Best Tangerine Credit Cards in Canada for 2021

Tangerine’s two credit cards are regarded as some of the best no-fee cash back credit cards in Canada.

With a cash back rate of up to 2%, the Tangerine Money-Back Credit Card and Tangerine World Mastercard offer ways to earn rewards when you make just about any purchases with your card.

This article compares the features of both Tangerine credit cards, their downsides, alternatives, and how to apply.

Tangerine Credit Cards Compared

If you are looking for a rewards card that has no annual fees and that offers a worthwhile rate of return when you spend, either of the credit cards offered by Tangerine would work.

The entry-level Tangerine Money-Back card has a basic personal income requirement of $12,000, while its premium counterpart, the Tangerine World Mastercard, requires at least a $60,000 income.

Both cards offer cash back on all purchases.

Tangerine Money-Back Credit Card – At a Glance

  • Annual fee: $0
  • Promotion: Transfer your balances at a low-rate of 1.95% for the first 6 months
  • Income eligibility: $12,000
  • Interest rate: 19.95% on purchases, balance transfers, and cash advances
  • Supplementary cards: $0
tangerine money-back card
Apply for the Tangerine Money-Back Card

Tangerine Money-Back Credit Card Benefits

1. No Annual Fees: For a credit card offering up to 2% cash back on your spending, this card is noteworthy given its no-fee status.

2. Unlimited Cash Back Rewards: You earn an unlimited 2% cash back on purchases you make in two categories of spending.

The Money-Back categories eligible for this 2% cash back rate include:

  • Grocery
  • Furniture
  • Restaurants
  • Recurring Bill Payments
  • Gas
  • Drug Store
  • Entertainment
  • Public Transportation and Parking
  • Hotel – Motel

You can also pick a third 2% cash back category if you open a free Tangerine savings account.

All other purchases on your card earn at a 0.50% rate.

3. Balance Transfer Promotion: During your first 30 days of activating the card, you can transfer your balances from other credit cards at a 1.95% rate for 6 months.

4. Insurance Coverage: Cardholders enjoy purchase protection for up to 90 days and an extended warranty that doubles the manufacturer’s warranty for up to one extra year.

This Tangerine credit card is easy to apply for and given its minimal income eligibility threshold, it is also one of the best student credit cards on the market.

Tangerine World Mastercard – At a Glance

  • Annual fee: $0
  • Promotion: 1.95% balance transfer rate for 6 months
  • Income eligibility: $60,000
  • Interest rate: 19.95% for purchases, cash advances and balance transfers
  • Supplementary cards: $0
  • Perks: Free Global Wi-Fi, mobile device insurance; rental car insurance, airport lounge access, and more
Tangerine World Mastercard
Apply for the Tangerine World Mastercard

Tangerine World Mastercard Benefits

The Tangerine World Mastercard offers all the benefits available through its plain-vanilla counterpart, and then some.

You earn unlimited cash back on all purchases, with 2% cash back on up to three categories of spending, and a 0.50% rate on everything else.

While this card has premium perks, it remains a non-annual-fee card.

Additional perks that make the Tangerine World attractive if you meet the income requirement include:

1. Mobile Device Insurance: This protects your phones and tablets from loss or damage for up to $1,000.

2. Rental Car Insurance: Your eligible car rentals are covered against damage or theft for up to 31 consecutive days.

To qualify for the insurance coverage (mobile device and car rental), you must charge these purchases to your card.

3. Free Global Wi-Fi: Provided through Boingo with access to the internet at more than 1 million hotspots worldwide.

4. Airline Lounge Access: Typically a premium credit card offer, then Tangerine World Mastercard gives you a complimentary membership in Mastercard Airport Experiences provided by LoungeKey.

Lastly, the benefits of this card include a standard purchase protection and extended warranty.

Other Tangerine Credit Card Benefits

Given that both cards are Mastercards, they are accepted worldwide at more than 24 million locations in 210+ countries.

You can add your Tangerine credit card to your phone’s mobile wallet and make payments using Apple Pay, Google Pay or Samsung Pay.

There is no limit to the cash back you can earn at the 2% and 0.5% earn rates. Even better, your cash back is paid out monthly so you don’t have to wait until the end of the year to enjoy your rewards.

Where Tangerine Credit Cards Fall Short

There are only a few potential downsides one can point to when discussing the two credit cards offered by Tangerine.

The 2% cash back rate is not available for all purchases.

To maximize your rewards, you should select the 2-3 categories where you spend the most money on a regular basis.

The Tangerine Money-Back Card does not offer any travel insurance which is sort of standard for a no-fee card. That said, the Tangerine World Mastercard is a bit better with car rental and mobile device insurance.

Both cards are not currently offering a bonus cash back offer when you first sign up. In the past, the welcome bonus had included up to 4% cash back for 3 months.

If you want the Tangerine World Mastercard, a minimum personal income of $60,000 is required.

Tangerine Money-Back vs. Tangerine World Mastercard

Tangerine Money-Back CardTangerine World Mastercard
Annual Fee$0$0
Top Cash Back Rate2% on up to 3 categories of spending2% on up to 3 categories of spending
Lowest Cash Back Rate0.50%0.50%
Minimum Personal Income$12,000$60,000
Balance Transfer Promo1.95% for 6 months1.95% for 6 months
Purchase Interest Rate19.95%19.95%
Mobile Device InsuranceNoYes
Free Global Wi-FiNoYes
Rental Car InsuranceNoYes
Airport Lounge AccessNoYes
Purchase ProtectionYesYes
Extended WarrantyYesYes
ApplicationLearn moreLearn more

Is a Tangerine Credit Card for You?

If you are in the market for a cash back credit card, these two cards are great options.

While their cash back rewards are similar, you get additional perks with the Tangerine World Mastercard.

That said, the World Mastercard offer has a bit more stringent requirements and you will need $60k in personal income or $100,000 for a household.

Apply for the Tangerine Money-Back Card Apply for the Tangerine World Mastercard

Tangerine Credit Card FAQ

Is the Tangerine credit card a good card?

Yes, we rank the Tangerine Money-Back Card and Tangerine World Mastercard as two of the best cash back credit cards in Canada.

What are the requirements to apply for a Tangerine credit card?

To qualify for a Tangerine credit card, you must be at least the age of the majority in your province (i.e. 18 or 19 years), reside in Canada, and meet the income requirements ($12,000 annual for the Tangerine Money-Back credit card and $60,000 for the Tangerine World Mastercard).

Do Tangerine Credit Cards have fees?

Both Tangerine credit cards do not have annual fees. That said, if you carry a balance from month-to-month or withdraw cash from an ATM using your credit card, regular interest fees apply. Also, if you take advantage of the promotional balance transfer offer, a 3% fee or minimum of $5 applies.

Does Tangerine offer a secured credit card?

No, Tangerine’s credit cards are unsecured. You can find a list of secured credit cards here.

Best Tangerine Credit Cards in Canada for 2021
Retirement 101 eBook - 3D

Join Our Newsletter!

Sign up now to join thousands of other visitors who receive our bi-weekly newsletter and latest personal finance tips. You will also receive our FREE eBooks.

Author

Photo of author
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 and monitors his credit score for free using Borrowell.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Learn how to master your money
Millions of Canadians visit annually to read our latest personal finance tips. Subscribe to receive our bi-weekly newsletter and free eBooks.
We hate SPAM as much as you do. You can always unsubscribe...
Learn how to master your money

Millions of Canadians visit annually to read our latest personal finance tips.

Subscribe to receive our bi-weekly newsletter and free eBooks.

We hate SPAM as much as you do. You can always unsubscribe...
Success!
Please click the link in your email to complete your subscription and download your free ebooks!
Please click the link in your email to complete your subscription and download your free ebooks!
Success!
The content on this website includes links to our advertisers or partners and we may receive compensation when you sign up, at no cost to you. This does not impact the objectivity of our reviews or evaluations, but it may impact which products or services we write about and where and how they appear on the site. Savvy New Canadians is for informational purposes only and is not intended to substitute professional financial advice. Read our disclosure.
Savvy New Canadians is for informational purposes only and is not intended to substitute professional financial advice. The content on this website includes links to our advertisers or partners and we may receive compensation when you sign up, at no cost to you. This does not impact the objectivity of our reviews or evaluations, but it may impact which products or services we write about and where and how they appear on the site.
Share
Pin
Tweet
WhatsApp
Reddit