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 Mastercard | BMO Cash Back Mastercard | |
| Annual fee | $0 | $0 |
| Rewards | 2% cash back on 3 spending categories; 0.50% on everything else | 3% cashback on groceries; 1% on recurring bill payments (with limits); 0.50% on everything else |
| Insurance coverage | Purchase protection and extended warranty | Purchase protection and extended warranty |
| Learn more | Apply | Read 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 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.
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 of $500 spend per month) and 0.50% cash back on everything else.
Verdict: The Tangerine Money-Back Credit Card is a clear winner with its unlimited 2% and 0.50% cash back earn rates. It also allows you 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 a 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 1% balance transfer fee or a minimum of $5 applies to the amount transferred.
BMO CashBack Mastercard offers a 0.99% promotional balance transfer rate in the first 9 months. A 2% transfer fee applies.
Verdict: BMO Cash Back Mastercard has a more competitive offer for balance transfers.
Related: Balance Transfer Promotions in Canada.
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 Card | BMO Cash Back Mastercard | |
| Purchase interest | 19.95% | 19.99% |
| Cash advance interest | 19.95% | 22.99% |
| Foreign currency conversion | 2.50% | 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.
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 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.
Tangerine vs BMO: Which Should You Choose?
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.
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