Tangerine bank offers one of the hottest no-annual fee money-back credit cards in the Canadian market today. While most cash back credit cards limit their rewards to one or two categories, while narrowing the offer even more with a monthly spend cap, Tangerine Money-Back Credit Card offers limitless cash-back earnings.
And, there’s more: You get to pick the bonus categories for cash back, and you can customize your choice to your shopping needs. Tangerine Money-Back Credit Card offers personalization capabilities like no other. You will never feel stuck in a preselected bonus category, which is one of the biggest reasons why this card is wildly popular among cash back enthusiasts.
Annual fee: $0
Interest rate: 19.95% on purchases, balance transfers, and cash advances
Tangerine Money-Back Credit Card at a glance
Tangerine Money-Back Credit Card is a no-annual fee card that offers significant rewards on categories that traditionally aren’t covered by the majority of credit card companies in Canada. This card provides 2% cashback on the following categories:
- Public Transportation and Parking
- Recurring bills
- Drug store
- Hotels and motels
- Home improvement
- Furniture purchases.
Tangerine Money-Back Welcome Offer
Tangerine runs frequent sign-up offers for new customers. Currently, new users who sign-up to receive a whopping 10% cash back when they spend $1,000 in the first 2 months. That’s up to $100 of free cash back to your account. After that, the money-back reward reduces to a not-too-shabby 2% in up to 3 of the 2% categories of your choosing. Any purchases that fall outside the chosen categories will reap you 0.50% in cash back rewards.
Another cool highlight of this card is its effort to incentivize saving habits. If you open a free Tangerine savings account and deposit your cash back earnings into it, you get rewarded with the ability to select a 3rd 2% cash back category.
Money back flexibility
You can swap your category-picks any time but the changes take 90 days to take effect. So, it's advisable to only switch categories if you will be making significant changes to your shopping habits. Tangerine will also personally suggest categories you should take advantage of to maximize your earnings.
With the Tangerine Money-Back Credit Card, your rewards are available to be redeemed every month. There is no redemption minimum. If you have a tangerine savings account, your rewards will be deposited there. If you don’t have a savings account, then your rewards will be applied to your credit card statement.
Tangerine Money-Back Credit Card insurance perks
Tangerine Money-Back Mastercard automatically offers additional purchase protection on most new purchases made with the card, anywhere in the world. You could receive up to $60,000 worth of additional coverage for the following: Purchase Assurance will cover new card purchases for damage, loss, or theft within 90 days of purchase date. Extended Warranty will extended the manufacturer's repair service coverage for up to one year.
New feature to help manage your money
Tangerine launched a new feature for its products and services. It will analyze your credit card activity and give you individualized recommendations to help you save and spend smarter.
Tangerine Money-Back Credit Card: who is this Mastercard for?
Tangerine Money-Back Credit Card is most suited for shoppers who are currently stuck using credit cards with limited categories or 1% in rewards. It is also perfect for those who would like to redeem their rewards every month instead of waiting once a year, and those who don’t earn $60,000 annually. And it’s no-annual fee is the cherry on top that makes this card an absolute steal for just anyone.
When you look at the interest rates, Tangerine’s credit card offers a 19.95% annual interest rate on purchases which is very comparable to other cards. For the first six months, new users only have to pay 1.95% interest on balance transferred within 30 days of getting the card, with a 1% transfer fee on the balance.
Also, this credit card’s low income requirement makes it perfect for students, or people unable to meet the standard $60,000 income requirements found in most other credit cards of this caliber.
Click here to learn more and apply
Tangerine Money-Back Mastercard Rating
|Cash Back Rewards:||4.5/5|
|Rates and Fees:||3/5|
|Perks and Features:||4/5|
Benefits and perks
- Receive a welcome cashback bonus of 10% when you spend $1,000 within the first 2 months
- Receive 2% cash back rewards in two of the 2% categories which include grocery, furniture, restaurant, hotel/motel, gas, drugstore, entertainment, transportation and parking, home improvement, and recurring bill payments.
- Earn 0.50% cashback on all the other everyday purchases
- Deposit rewards into your tangerine savings account to unlock a 3rd 2% moneyback category
- Earn cashback automatically with every purchase. Your rewards can be used to pay off your credit card balance or redeemed into your savings account
- There are no limits on the amount of money back rewards you can earn
- New users enjoy 1.95% interest on balance transfers made during the first 30 days of account opening. This promotion stays active for 6 months. After that, the interest rate increases to 19.95%. Transfer fees apply
- Get free cards for authorized users added to your account
- Purchase Assurance- If you purchase something using your Tangerine Money-Back Credit Card, you have a lifetime coverage up to $60,000 which is there to automatically cover your insured items against loss, theft or damage for its first 90 days.
- Extended Warranty- Extended warranty benefit doubles the warranty period on qualified items up to 1 year.
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About The Author: Heidi Unrau
Heidi Unrau is the senior Finance Journalist at Hardbacon. She studied Economics at the University of Winnipeg, where she fell in love with all-things-finance. At 25, she got her first bank job as an entry-level teller. She moved up the ranks to Credit Analyst, Loans Officer, and now a Personal Finance Writer. In her spare time, you'll find her hiding in the car listening to Freakonomics podcasts, or binge-watching financial crime documentaries with a pint of Häagen-Dazs. When she's not chasing after her two little boys, she's in the hot tub or arguing with her husband over which cash back card to use for date night. She’s addicted to coffee, crypto, and obsessively checking her credit score on Borrowell.
Fun Fact: Heidi has lived in five different provinces across Canada, loves her free Tangerine bank account, and will never cut back on Starbucks. Like ever.
More posts by Heidi Unrau