The Tangerine Money-Back cash back credit card is one of the best no-annual fee cards available when overall benefits and value are considered.
The credit card is offered by Canada’s most popular online-only bank, Tangerine, and you are probably familiar with their other innovative savings and chequing account offerings.
Credit cards are what they are. When used strategically, you enjoy the benefit of convenience and security, and can earn significant rewards. On the flip-side, if you rack up balances that are not paid regularly, you could get stuck in a vicious debt cycle.
On the rewards side of things, the Tangerine Money-Back credit card does deliver. There is no annual fee and you earn 2% real cash-back month after month from spending in categories of your choosing. Unlike many other cards, there is no maximum limit to your cash-back earnings.
Tangerine Money-Back Credit Card Ratings Summary
This is based on assessing several factors including Annual Fees, Rewards and Benefits, Eligibility Requirements, Versatility, and Overall Value.
Tangerine Bank is Canada’s most popular online-only bank. For a limited period, all new clients also receive (if desired) a Balance Transfer promotional rate of 1.95% for 6 months.
Tangerine Money-Back Credit Card Benefits
The following features are what make the Tangerine credit card to stand out:
1. No Annual Fee: There is no annual fee. Forget the $99 or more per year in fees charged by many credit cards that offer valuable rewards. The Tangerine credit card takes them to the cleaners by offering a $0 annual fee!
2. 2% Cash-Back on Categories of Your Choice: You earn 2% cash-back on your purchases in up to three different categories. The different categories available include Groceries, Gas, Entertainment, Drugstore, Home Improvement, Recurring Bill Payments, Transportation, Hotel-Motel, Furniture, Public Transportation and Parking.
The number of 2% cash-back categories you can choose depends on whether you want your cash-back to go towards paying down your monthly credit card balance (2 categories), or whether you prefer it to be deposited into your Tangerine savings account (3 categories).
You can change your 2% cash-back categories to suit your spending at any time through your online account. A snapshot of the different categories is below:
3. Unlimited Cash-Back Paid Monthly: Unlike many other cash-back cards, this credit card puts no limit on the cash back you can earn. Each month, the money-back rewards are paid out to either your Tangerine savings account or to your credit card account. There is no need to wait until a specific threshold amount is reached.
Other benefits of the Tangerine Money-Back Credit Card include:
4. 0.50% Cash-Back on Other Purchases: All other purchases outside of the three 2% cash-back categories will earn 0.50% cash-back with no limit on how much you can earn.
5. Free Purchase Assurance: This insurance covers loss, theft and damage on most new purchases for up to 90 days from the date of purchase.
6. Extended Warranty: This extends the manufacturers original warranty by up to one additional year. The free purchase assurance and extended warranty provide a lifetime coverage up to $60,000.
7. Free Cards for other authorized users on your account. In addition, you enjoy Mastercard’s zero liability and acceptance at more than 24 million locations worldwide.
Limited Time Offer: All new Clients will receive a Balance Transfer promotion of 1.95% for 6 months with a 1% fee. You are eligible for this balance transfer offer for 30 days after you have been approved for a Tangerine Money-Back Credit Card. Sign up here to take advantage of this offer!
Why Choose The Tangerine Money-Back Credit Card?
The Tangerine Money-Back credit card may suit your needs if:
- You prefer cash-back rewards as opposed to accumulating points. Cash is easier to spend on what you want, and since Tangerine pays you monthly, you do not have to wait till the end of the year to use your reward.
- You dislike paying annual fees on credit cards. Think about it, who likes to pay the bank any more than they have to?
- There are specific categories where you regularly make purchases, such as groceries, gas, restaurants, entertainment, and so on. A 2% cash back on any three of these categories is nice. For your other general spending, you can use another card that pays more than 0.50%.
- You do not meet the high-income requirement that most other premium cards have.
As with all credit cards, you should aim to pay off your balance every month to avoid interest charges and ballooning credit card debt.
Tangerine savings and chequing accounts
Tangerine offers other great financial products – including a no-fee chequing and high-interest savings accounts. Read my full review of Tangerine Savings and Chequing here.
Tangerine Savings Account Promo: Earn one of the highest savings rate available in Canada at 2.80%. Sign up using this link.
Tangerine No-Fee Chequing Account Promo: Stop paying monthly fees on your chequing by opening a Tangerine no-fee chequing account and get up to a $200 cash bonus.
Tangerine Money-Back Credit Card Review
Zero Annual Fees
Rewards & Benefits
The Tangerine Money-Back credit card is one of the best no-annual fee cards available when overall benefits and value are considered.