Tangerine Bank offers two no-fee credit cards: the Tangerine Money-Back Card and Tangerine World Mastercard.
Following the introduction of the Tangerine World Mastercard®, readers of this blog asked me to highlight the differences between this new card and its older counterpart.
Tangerine Money-Back Credit Card
The Tangerine Money-Back Card has been around for a while and is featured on my list of the best no-fee credit cards in Canada.
It has no annual fees and offers:
1. A regular unlimited 2% cash back on up to 3 categories of spending. The 2% spending categories include grocery, restaurants, recurring bill payments, gas, home improvement, drugstore, hotel/motel, public transportation and parking, and furniture.
You earn 0.50% cash back on all other purchases.
2. A low-balance transfer rate of 1.95% for 6 months. A 1% balance transfer fee applies if you take advantage of this offer.
3. Purchase assurance for 90 days and extended warranty for up to one additional 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
Tangerine World Mastercard®
The Tangerine World Mastercard® has all the same features we have come to enjoy with the Tangerine Money-Back credit card.
In addition to offering a 2% cash back rate in up to 3 categories of spending, purchase protection/extended warranty, and having no annual fees, it also offers some additional perks:
1. Rental Car Collision/Loss Damage Insurance: This coverage protects your rental car for up to 31 consecutive days when you pay for your rental with the card.
2. Mobile Device Insurance: New cell phones and tablets you purchase using the Tangerine World Mastercard® are protected by up to $1,000 if they get lost, are stolen, or become accidentally damaged. You must be paying your wireless bill with the card for this insurance to apply.
3. Mastercard Airport Experiences provided by Loungekey: You get a free complimentary membership with access to over 400 airports and 1,000 lounges worldwide. Each visit to a lounge will cost you $32.
4. Unlimited Cash Back Rewards: Cardholders enjoy a regular unlimited 2% cash back rate on up to 3 categories of spending and 0.50% cash back on everything else.
5. Boingo Global Wi-Fi: Cardholders can access over 1 million Wi-Fi hotspots globally via Boingo.
Tangerine World Mastercard
Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.
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
Tangerine World Mastercard® vs. Tangerine Money-Back Credit Card
The Tangerine World Mastercard® is a slight upgrade from the Tangerine Money-Back Card.
It offers all the benefits provided by the latter plus some add-on perks. However, the higher minimum income requirement of the World Mastercard means it’s not an option for everyone.
Fees: The Tangerine World Mastercard® and Tangerine Money-Back Card are both no-annual-fee cards. You pay $0 per year…it’s as simple as that.
Income Requirement: To be eligible to apply for the Tangerine World Mastercard, you must have a minimum annual personal income of $60,000 or a $100,000 household income.
For the Tangerine Money-Back Card, there is no minimum income requirement. This is why it makes our list of the best student credit cards.
Perks: The Tangerine World Mastercard® offers extra perks, including mobile device insurance, rental car collision insurance, free global Wi-Fi, and a complimentary Mastercard Airport Experience provided by Loungekey membership.
Promotions: For a limited time, both cards offer a 10% welcome cash back bonus valued at up to $100.
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