Tangerine credit cards make it easy to save money on your everyday purchases and offer competitive money-back rewards. I’ll be covering the two credit cards available with Tangerine in this article.
If you’re interested in Tangerine savings accounts and chequing accounts as well, have a look at the earlier article on Tangerine Promotions.
Does Tangerine Have Credit Cards?
The best type of credit card has no annual fees but also includes perks, rewards, and more. Tangerine credit cards offer the best of what you want in a simple credit card.
Read on for the benefits, pros, cons, and eligibility requirements of both to determine which of the credit cards is best for you.
Tangerine Money-Back Credit Card
Tangerine Money-Back Credit Card offers 2% money back on everyday purchases in up to 3 categories of your choice. These money-back rewards are unlimited and paid monthly.
Additionally, when you apply for a Tangerine money-back credit card by October 31, 2023, you also earn an extra 10% back (*up to $100 maximum) when you spend up to $1,000 on everyday purchases within the first 2 months!
Pros of Tangerine Money-Back Credit Card
Below is an overview of the perks and rewards available with the Tangerine Money-Back Credit Card:-
- Tangerine Money-Back Credit Card has $0 annual fees.
- Low minimum annual requirement to qualify ($12,000).
- 2% money back on purchases in 3 categories of your choice plus 0.5% on all other purchases. There are 10 categories to choose from – groceries, furniture, restaurants, hotel stays, gas, recurring bill payments, drugstore, home improvement, public transit, and parking, or entertainment purchases. If most of your purchases fall into these categories, you should get a healthy amount of cashback every month.
- If you are carrying a credit card balance on other cards, you can transfer it to your Tangerine Money-Back Credit Card for a low promotional interest rate of 1.95% for 6 months (1% balance transfer fee applies).
- The unlimited cashback is deposited into your account monthly. You can choose to have it deposited in your savings account or applied towards your credit card balance.
- Tangerine Money-Back Credit Card can be used conveniently on Apple Pay, Google Pay, and Samsung Pay.
- Tracking your spending to help you make smarter money decisions.
- Free cards for authorized users can be added to your account.
- Tangerine Money-Back Credit Card credit card is accepted worldwide at more than 24 million locations in over 210 countries.
- Tangerine Money-Back Credit Card offers Purchase Assurance to automatically cover loss, theft, or damage on most newly insured items for up to 90 days from the date of purchase.
- Mastercard Zero Liability – this means you’re protected against fraud.
- You don’t need a high credit score to qualify for a Tangerine Money-Back Credit Card. You can get one with a credit score of 600 and above.
But what’s the interest on purchases? The Tangerine Money-Back Credit Card interest on purchases is 19.95%.
However, I do not recommend carrying over credit card balances. Pay off your credit card in full every month. This is the best personal finance practice.
Cons of Tangerine Money-Back Credit Card
- The cashback rate is lower than you would get from a credit card with annual fees.
- Though there are no annual fees, there are still fees associated with cash advances, going over the limit, reprinting statements, and a dishonored payment. You can see the full range of Tangerine Money-Back Credit Card fees HERE.
- Purchases at shopping warehouses like Costco or Walmart don’t count towards the 2% categories.
Tangerine Money-Back Credit Card Special Offers
Tangerine Money-Back Credit Card has several offers going on at different times of the year. Currently, you can:-
Avail of 10% extra cashback* when you spend up to $1,000 in everyday purchases within your first 2 months. Apply by October 31, 2023.
Balance transfer promo of 1.95% on outstanding balances if you do the balance transfer within the first 30 days of being a new Tangerine Money-Back Credit Card cardholder.
I will be updating this section whenever there are new Tangerine Money-Back Credit Card special offers available. Bookmark this page so you don’t lose it.
Tangerine Money-Back Credit Card Eligibility Requirements
Though it’s easy to apply for a Tangerine Money-Back Credit Card, there are some eligibility requirements first:-
- A gross annual income of $12,000 or more.
- Applicant must be the age of majority in their province or territory.
- Be a permanent resident of Canada.
- Be clear of bankruptcies over the past 7 years.
How to Apply for Tangerine Money-Back Credit Card
- Head over to the Tangerine Money-Back Credit Card page HERE.
- Click on the “Apply” button. You will be asked if you’re a current client or you want to open a new client account.
- There are two ways to sign up for the card. You can sign up through the Tangerine App or website.
- Complete the application form. If you already have an account, your information will be added to the application otherwise you will need to complete it manually. Your SIN is required to complete the application.
- Once the application is completed, review and submit.
If your application is approved, you should receive your credit card by mail within 5 – 14 days.
As far as flexible, no fee, minimal requirements cashback credit cards go, Tangerine Money-Back Credit Card is one of the best options, especially for young adults.
If your personal income is over $60,000 or $100,000 for a household, Tangerine World Mastercard might be a better fit for you.
- Boingo Wi-Fi for Mastercard – free wi-fi that provides access to over 1 million hot spots around the world.
- Mastercard Travel Rewards – unlock cash-back offers and get a rebate applied directly to your statement when you use your Tangerine World Mastercard at select merchants while traveling outside Canada.
- On-demand and subscription services – special benefits and offers from a lineup of on-demand apps and subscription services.
- Rental car collision/loss damage insurance – damage and theft protection for your car rental when you rent for up to 31 consecutive days.
- Mobile device insurance – protection on new cell phones, smartphones, or tablets when you charge the full cost to your Mastercard.
- Mastercard Airport Experiences – complimentary membership access to over 400 airport lounges around the world.
- You require a credit score of only 600 and above to qualify for the Tangerine World Mastercard in addition to the other requirements.
Tangerine World Mastercard Special Offers
If you sign up for a Tangerine World Mastercard® by October 31, 2023, you can avail of a special offer of an extra 10% cashback* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.
The only downside to Tangerine World Mastercard is the high annual income requirements.
If you don’t meet the annual income requirement, then Tangerine Money-Back Credit Card is a more suitable credit card for you.
Which Tangerine Credit Card Is Best for You?
Low annual income, young adult, just starting your career, prefer no fees, newcomer to Canada looking to build credit fast, don’t travel outside Canada much plus fraud protection then the Tangerine Money-Back Credit Card is best.
High annual income, intercontinental or world traveler, prefer no fees, plus extra travel perks, then Tangerine World Mastercard is your best bet.
Does Tangerine Credit Card Have Travel Insurance?
Tangerine credit cards do not have travel insurance. This is rare for a no-fee credit card in Canada.
Tangerine Money-Back Credit Card vs Tangerine World Mastercard
Below is a quick round-up of the benefits provided by each card for a better understanding:-
|Tangerine Money-Back Credit Card||Tangerine Money-Back World Mastercard|
|Cash-back Rates||2% in 3 categories. 0.5% in other categories. You can change categories to suit your spending!||2% in 3 categories. 0.5% in other categories. You can change categories to suit your spending!|
|Welcome Offers*||10% bonus cashback offer*||10% bonus cashback offer*|
|Cash Advance Fee||$3.50 within Canada, $5.00 outside Canada||$3.50 within Canada, $5.00 outside Canada|
|Interest on Cash Advance||19.95%||19.95%|
|Over Limit Fee||$25||$25|
|Balance Transfers||3% of amount transferred, or minimum of $5||3% of amount transferred, or minimum of $5|
|Balance Transfer Interest Rate||1.95% interest for the first 6 months||1.95% interest for the first 6 months|
|Foreign Transaction Fees||2.50%||2.50%|
|Additional Perks||Purchase protection & extended warranty||Purchase protection, extended warranty, travel rewards, mobile device insurance, airport lounge membership, apps and subscription service offers, rental car insurance, free Boingo Wi-Fi|
|LEARN MORE HERE||LEARN MORE HERE|
*Welcome offers expire on October 31, 2023.
I will be reviewing more credit cards and banking products for newcomers to Canada in the coming months.
If you’re interested in a Tangerine savings account or chequing account instead, have a look at Tangerine Promotions.
Abi has lived and worked abroad for over 13 years. She loves traveling, reading, and writing. She is a big believer in following your dreams and has been marching to the beat of her unconventional drums for a long time. She funds her adventures by making smart financial decisions and investing wisely. Her top personal finance tools include trading with Questrade, investing change on MOKA, and no-fee banking with Tangerine and Neo Financial. Learn more about Abi HERE.
This post may contain affiliate links which means I will make a small commission if you purchase through those links. Read full disclosure HERE.