Tangerine’s two credit cards are regarded as some of the best no-fee cash back credit cards in Canada.
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.
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 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:
- Recurring Bill Payments
- Drug Store
- 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.
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 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 Card||Tangerine World Mastercard|
|Top Cash Back Rate||2% on up to 3 categories of spending||2% on up to 3 categories of spending|
|Lowest Cash Back Rate||0.50%||0.50%|
|Minimum Personal Income||$12,000||$60,000|
|Balance Transfer Promo||1.95% for 6 months||1.95% for 6 months|
|Purchase Interest Rate||19.95%||19.95%|
|Mobile Device Insurance||No||Yes|
|Free Global Wi-Fi||No||Yes|
|Rental Car Insurance||No||Yes|
|Airport Lounge Access||No||Yes|
|Application||Learn more||Learn 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.
Tangerine Credit Card FAQ
Yes, we rank the Tangerine Money-Back Card and Tangerine World Mastercard as two of the best cash back credit cards in Canada.
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).
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.
No, Tangerine’s credit cards are unsecured. You can find a list of secured credit cards here.