Best Tangerine Credit Cards in Canada for 2021

 

Canadian residents who want to earn cashback based on their purchase amounts and not their purchase locations will find below the Tangerine Credit Cards.

Founded in 1997 as ING Direct, Tangerine was one of the first direct banking institutions in Canada. It allows Canadians to bank virtually, without the need for visiting a branch. This alternative to traditional banking results in reduced account fees thanks to Tangerine's lack of overhead costs. Additionally, the lack of overhead costs results in higher interest rates on savings accounts and investments and lower interest rates on credit products.

In 2012, ING Direct was acquired by Scotiabank, which relaunched the bank as Tangerine. Today, Tangerine is the most widely accessed online bank in the country. It offers a broad range of financial products, including chequing accounts, savings accounts, investments, and credit cards.

 

Best Tangerine Credit cards

Tangerine's credit cards come with $0 annual fees and offer card holders up to 2% back in rewards. The bank offers two Mastercards: the Tangerine World Mastercard and the Tangerine Money-Back Credit Card.



Types of Tangerine Credit Card Rewards

Tangerine credit cards lean heavily on cash-back rewards. Cashback is used towards the card balance on a monthly basis or can be directly deposited into a Tangerine Savings Account.

 

Tangerine Money-Back Credit Card



  • Unlimited monthly cash back rewards
  • Personalized rewards categories



Tangerine Credit Card Cash Back Categories
:

      • Grocery
      • Furniture
      • Restaurants
      • Hotel-Motel
      • Gas
      • Recurring Bill Payments
      • Drug Store
      • Home Improvement
      • Entertainment
      • Public Transportation and Parking



Credit Card Insurance

Purchase Assurance and Extended Warranty. For most new purchases made anywhere in the world using your Tangerine Money-Back Credit Card, you may receive a lifetime maximum of up to $60,000 for the following insurance coverage:

  • Purchase Assurance to automatically cover loss, theft or damage on most new insured items for 90 days from the date of purchase
  • Extended Warranty which may double the period of repair services to a maximum of one year



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.

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. Overall it is a great credit card for those who would like to maximize the cashback they earn by choosing their spend categories to earn more cashback.

 

Tangerine World Mastercard





  • Unlimited monthly cash back rewards
  • Personalized rewards categories
  • Boingo Wi-Fi for Mastercard
  • Mastercardtravel rewards
  • On-Demand and Subscription Services
  • Rental car insurance
  • Mobile device insurance
  • Mastercard airport experiences from LoungeKey



Rental Car Collision/Loss Damage Insurance

Damage and theft protection for your car rental when you rent for up to 31 consecutive days and charge the full cost of your rental to your Card.

Mobile Device Insurance

Protection on new cell phones, smartphones or tablets when you charge the full cost to your Card, or when you purchase it through a plan and charge all of your wireless bill payments to your Card. Covers up to$1,000 if your mobile device is lost, stolen, accidentally damaged or experiences mechanical failure.

On-Demand and Subscription Services

Save on the things you love with your Tangerine World Mastercard. Enjoy special benefits and offers from a growing lineup of on-demand apps and subscription services made available to you as a Tangerine World Mastercard cardholder.

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.

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.


Tangerine Credit Cards Overview

Consumers who want to earn cashback based on their purchase amounts and not their purchase locations will find that Tangerine Credit Cards are the perfect match. In addition, Tangerine does not penalize low-income earners making this a great option for students and low-income earners who still want to be rewarded for their spending.

Benefits and Perks of Tangerine Credit Cards

Tangerine Credit Cards offer generous cash back perks. The Tangerine Money-Back credit card offers 2% cashback in up to three categories such as groceries, entertainment, gas, etc. This allows shoppers to choose where they want to be rewarded, which is very generous since most credit cards only offer select merchants within select categories. In addition, cardholders earn .5% back on all other purchases at all times.


Tangerine credit card balance transfer offer

Other benefits include a low balance transfer of just 1.95% for eligible applicants and no annual fee which makes it an affordable option for credit consumers.

Additionally, the Tangerine Money-Back credit card only requires an income of $12K so every household can enjoy its benefits.
The Tangerine World Mastercard requires a minimum personal income of 60k or a household income of 100k.

The Tangerine World Mastercard offers similar perks with 2% cashback in two shopping categories and .5% cash-back on everyday purchases. In addition, Tangerine credit cards do not place a cashback annual limit on potential earnings so if you keep spending you keep earning.

Tangerine Credit Card Cons

It should be noted that Tangerine credit card holders can only elect to change their categories every 90 days. Therefore, if you find that you are not spending as much as you thought within a category you will need to wait to change your selection. In addition, wholesale purchases do not count toward rewards totals. Frequent Costco shoppers therefore may not earn as much as they initially thought within the grocery category.

 

Details
Annual Fee: $0
Purchases Interest Rate: 19.95%
Cash Advance Interest Rate: 19.95%
Recommended Credit Score
Average to Excellent
Why we like it?
  • No annual fee
  • Unlimited rewards
  • Automatic monthly cash back redemption
  • Flexibility
  • Get more rewards
Apply Now Full Review
Why we like it

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.
Credit Card snapshot
Tangerine Money-Back Credit Card Review 2021

Balance transfer offer: During your first 30 days, transfer balances and pay only 1.95% interest on the transferred balance for the first 6 months.

Earn 2% Money-Back Rewards on purchases in up to 3 categories of your choice with the Tangerine Money-Back Credit Card, and 0.50% Money-Back Rewards on all other purchases.

  • 2% Rewards in your chosen categories
  • Get 0.50% money back on all other everyday purchases.

  • Money-Back Rewards are earned automatically and paid monthly, and can either be applied towards your Credit Card balance or redeemed into your Savings Account.

  • No limit on the amount of Money-Back Rewards you can earn.

  • Change your 2% Money-Back Categories to suit your everyday spending.

Optimizing your 2% Money-Back Categories to suit your everyday spending has never been easier. Choose your categories to earn the most money back.

Tangerine Money-Back Credit Card 2% Cash Back Categories:

      • Grocery
      • Furniture
      • Restaurants
      • Hotel-Motel
      • Gas
      • Recurring Bill Payments
      • Drug Store
      • Home Improvement
      • Entertainment
      • Public Transportation and Parking


Tangerine Money-Back Credit Card Fees:

  • Annual: $0
  • Balance transfer: 3% with $5 minimum
  • Cash advance: $3.50 inside Canada, $5 outside Canada, plus 19.95% interest on overdue amounts
  • Foreign transaction: 2.5% per transaction
  • Missed or late payments: increased interest rates to 24.95% on all purchases
  • Over limit: $25 (Tangerine does not allow you to go over your limit unless the transaction was pre-approved)

 

Details
Annual Fee: $0
Purchases Interest Rate: 19.95%
Cash Advance Interest Rate: 19.95%
Recommended Credit Score
Average to Excellent
Why we like it?

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

Apply Now Full Review
Why we like it
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.
Credit Card snapshot
 
Tangerine World Mastercard®  Review


Earn cash back

Earn 2% Money-Back Rewards in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all your other everyday purchases.
 
Easy online Pause My Card feature–in case you need it
If you ever think you’ve lost or misplaced your Card, there’s no need to panic. With a couple quick clicks, you can temporarily suspend it.
 

Transfer and save

During your first 30 days, transfer balances and pay an interest rate of only 1.95% on the transferred balance for the first 6 months (19.95% after that). A Balance Transfer fee of 1% on the amount transferred will apply.

No limits

No limit on the amount of Money-Back Rewards you can earn on your everyday purchases. Conditions apply.

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.