Tangerine Money-Back Credit Card Review

The Tangerine Money-Back credit card is one of the best no-annual-fee credit cards in Canada when its overall benefits and value are considered.

It 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 cash back credit cards, there is no maximum limit to your cash-back earnings.

Tangerine Money-Back Credit Card – Features & Benefits

The following features are what make this 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 purchases you make 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:

Tangerine credit card 2% categories
Source: Tangerine

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 till a specific threshold amount is reached.

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.

8. Low Balance Transfer Rate: 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.

Is The Tangerine Money-Back Credit Card Worth It?

The Tangerine Money-Back credit card may suit your needs if:

  1. 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 cash back.
  2. You dislike paying annual fees for credit cards. Think about it, who likes to pay the bank any more than they have to?
  3. 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%.
  4. You do not meet the high-income requirement that most other premium cards have. To apply for this card, all you need is a personal annual income of $12,000.

As with all credit cards, you should aim to pay off your balance every month to avoid interest charges and ballooning credit card debt.

APPLY FOR THE TANGERINE MONEY-BACK CREDIT CARD

If you have a personal income of $60,000 or more, you can opt for the premium version of this card: the Tangerine World Mastercard.

The Tangerine World Mastercard offers similar cash back benefits plus complimentary access to airport lounges worldwide, free global Wi-Fi, mobile device insurance, and more.

Related reading:

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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 and monitors his credit score for free using Borrowell.

6 thoughts on “Tangerine Money-Back Credit Card Review”

  1. Do you need to have a tangerine bank account for this card? Sorry if I missed this somewhere in the body of the text. I currently bank with another institution and examining new no-fee CCs.

    Reply
  2. For scotia bank you have to make at least 800 dollars constantly every month to even fill out a credit card form I’m a young mom getting on my feet and I’m wondering if I’d still be able to get a credit card as this will be my first one . I need to start somewhere and build credit .

    Reply
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