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Tangerine Money-Back Credit Card vs. SimplyCash Card from Amex

The Tangerine Money-Back Credit Card and SimplyCash Card from American Express are great for earning unlimited cash back on purchases while paying no annual fees.

Both cards are on my list of the best first credit cards with no or low-income threshold requirements.

Which is better for you? Read on to find out.

Tangerine Money-Back Credit Card

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).

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

Annual fee: $0

The Tangerine Money-Back Mastercard is one of two credit cards issued by Tangerine Bank. The second is the Tangerine World Mastercard.

It offers the following benefits:

Cashback Rewards

You earn 2% unlimited cash back on purchases in two categories of your choosing. The 2% Money-Back categories available include grocery, furniture, restaurants, gas, drugstore, home improvement, entertainment, recurring bill payments, public transportation and parking, and hotel/motel.

If you open a free Tangerine savings account and deposit your cash back there, you get one extra category at the 2% earn rate, for a total of three 2% money back categories.

On all other spending with the card, the cash back is 0.50%.

Cash back earned is paid out automatically each month.

Low Rate Balance Transfer

The Tangerine Money-Back Credit Card offers a 1.95% balance transfer rate for the first 6 months. If you carry a balance on your other credit cards, you can transfer them to this card and pay lower interest for 6 months.

Note that there is a 3% balance transfer fee. After the 6 months promotional period, a standard 19.95% interest rate kicks in.

Check out this article to learn more about best balance transfer credit cards.

Other Benefits

Cardholders get access to purchase protection for 90 days which covers loss, theft, or accidental damage. And extended warranty which doubles the manufacturer’s warranty for up to one additional year.

SimplyCash Card From American Express

SimplyCash Card from American Express

Rewards and benefits: Earn up to 2% cash back on gas and groceries; 1.25% cash back on all other purchases; travel accident insurance.

Welcome offer: Earn a $10 statement credit each month you spend $300 in purchases on your Card in the first 10 months (up to $100 value).

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $0

The SimplyCash Card from Amex is one of many credit cards offered by American Express in Canada. It offers these benefits:

Cashback Rewards

Cardholders earn 2% cash back on eligible gas and grocery purchases, on up to $15,000 spent annually, i.e. you can earn up to $300 in cash back at the 2% rate.

All other purchases earn 1.25% cash back, which is unlimited.

Cash back earned is redeemed as a statement credit once a year in September.

Travel Benefits

This card includes a $100,000 Travel Accident Insurance coverage when used to pay for your ticket.

The SimplyCash Card also provides access to Amex Experiences, including access to presale tickets to in-demand concerts, theatre productions, and special events.

Other Benefits

Cardholders get purchase protection for 90 days and an extended warranty for up to one additional year.

image showing man thinking about credit cards

Tangerine Money-Back Credit Card vs. SimplyCash Card from Amex

Both cards offer competitive cash back rates and are easy to qualify for if you have a decent credit score.

To choose between them, consider these factors:

Income requirement: You need at least $12,000 in annual personal income to qualify for the Tangerine Money-Back Credit Card. The SimplyCash Card from Amex does not have a specified income threshold.

Cashback Payout: Cashback earned using the Tangerine Money-Back Card is paid monthly. For the SimplyCash Card from Amex, you need to wait until the end of the year.

Balance transfer: The Tangerine credit card comes with a promotional balance transfer rate of 1.95% for 6 months. The Amex credit card does not offer low-rate balance transfers.

Travel benefits: The Amex SimplyCash Card includes travel accident insurance. Tangerine Money-Back Credit Card does not include this perk.

Interest rates: The SimplyCash Card from Amex charges 20.99% on purchases and 21.99% on cash advances. The APR for purchases and cash advances for the Tangerine credit card is 19.95%, which is lower.

 Tangerine Money-Back Credit CardSimplyCash Card from Amex
Annual fee$0$0
Cash back rewards0.50% to 2%1.25% to 2%
Cash back payoutMonthlyAnnually
Balance transfer promo1.95% for 6 months (3% balance transfer fee)N/A
Purchase APR19.95%20.99%
Cash Advances APR19.95%21.99%
Income required$12,000/yearN/A
Other perksPurchase protection & extended warrantyPurchase protection, extended warranty, travel accident insurance
Learn moreReviewReview

Which Should You Choose?

Both Tangerine Money-Back Credit Card and SimplyCash Card from American Express are excellent for earning cash back or everyday purchases.

If most of your spending is concentrated in 2-3 spending categories like groceries, gas, restaurants, or recurring bill payments, the 2% unlimited cash back offered by the Tangerine Money-Back Card gives it an edge.

For consistently high cash back on all purchases regardless of category, the SimplyCash Card from Amex does better with at least 1.25% cash back. It also includes travel accident coverage which can come in handy when you are in travel status.

If you have a personal annual income of $60,000 or higher, you will be better served by choosing the Tangerine World Mastercard, which also has no fees but provides enhanced benefits.

Overall, you can’t go wrong with either credit card.

SimplyCash Card from Amex vs. Tangerine World Mastercard

If you meet the income requirements for the Tangerine World Mastercard, here are the extra benefits you get (over the Tangerine Money-Back Credit Card):

  • Complimentary membership in Mastercard Travel Pass Provided by DragonPass
  • Boingo Wi-Fi for Mastercard with access to Wi-Fi hotspots worldwide
  • Rental car insurance for up to 31 consecutive days
  • Mobile device insurance with up to $1,000 coverage

The Tangerine World Mastercard also pays unlimited 2% cash back in 2-3 spending categories and 0.50% cash back on all other purchases.

Like the SimplyCash Card, it does not have an annual fee.

Related: Here are the best 0% credit cards in Canada.

Best Credit Offers in February 2023

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Increase your credit score with optional credit building add-on.

Earn up to 2.00% interest on your entire balance.*

Get one of the no-fee cash back credit cards in Canada ($150 bonus)

Earn 2% unlimited cash back in up to 3 spending categories.

Get a $150 welcome bonus after spending $1,000 in the first two months.

1.95% low-rate balance transfer, airport lounge access, and insurance benefits.

No annual fees to use the card and cashback is paid out monthly.

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Author

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

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 is passionate about helping others win with their 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, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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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