Compare the Best Tangerine Credit Cards in Canada for 2023
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.
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.
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
Tangerine 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
If you are looking for the right credit card for your needs, you might not have heard of Tangerine credit cards yet. This online bank offers the same things as other Canadian banks without the high fees, including a very impressive line of credit card options.
It’s not surprising today to find businesses that once depended on brick-and-mortar locations to be completely online. However, at the time Tangerine launched, this was unusual, especially for a financial institution. Today this branch-free bank is offering services that other banks can’t. This is because they don’t have the cost of expensive brick-and-mortar branches and they happily pass their savings onto their customers. That means higher interest for savings accounts, and very few unexpected or overly high service fees.
Since 1997 when they first launched as ING Direct, Canadians were fed up with high fees and low interest rates not to mention inconvenient banking hours. ING Direct offered a long-awaited alternative that not just got rid of the need for branches but introduced “affordable” banking with better options than other banks.
Finally, Canadians had an alternative that made it possible to make a real choice for how their money was managed, saved and accessed. Although some were leery of the idea of a branchless bank, others found that ING, now Tangerine was in fact just as safe and secure, but far more innovative in their approach to banking. This realization soon spread and now Canadians are benefiting from the vision of fair banking in a very convenient online service. Here are the best Tangerine credit cards available.
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.
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.
Conclusion
As you can see Tangerine has a limited selection of credit cards with just two available. They do make sure to cater to each end of the income spectrum offering a card for those making as little as $12,000 and then to higher-income households earning at least $60,000 for an individual or $100,000 for a household. They also offer different criteria so that you can either apply based on salary, or how much money you have with their bank either in savings or investments.
However, this amount is quite high at $250,000. Both cards offer money-back rewards of 2% and have a reasonable, albeit not the lowest interest rate we’ve ever seen of 19.25%. Customers love the option to choose the categories for their money back as it allows them to earn more based on their buying habits and lifestyle. So someone who doesn’t drive can focus on public transportation instead of gas, and someone who rarely dines out can focus on groceries instead of restaurants.
Other options include home improvement stores, drug stores, recurring bills, furniture, entertainment and travel with two category choices available. You can also choose to deposit your rewards points into your Tangerine savings account and get a third 2% Money-Back Category with this option. So you really can make it work based on your preferences, spending habits and financial goals.
