a portion of your paycheque 3 days early.

Credit building available with a subscription.

Free budgeting app with automatic savings features.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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