Tangerine Cash-Back Credit Card 2024: 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 Credit Card Benefits

For a limited time, you earn an extra 10% cash back on up to $1,000 in everyday purchases made within your first 2 months ($100 value).

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 yearly, the Tangerine Mastercard earns ‘unlimited’ cash back.

If you carry 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 an 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 your money anytime. 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 apply 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 a 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:

• Tangerine World Mastercard
• SimplyCash Card from American Express

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% to 2.00%

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

It offers up to 2% cash back on groceries and gas ($300 annual cash back cap at this rate) and 1.25% unlimited cash back on all other purchases.

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

The standard interest rates for this card are 20.99% for purchases and 21.99% for cash advances.

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

	Tangerine Money-Back Credit Card	Tangerine World Mastercard	SimplyCash Card from American Express
Annual fee	$0	$0	$0
Maximum cash back rate	2% (up to 3 categories); 0.5% everything else	2% (up to 3 categories); 0.5% everything else	2.00% on gas & grocery (annual cap); 1.25% everything else
Purchase interest	19.95%	19.95%	20.99%
Cash advance interest	19.95%	19.95%	21.99%
Welcome offer	10% bonus cash back offer (worth $100); 1.95% balance transfer rate for the first 6 months	10% bonus cash back offer (worth $100); 1.95% balance transfer rate for first 6 months	$10 monthly statement credit for 10 months (worth $100)
Other perks	Purchase protection, extended warranty	Purchase protection, extended warranty mobile device rental car insurance, free Boingo Wi-Fi	Travel accident insurance, purchase protection, extended warranty
Income requirement	$12,000	$60,000	N/A
Learn more	Apply	Apply	Apply