Best Costco Credit Cards in Canada for 2022

Tangerine Money-Back Credit Card
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Details
Annual Fee: $0
Purchases Interest Rate: 19.95%
Cash Advance Interest Rate: 19.95%
Min Income Requirement: $12000
Why Apply:
  • No annual fee
  • Unlimited rewards
  • Automatic monthly cash back redemption
  • Flexibility
  • Get more rewards
Recommended Credit Score:
670 900
Average to Excellent
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Earn an extra 15% back* for a limited time with a Tangerine Money-Back Credit Card.

1.95% interest on the transferred balance for the first 6 months


Regarded as one of the best credit card in Canada, Tangerine Money-Back Credit Card provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. It provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card.

  • No annual fee -The no annual fee for both primary and secondary holders means that you are not paying for your cash back.
  • Unlimited rewards -Earn as much cash back rewards regardless of the category.
  • Automatic monthly cash back redemption -Every month, Tangerine will either apply your cashback dollars against your credit card balance or deposit it directly into your Tangerine Savings Account.
  • Flexibility - You can choose 2-3 categories for the 2% cash back and change categories once every 90 days to match your spending pattern.
  • Get more cash back rewards -Maximize your credit card rewards by choosing another cash back credit card that has bonus categories and using your Tangerine card to expand and get more bonus categories.


If you've been looking for a credit card that offers money-back rewards, then the Tangerine Money-Back Credit Card might be right for you. The card has no annual fee and is designed to offer cash back on all purchases made with the card - anytime during the year!


Great credit card for those who would like to maximize the cashback they earn by choosing their spend categories to earn more cashback.

Viewed as one of the best credit cards in Canada, Tangerine Money-Back Credit Card provides no annual fee, a lucrative 2% cash back in up to 3 merchant categories, and 0.5% on all other purchases with no caps, tiers or limits. It provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card. 

Apply for a Tangerine Money-Back Credit Card by September 30th, 2022 and earn an extra 15% back (up to $150) when you spend up to $1,000 in everyday purchases within your first 2 months.*

 The most notable feature is the cash back rewards. Who wouldn't want to earn money while they spend! In order to determine an estimate of how much you'll earn using this card, take your total credit card spending per month and multiply it by 1%. Typically, these card users average out to 1% cash back on purchases between the special 2% categories and 0.5% on all other purchases. If you spend $1,000 a month, you'll earn $10 ($1,000 x 0.01)!


Tangerine's Money Back Credit Card has lower than average fees as well. In addition, they are an excellent bank to work with since they're owned by Scotiabank. More often than not, Tangerine's clients benefit indirectly from Scotiabank's services without paying the big bank fees. That being said, Tangerine's services are so affordable because they don't offer in person services the way traditional banks do. If that's something you value, this card might not be right for you.


Tangerine Money Back vs World Mastercard®

Wondering what's the difference between the 2 cards? Compare the Tangerine Money Back vs World Mastercard®

 

Scotia Momentum®   Mastercard®*
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Annual Fee: $0
Purchases Interest Rate: 20.99%
Cash Advance Interest Rate: 22.99%
Min Income Requirement: Not Available
Why Apply:
  • $0 annual fee
  • Cashback on four key areas
  • Peace of mind
Recommended Credit Score:
670 900
Average to Excellent
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7.99% introductory interest rate on purchases for the first 6 months

Although it comes with no bells and whistles, the Scotia Momentum MasterCard Credit Card has an attractive low balance transfer promotion that may be appealing for people looking to pay off their debt. This no-fee cashback credit card also has solid features enough to make it ideal for people who want to build their credit.

Why We Like It:

  • $0 annual fee Because it is a no-fee credit card, it makes the perfect starter card, or a secondary card for existing Visa or Amex cardholders who wish to shop on stores where only a MasterCard is accepted such as Costco.
  • Cashback on four key areas Not many no-free credit cards offer no-limit cashback rewards on gas, groceries, drugstore and recurring bills.
  • Peace of mind Even though this MasterCard lacks travel insurance and purchase protection, it makes up for it by giving 0% liability on all unauthorized credit card payments.

The Scotia Momentum® Mastercard® * Credit Card is a standard card that gives you a 19.99% interest rate on purchases and 22.99% on cash advances. It comes with no annual fee and gives you back 1% on all purchases.

 

However, what sets this product apart from the market is the 7.99% introductory interest rate for 6 months

 

This card, despite being without any cost, gives you some great perks and benefits. Here are some of them below:

 

- Gain access to handpicked Mastercard experiences in Canada

- Get a free supplementary card for your spouse, friend or family members

- Enjoy 24-hour access to the Mastercard Global Services

- Be able to purchase from Costco wholesale

- Save up to 25% on car rentals

- Zero liability protection: you'll not be held responsible for unauthorized purchases made with your card

- Get optional protection in the event of hospitalization, disability, loss of employment or death


Overall, it is a great credit card with a low promotional rate of 7.99% on purchases for the first 6 months.
This no-fee cashback credit card also has solid features enough to make it ideal for people who want to build their credit.
Tangerine World Mastercard®
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Annual Fee: $0
Purchases Interest Rate: 19.95%
Cash Advance Interest Rate: 19.95%
Min Income Requirement: $60000
Why Apply:

Earn extra Rewards
Boingo Wi-Fi for Mastercard®
On-Demand and Subscription Services
Mobile Device Insurance

Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On Tangerine's Secure Website

The World Mastercard offers new perks to their customers that are not available to Tangerine Money-Back Mastercard users. Mobile insurance of $1,000, rental car insurance worth $65,000 for 31 days and Mastercard airport experiences are perks that cardholders gain access to. Both of these insurance packages are beneficial for individuals who have a smartphone and are renting cars often.

The Tangerine World Mastercard is a new addition to Tangerine’s financial products. As with the Tangerine Money-Back Mastercard, there is no annual fee, 2% cash back on three categories and 0.5% cash back on all other purchases. Some of Tangerine’s spending categories include restaurants, furniture, groceries, gas, home improvement and entertainment.

Take on the world, get an extra 15% back* on everyday purchases.

Apply for a Tangerine World Mastercard® by September 30th, 2022 and earn an extra 15% back* (up to $150) when you spend up to $1,000 in everyday purchases within your first 2 months.

The World Mastercard offers new perks to their customers that are not available to Tangerine Money-Back Mastercard users. Mobile insurance of $1,000, rental car insurance worth $65,000 for 31 days and Mastercard airport experiences are perks that cardholders gain access to. Both of these insurance packages are beneficial for individuals who have a smartphone and renting cars often. In addition, with the Mastercard LoungeKey membership, you can access airport lounges all over the world at a discounted rate.

 

All in all, the Tangerine World Mastercard is an excellent choice because of the cash back rewards and other perks. Start earning cash on your expenditures today!

Tangerine Frequently Asked Questions

Is Tangerine a good credit card?

Tangerine has two credit cards. The Tangerine Money-Back Credit Card and the Tangerine World Mastercard. Both offer no annual fee and a 19.95% interest rate. They offer purchase assurance and extended warranty on products fully purchased with their credit cards.

Tangerine also offers 2% Money-Back Rewards in two categories of your choice and 0.05% on all other everyday purchases. If you deposit your Money-Back directly into a Tangerine savings account, you unlock a third 2% Money-Back Rewards category. This credit card has no cap on the amount of Money-Back Rewards you can earn. The Tangerine Money-Back Credit Card is a great choice and is competitive with the credit card options of big banks. The Tangerine World Mastercard has added benefits and is harder to qualify for. Benefits include: Mastercard travel rewards, Mastercard airport experiences, mobile device insurance, car rental insurance, and worldwide wi-fi hotspot access.

How do I qualify for a Tangerine credit card?

Tangerine Money-Back Credit Card

To qualify for this credit card, you must have: a gross annual income of $12,000 plus, be the age of majority in your province or territory, be a permanent resident of Canada and be clear of bankruptcies over the past 7 years.


Tangerine World Mastercard

To qualify for this credit card, you must have: $60,000 plus gross annual income OR $100,000 plus household income OR $250,000 in Tangerine bank accounts. AND you must: be the age of majority in your province or territory, be a permanent resident of Canada and be clear of bankruptcies over the past 7 years.

Does Tangerine do a credit check?

Yes, Tangerine will do a credit check as you must agree to a credit check as part of your application process for either credit card Tangerine offers.

What credit bureau does Tangerine use?

Tangerine pulls credit history and credit scores using the TransUnion credit reporting agency.

How do I increase my Tangerine credit card limit?

Tangerine does not provide information on their website about how to increase credit card limits. In most cases, maintaining a good payment history and low borrowing load will welcome credit increases. Often banks and creditors will offer regular increases without requests, but you will be asked and must approve these increases. If you would like a credit increase, you can call and speak to Tangerine’s client service representatives, who can walk you through their specific process and submit your request for a credit increase. Tangerine, like most banks, has an online credit increase form you should be able to complete and submit on your own too.

How can I apply for a Tangerine credit card?

You can apply for a Tangerine credit card online, but you will need to register as a Tangerine client first. If you are already a Tangerine client, you can apply online or call now.

Tangerine Money Back vs World Mastercard®

Wondering what's the difference between the 2 cards? Compare the Tangerine Money Back vs World Mastercard®

 

HSBC World Elite® Mastercard®
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Annual Fee: $149
Purchases Interest Rate: 19.9%
Cash Advance Interest Rate: 22.9%
Min Income Requirement: Not Available
Why Apply:

No foreign transaction fees

$100 annual travel enhancement credit

31-day insurance coverage

Mastercard Airport Experiences 

Get unlimited Wi-Fi through Boingo 

Recommended Credit Score:
670 900
Average to Excellent
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Earn 3% in travel rewards on all eligible travel purchases(6 Points per $1) and 1.5% in travel rewards on all other eligible purchases(3 Points per $1).

This card comes with no foreign transaction fees, 31-day emergency travel medical insurance coverage, a 10% discount on hotel bookings, unlimited Wifi through Boingo, extended warranty, purchase assurance, and $100 travel enhancement credit.

The HSBC World Elite® Mastercard® is a modern rewards card that is quite useful for any clients who are using their credit cards for any type of purchase. With this card, you can get 6 points for every $1 you spend on eligible travel purchases, 3 points per $1 spent on all other eligible purchases. 

This card also comes with no foreign transaction fees, 31-day emergency travel medical insurance coverage, a 10% discount on hotel bookings, unlimited Wifi through Boingo, extended warranty, purchase assurance, and $100 travel enhancement credit. 

The HSBC World Elite® Mastercard® costs $149 a year and comes with a standard interest on purchases of 19.9% and interest on balance transfers and cash advances of 22.9%.The current Welcome Bonus is 20,000 Points ($100 travel value) PLUS apply by October 31, 2022 and get an additional 40,000 Points ($200 travel value) when you spend $6,000 in the first 6 months of account opening*, and get a 1st Year annual fee rebate for Primary Cardholder*($149 value), and receive an additional 20,000 Points ($100 travel value) as an Anniversary Bonus* 

You can use all points accumulated on this card to purchase airplane tickets to the airline partners of HSBC, which are British Airways, Singapore Miles and Asia Miles. As for medical travel insurance, this card is one of the absolute best, coming with $1 million in medical insurance, $500,000 in common carrier travel insurance, $750 for lost or delayed baggage, $5,000 trip cancellation in total, and another $65,000 in auto rental collision insurance.



National Bank World Elite Mastercard®
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Annual Fee: $150
Purchases Interest Rate: 20.99%
Cash Advance Interest Rate: 22.49%
Min Income Requirement: $80000
Why Apply:
Recommended Credit Score:
740 900
Excellent
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Overview

National Bank’s most exclusive credit card is the World Elite Mastercard. Cardholders can take advantage of exclusive travel perks and earn points under the À la carte Rewards Plan at an accelerated rate. Check out the other benefits below.

Key Features and Benefits

  • Annual fee of $150 and standard interest rates
  • Earn points towards the À la carte Rewards Plan while you spend
  • Earn 1.5 points per dollar spent on net purchases up to $40,000, earn 2 points per dollar spent on net purchases between $40,001 and $80,000, and earn 1.5 points per dollar spent over $80,001 in a year
  • Eligibility for a travel expense refund
  • Unlimited access to National Bank Lounge at the Montreal-Trudeau Airport for you and a guest
  • Minimum annual income of $80,000 for an individual or $150,000 for a household, OR have a minimum of $400,000 in assets, OR be an existing client that spends at least $25,000 per year
  • Extended warranty and comprehensive travel insurance coverage included
Pros
  • Access to a special travel agency and a dedicated online store under the À la carte Rewards Plan
  • Redeem points for merchandise, gift cards, vacation packages, plane tickets, travel experiences, À la carte Extras, or credit card statement credits
  • National Bank is rated as one of the best banks for customer service support

Cons
  • Tiered points earning system under the À la carte Rewards Plan
  • Minimum annual incomes, expenditures, or savings are required to apply for this credit card
  • Minimum credit limit of $5,000

Takeaway

The World Elite Mastercard is the most luxury credit card National Bank has to offer. There are tons of exclusive benefits that come with the card, but not everyone spends enough to take advantage of the perks or is willing to pay the annual fee. If you’re more concerned with affordability, consider other National Bank credit cards.


®Mastercard, and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Authorized user: National Bank

Author Bio

User
Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.