The Tangerine World Mastercard® is a one-of-a-kind credit card. It offers an unlimited 2% earn rate on up to 3 major spending categories and is designed to be competitive from the start.
Also, it has no annual fees, and new cardholders can earn an extra 10% cash back worth up to $100 within the first two months.
Tangerine Bank is well-known for introducing innovative financial products from high-interest savings to no-fee chequing accounts and, currently, two Money-Back credit cards that make my list of the best cash back credit cards in Canada.
This review of the Tangerine World Mastercard® covers all you need to know and why you should consider adding it to your wallet.
Tangerine World Mastercard Overview
Tangerine World Mastercard
Excellent no-fee cash back card with travel perks
Annual fee: $0
Rewards: Earn up to 2% unlimited cash back in 2-3 spending categories and 0.50% on all other purchases.
Welcome offer: na
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Fair to Good
On Tangerine’s website
Tangerine World Mastercard® Benefits
1. Zero Annual Fees: For a card offering 2% in cash back earnings plus other perks, a $0 annual fee is highly attractive.
2. Unlimited Cash back Rewards: Earn an unlimited 2% cash back reward rate for all spending in up to three categories. The cash back categories you can choose from include grocery, gas, public transportation and parking, recurring bill payments, restaurants, drugstore, furniture, entertainment, hotel-motel, and home improvement.
On all other purchases outside of your selected categories, you earn an unlimited 0.50% in money back.
You can change your preferred 2% cash back categories at any time.
For a limited time, when you apply for this card, you earn an extra 10% cash back when you spend up to $1,000 in the first 2 months. This offer is worth $100.
3. 1.95% Balance Transfer: Easily transfer your balances from other high-interest cards to the Tangerine World Mastercard® for 6 months and save on interest fees. This offer alone puts this card on my list of the best balance transfer cards.
4. Rental Collision/Loss Damage Insurance: The card provides damage and theft protection coverage for car rentals for up to 31 consecutive days when you pay with your card.
5. Mobile Device Insurance: Enjoy protection up to $1,000 on smartphones and tablets. To be eligible for this coverage, your monthly wireless bill must be charged to your card.
6. Extended Warranty and Purchase Protection: This card doubles the original manufacturer’s warranty for up to one extra year. Also, items you purchase using your card are protected against damage or theft for up to 90 days after purchase.
7. Mastercard Airport Experiences Provided by Loungekey: Your complimentary membership gives access to exclusive offers in more than 400 airports (120 countries) and over 1,000 lounges.
8. Boingo Wi-Fi for Mastercard: Cardholders enjoy access to Boingo Wi-Fi for Mastercard at more than 1 million Wi-Fi hotspots worldwide through Boingo Wi-Fi for Mastercard Cardholders.
Downsides of the Tangerine World Mastercard®
One obvious downside of this card is that it requires a minimum personal income of $60,000 (or $100,000 for a household) to qualify.
Also, there is a 3% transfer fee when you take advantage of the promotional balance transfer offer.
Tangerine World Mastercard vs Tangerine Money-Back Credit Card
Here’s a detailed comparison of both cards.
Tangerine Money-Back Credit Card
Best no-fee cash back credit card
Annual fee: $0
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.
Welcome offer: na
Interest rates: 19.95% for purchases, balance transfers, and cash advances.
Minimum income requirement: $12,000
Recommended credit score:
Fair to Good
On Tangerine’s website
Is The Tangerine World Mastercard® For You?
If you are familiar with the popular Tangerine Money-Back Credit Card, then you know that the Tangerine World Mastercard® is a bit of an upgrade.
Both cards offer a standard 2% cash back earning rate for up to 3 categories of spending, a 1.95% balance transfer rate, and no annual fees.
The Tangerine World Mastercard® beats its plain-vanilla counterpart by offering additional car rental collision/loss damage insurance, mobile device insurance, Mastercard Airport Experiences, and free Wi-Fi with access to more than 1 million hotspots.
Both cards are excellent. If you do not meet the minimum personal income requirement of $60,000, the Tangerine Money-Back Card is a viable option.
The Tangerine World Mastercard® fares well compared to other popular World Mastercards in Canada.
Triangle World Mastercard Review
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Cash back rates
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Eligibility
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Promotional offer
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Annual fee
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Other perks
Overall
Summary
The Tangerine World Mastercard is one of the best cash back credit cards in Canada. This Tangerine World Mastercard review covers everything you need to know.
Pros
- Up to 2% unlimited cash back
- No annual fee
- Rental car insurance
- Low balance transfer rate
- Mobile device insurance
Cons
- $60,000 minimum personal income eligibility
I’m retired and did not meet the $100K family income requirements 2 months ago when the upgrade offer was first made. Now, early February 2020, they have changed my requirement to “average $3,000- monthly spend on the credit card”, which we do meet, mostly with the 2% cash back purchases.
I don’t know if every Tangerine card holder will get this offer.
@Roger: That’s interesting…first time I’m hearing of an alternative way to qualify for the card. It would be interesting to hear from others and whether their experiences differ.