Tangerine Money Back vs World Mastercard®

Finding the right credit card can prove to be a daunting task. One of the often-overlooked banks is Tangerine. It is an excellent option when looking for no-fee credit cards with two options:

1.   Tangerine Money-Back Card

2.   Tangerine World Mastercard.

Here we compare the two to help you decide if they might work for your needs.

Tangerine Money-Back Credit Card

Welcome offer: 

Apply for a Tangerine Money-Back Credit Card by May 2nd, 2023 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*

Money-back credit cards are an excellent option for people wanting to have more cash at their disposal. The way money-back or cash-back cards work is that when you use your credit card, you earn back a percentage of what you spend. The cash is credited on your statement, so you see a lower balance, or you see the cash deposited into your bank account. In some cases the credit card allows you to either spend the money from your account or convert it into points for a rewards program. For the Tangerine Money-Back Card you’ll pay no annual fee and get the following benefits and features:

Cash Back

Unlimited 2% cashback on up to three of the following categories:

●      Grocery

●      Restaurants

●      Recurring bill payments

●      Gas

●      Home improvement

●      Drugstore

●      Hotel/motel

●      Public transportation and parking

●      Furniture

For all other purchases, you earn 0.50% cash back so regardless of what you buy you are still earning.

Balance Transfer

If you are interested in saving on high-interest credit card balances, you can transfer those balances to your Tangerine card for a lower rate of just 1.95% for six months. Although a 1% balance transfer fee applies, if you can manage to pay your card off within a six-month period or less, you can really see a difference in the amount of interest you pay. Just keep in mind that it rises to 19.95% after the six-month offer, so compare this with what you are currently paying and how long you expect to carry the balance.

Assurance & Warranties

You also get peace of mind when you use your Tangerine card as they offer purchase assurance for 90 days on eligible purchases. If you damage or lose something, you are covered. Their extended warranty offers additional coverage for up to one additional year of eligible purchases.

Eligibility Requirements

To obtain your card you must meet one of the following criteria:

●      Gross annual income of $12,000 or more

●      Age of majority in your province or territory

●      Permanent resident of Canada

●      Clear of bankruptcies over the past 7 years

Tangerine World Mastercard®

Welcome offer: 

The Tangerine World Mastercard® is the latest edition to the Tangerine credit card line. It offers all the same benefits as the Tangerine Money-Back credit card with a few more perks including:

Boingo Wi-Fi for Mastercard®

Stay connected with access to over one million Wi-Fi hotspots around the world.

Mastercard® Travel Rewards

Earn Mastercard Travel Rewards by unlocking your card cashback and getting rebates applied to your statement while travelling outside of Canada.

On-Demand and Subscription Services

Ramp up your entertainment with savings for your favourite on-demand apps and subscription services.

Mastercard® Airport Experiences Provided by LoungeKey

If you travel you can enjoy LoungeKey complimentary membership for $32 USD per visit and access to exclusive dining, retail and spa offers in over 400 airports worldwide and 1,000 lounges.

Eligibility Requirements

To obtain your card you must meet one of the following criteria:

●      Gross annual income of $60,000

●      Gross Household Income of $100,000

●      Total balances of $250,000 or more in Tangerine Savings Accounts and/or Investment Fund Accounts

●      Age of majority in your province or territory

●      Permanent resident of Canada

●      Clear of bankruptcies over the past 7 years

For these qualification criteria, you have to earn a minimum gross annual income of $12,000.

Tangerine Money Back vs World Mastercard

Here is a side by side comparison of the two Tangerine credit cards:

Tangerine Money-Back Credit Card

●      Annual Fee: $0

●      Interest Rate: 19.95%

●      Cash-back: 2%

●      Monthly Money-Back Rewards

●      Unlimited Money-Back Rewards

●      Choose from two Personalized Categories or Deposit your Rewards into a Tangerine Savings Account and get a third

●      Balance transfer fee: 3.00% of the amount transferred, or minimum of $5.00

●      Promotional Balance transfer interest rate:1.95% interest for the first 6 months (19.95% after that)

●      Foreign currency conversion: 2.50%

●      Cash advance: $3.50 within Canada, $5.00 outside Canada

●      Interest on Cash Advances:19.95%

●      Dishonoured payment: $25.00

●      Over-Limit: $25.00

●      Rush Card: $25.00

●      Past statement reprint: $5.00 per statement, no charge for reprint of current monthly statement

Tangerine World Mastercard

●      Annual Fee: $0

●      Interest Rate: 19.95%

●      Cash-back: 2%

●      Monthly Money-Back Rewards

●      Unlimited Money-Back Rewards

●      Choose from two Personalized Categories or Deposit your Rewards into a Tangerine Savings Account and get a third

●      Balance transfer fee:3.00% of the amount transferred, or minimum of $5.00

●      Promotional Balance transfer interest rate:1.95% interest for the first 6 months (19.95% after that)

●      Foreign currency conversion: 2.50%

●      Cash advance: $3.50 within Canada, $5.00 outside Canada

●      Interest on Cash Advances:19.95%

●      Dishonoured payment: $25.00

●      Over-Limit: $25.00

●      Rush Card: $25.00

●      Past statement reprint: $5.00 per statement, no charge for reprint of current monthly statement

Boingo Wi-Fi for Mastercard®

●      Mastercard® Travel Rewards

●      On-Demand and Subscription Services

●      Rental Car Collision/Loss Damage Insurance

●      Mobile Device Insurance

●      Mastercard® Airport Experiences Provided by LoungeKeyfootnote

Conclusion

One of the major benefits to either of these cards is that you control where you earn your cash back. Instead of being forced into categories based on the bank’s preferences, you can earn cash faster by focusing on the categories where you spend the most money. This is a major draw that both cards share. They both also share the same no-fee offers, as well as the same interest rates and cashback percentage, so there they remain on an even par. Where you start to see the difference is in the perks and features each card offers as well as the requirements to apply.

Let’s start with the requirements, as without them you can’t get very far! You’ll need to make at least $60,000 to qualify for the World Mastercard and to get all the additional perks. If not, you still can earn the same cash-back with their no annual fee Money-Back option. Next, if you don’t travel, you really don’t need the World Mastercard. While you’ll miss out on some pretty useful insurance for your mobile devices as well as a nice rewards redemption option for your on-demand and subscription services, the majority of additional features for the World Mastercard are travel-focused.