The Tangerine World Mastercard® is a one-of-a-kind credit card. It offers an unlimited regular 2% earn rate on up to 3 major categories of spending and is designed to be competitive right from the start.
Also, it has no annual fees.
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 the 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.
Summary of Features
- No annual fee
- 2% cash back rate in up to three purchase categories
- 0.50% cash back on all other purchases
- 1.95% balance transfer rate for 6 months
- Rental car collision/loss damage insurance
- Mobile device insurance
- Mastercard Airport Experiences Provided by Loungekey
- Purchase protection and extended warranty
- Access to Boingo Wi-Fi for Mastercard
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.
You can change your preferred cash back categories at any time.
On all other purchases outside of your selected categories, you earn an unlimited 0.50% in money back.
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 you 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 Card
The only obvious downside of this card is that it requires a minimum personal income of $60,000 (or $100,000 household) for you to qualify.
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 an 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 when compared with some of the other popular World Mastercards in Canada.
- BMO Cash Back World Mastercard ($79 annual fee)
- PC Financial World Mastercard ($0 annual fee and 2% cash back on groceries)
- Triangle World Mastercard (available through invitation only)
- MBNA Smart Cash World Mastercard ($39 annual fee)
- BMO Air Miles World Mastercard ($99 annual fee)
Triangle World Mastercard Review
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.
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.