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Tangerine Money-Back Credit Card vs BMO Cash Back Mastercard

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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 else; $100 bonus offer3% 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 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 10% cash back bonus when you spend $1,000 in the first 2 months valued at $100.

For the BMO Cash Back Mastercard, you also earn extra cash back in your first three months.

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 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.

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.

Related:

Best Credit Offers in June 2024

Get the top savings and spending account and stop paying costly bank fees ($20 Bonus)

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Get a $20 instant bonus after completing your first purchase.

Earn up to 5% unlimited cash back and up to 5% interest on your balance.

Guaranteed instant approval with any credit score + free budgeting app.

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Get an instant $25 welcome bonus.

Earn 5% unlimited average cash back at thousands of locations.

Guaranteed approval for poor and bad credit scores. Takes 3 minutes.

No monthly fees and up to 15% cashback on your first-time purchases.

Stop paying monthly fees with a free chequing account + $400 bonus

Get a $400 cash bonus when you set up a qualifying direct deposit.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly or annual account fees.

Earn a high interest rate on your savings (6.00% interest rate offer).

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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