Tangerine Money-Back Credit Card Review
Apply for a Tangerine Money-Back Credit Card by April 30, 2024 and earn an extra 10% back (up to $100)
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Recommended Credit Score:
670 900
Average to Excellent
$0
Welcome Bonus Value
$0
Annual Fee
19.95%
Purchase Interest Rate
$12,000
Min Personal Required
Tangerine Money-Back Credit Card
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My Rate Compass Rating: star star star star star_outline (4.4)
Bank Name:Tangerine
Network Type:Mastercard
Awards:Best Credit Card Award Winner
Tangerine Money-Back Credit Card
Welcome Bonus
Apply for a Tangerine Money-Back Credit Card by April 30, 2024 and earn an extra 10% back (up to $100)
Annual Fee
$0
Tangerine Money-Back Credit Card
Card Details
Tangerine Money-Back Credit Card Review 2024

Special Offer:

Life’s back in session. Enjoy it with an extra 10% back.*

Apply for a Tangerine Money-Back Credit Card by April 30, 2024 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.*

Always-On Offer:

Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.

Have your Money-Back Rewards deposited into a Tangerine Savings Account, and get a 3rd 2% Money-Back Category.

No limit on the amount of Money-Back Rewards you can earn.
Change your 2% Money-Back Categories to suit your spending.

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.(with a 1% fee) 


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.

Tangerine Money-Back Features

  • 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)
Earn 2% Money-Back Rewards on your everyday purchases in up to 4 Categories of your choice, and 0.50% Money-Back Rewards on all your other everyday purchases.


Tangerine Money-Back Credit Card Rewards Features

  • 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.


Tangerine Money-Back 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

Free cards for Authorized Users on your Account

Mastercard® accepted worldwide at more than 24 million locations in over 210 countries

Mastercard Zero Liability

Mastercard Tap & GoTM

Insurance
  • Priority airport services No
  • Airport lounge access No
  • Concierge service No
  • Balance protection(Optional) No
  • Purchase Security & Extended Protection Insurance Yes
  • Flight delay insurance,Baggage Insurance No
  • Vehicle rental insurance No
  • Travel accident insurance No
  • Travel medical insurance No
Fees and Eligibility
Fees
  • Annual Fee: $0
  • Additional Card Fee: $0
  • Purchases Interest Rate: 19.95%
  • Cash Advance Interest Rate: 19.95%
Eligibility
Personal Income Required: $12000
  • You're a Canadian resident
  • You've reached the age of majority in your province or territory
Recommended Credit Score:
670 900
Average to Excellent
Our Rating
My Rate Compass Rating: star star star star star_outline (4.4)
Rating Methodology: My Rate Compass's ratings are determined by our editorial team. Our editors rate credit cards objectively based on the benefits and features the credit card offers, interest rates, the fees, and how a credit card compares with other cards in its category. Credit card rating methodology
Editorial Guidelines: Learn more about our editorial guidelines here.
Pros and Cons

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. 

 

Editor's Review

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 April 30, 2024 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.

Tangerine Money Back vs World Mastercard®

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

 

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.

Tangerine Money Back vs World Mastercard®

Compare the Tangerine Money Back vs World Mastercard®

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.

How to get a Tangerine credit card? 

The best option to get a credit card from Tangerine is to apply online

 Below are the requirements to get a credit card from tangerine.

  • Gross annual income of $12,000 or more
  • The age of majority in your province or territory
  • A permanent resident of Canada
  • Clear of bankruptcies over the past 7 years

The best way to get a tangerine credit card is to apply online. Please review the full Terms and Conditions before completing your online application.

Tangerine provides choice, value and convenience to beginner credit card users and even works great as a secondary credit card.

Is Tangerine credit card hard to get?

 The recommended credit score for a Tangerine credit card is between 670 to 850.

Does Tangerine credit card have travel insurance?  

Tangerine offers great benefits for the cardholders however do not offer travel insurance. Read more about credit card insurance here.

Does Tangerine have credit cards?

Tangerine offers 2 great credit cards below. Read our review on them.

Tangerine Money-Back Credit Card

Tangerine World Mastercard

How to apply for Tangerine credit card? 

The best way to get a tangerine credit card is to apply online. Please review the full Terms and Conditions and complete your online application.

Application for Tangerine Money-Back Credit Card

Application for Tangerine World Mastercard

Awards

Author Bio

User
Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based in Toronto. He is a former financial services professional who worked at major Canadian financial institutions for many years. 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's in Business Administration from the University of Quebec (Montreal) and a Master's in International Business from the University of Sherbrooke (Quebec). He is also the author of the Canadian Credit Card Guidebook.

 

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