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. Earn an extra 10% back* for a limited time with a Tangerine Money-Back Credit Card. Apply for a Tangerine Money-Back Credit Card by August 16, 2021 and earn an extra 10% back (up to $100) 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.
Pros of Tangerine Money back Mastercard
- No annual fee -The no annual fee for both primary and secondary holders means that you are not paying for your cash back.You can carry this card at no cost
- Unlimited Cash Back: -Earn as much cash back rewards regardless of the category.
- There is no limit on how much cash back you can earn.
- Insurance coverage: Extended warranty and purchase protection.
- Promotional balance transfer rate: 1.95% interest on the transferred balance for the first 6 months.
- 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.
Cons of Tangerine Money back Mastercard
- The only drawback is that you will earn 0.5% for all purchases outside your top 2 or 3 money back categories.
The Tangerine Money Back Credit Card is one of the best credit cards on the market right now. Getting cash back as a reward is essentially the most optimal reward you can get since it can be put towards other expenses. In addition, this card is affordable to use and accessible to nearly every Canadian.
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.