Tangerine Money-Back Credit Card vs BMO Cash Back Mastercard

The Tangerine Money-Back Credit Card and BMO CashBack Mastercard are two of the best no-fee cash back credit cards in Canada.

Both cards also make it to my list of the best student credit cards.

Read on to learn about their top features, benefits, downsides, and how to apply.

Tangerine Money-Back Credit vs. BMO Cash Back Mastercard

 Tangerine Money-Back MastercardBMO Cash Back Mastercard
Annual fee$0$0
Rewards2% cash back on 3 spending categories; 0.50% on everything else3% cashback on groceries; 1% on recurring bill payments (with limits); 0.50% on everything else
Insurance coveragePurchase protection and extended warrantyPurchase protection and extended warranty
Learn moreApplyRead review

Cashback Rewards

The Tangerine Money-Back Credit Card offers 2% cash back on up to 3 categories of spending including popular ones like grocery, gas, restaurants, recurring bill payments, entertainment, and public transportation.

When you sign up for the card, you can choose two 2% cash back categories.

If you opt to deposit your cash back into a free Tangerine savings account, you get one extra 2% category, for a total of three.

All other purchases earn an unlimited 0.50% cash back.

Cash back rewards are paid out automatically every month, so you don’t have to wait until the end of the year.

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

The BMO CashBack Mastercard offers 3% cash back on grocery purchases, with a limit on how much you can spend each month to earn at the 3% rate ($500 per month or $15 cash back).

For recurring bill payments, you earn 1% cash back (also subject to a maximum $500 spend per month), and 0.50% cash back on everything else.

Verdict: The Tangerine Money-Back Credit Card is a clear winner here with its unlimited 2% and 0.50% cash back earn rates. It also gives you the option to change your 2% cash back categories once every 90 days.

Welcome Bonus

As of this writing, both cards offer a welcome bonus to new cardholders.

The Tangerine credit card has a 15% cash back bonus when you spend $1,000 in the first 2 months, valued at $150.

For the BMO Cash Back Mastercard, you earn up to 5% cash back in your first 3 months on up to a total spend of $2,500, valued at $125.

Verdict: Tangerine has a higher welcome bonus.

Perks

Both cards are entry-level credit cards with limited perks.

The Tangerine Money-Back Credit Card has free purchase security for 90 days and extended warranty coverage for up to 1 additional year.

The maximum lifetime benefit available through both benefits is up to $60,000.

BMO Cash Back Mastercard also offers extended warranty (up to 1 extra year) and purchase protection for 90 days.

You can also save up to 25% on car rentals at participating National Car Rental and Alamo Rent a Car locations, as well as get a 15% discount off Cirque du Soleil shows in Canada.

Both Mastercard credit cards are accepted in millions of locations worldwide and cardholders enjoy “Mastercard Zero Liability” for eligible unauthorized or fraudulent transactions.

Verdict: Tangerine Money-Back Card = BMO CashBack Mastercard.

Balance Transfers

You can transfer balances to your Tangerine credit card during the first 30 days of getting approved and pay 1.95% interest rate for the first 6 months.

After the balance transfer promotion ends, the interest rate increases to 19.95%. Note that a 3% balance transfer fee or a minimum of $5 applies to the amount transferred.

BMO CashBack Mastercard also offers a 1.99% promotional balance transfer rate in the first 9 months. A 1% transfer fee applies.

Verdict: BMO Cash Back Mastercard has a more competitive offer for balance transfers.

Tangerine Cash Back vs. BMO Cash Back Credit Cards: Fees

Here is how the cards compare in relation to fees and interest rates.

 Tangerine Money Back Credit CardBMO Cash Back Mastercard
Purchase interest19.95%19.99%
Cash advance interest19.95%22.99%
Foreign currency conversion2.50%2.50%
Dishonoured payment$25$48
Over limit fee$25$29

Note that these are the standard interest rates. If you miss your minimum payments, the interest rate you pay could increase.

Tangerine MoneyBack vs BMO Cash Back Mastercard

How To Apply

You can apply for either credit card online.

For both credit cards, you need to be a resident of Canada and the age of the majority in your province in order to qualify.

For the Tangerine Money-Back Credit Card, a $12,000 minimum gross annual income is required.

For the BMO Cash Back Mastercard, you need at least $15,000.

For both cards, you must not have declared bankruptcy in the past 7 years.

Get the Tangerine Credit Card

Tangerine vs BMO: Which Should You Choose?

Both the Tangerine Money-Back Credit Card and BMO CashBack Mastercard are worth looking at.

Overall, the Tangerine credit card offers more value on everyday purchases, with no limit to how much you can earn.

If you have a personal income of $60,000 or higher, you could also opt for the no-fee Tangerine World Mastercard which offers even more benefits including:

  • 2% cash back in up to 3 categories
  • 0.50% cash back on everything else
  • Rental car insurance
  • Mobile device insurance
  • Complimentary membership in Mastercard Airport Experiences Provided by LoungeKey
  • Boingo Wi-Fi for Mastercard

Learn more about it in this review.

Related:

Tangerine Money-Back Credit Card vs BMO Cash Back Mastercard

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

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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. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • 15% cashback on $1,000 spent in first 2 months ($150 value).*
  • Earn 2% unlimited cashback in 2 categories and 0.50% back on everything else.
  • No annual fees!
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Cash Back Credit Card
Best No Annual Fee Cash Back Card
Get 15% cashback on up to $1,000 spent in first 2 months ($150 value).* No annual fees!
*Limited time offer. Terms and conditions apply.
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