Tangerine Money-back Credit Card Review (2024)

Looking for a credit card that offers juicy rewards, cashback and zero annual fees? Say hello to the Tangerine Money-back credit card.

The Tangerine Money-back credit card is a popular choice for Canadians looking for a no-fee credit card with cashback rewards. With this card, you can earn cashback on each eligible dollar spent on purchases, including groceries, gas, and bills. 

Plus, with its sleek design and easy-to-use app, managing your finances has never been more enjoyable. What’s more. There’s no annual fee.

In this Tangerine Money-back credit card review, I deep-dive into Tangerine credit cards, rewards, fees, cash backs, and many more.

Highlights

• Annual fee: $0
• Rewards: 2% cash back on two categories of your choice, 0.5% on all other purchases
• Interest rates: 19.95% on purchases, 19.95% on cash advances, and 19.95% on balance transfers
• Welcome bonus: 10% cash back (up to $100) when you spend $1,000 on everyday purchases within the first two months of using the card. 
• Annual income requirement: $12,000
• Balance transfers: Only pay 1.95% interest for the first six months

About Tangerine Money-Back Credit Card

Tangerine is one of Canada’s digital banks, owned by Scotiabank. The bank operates entirely online, just like other digital banks, which allows it to provide low-cost banking services.

The Tangerine Money-back credit card is a no-annual-fee credit card that offers cash back on your everyday purchases and even more cashback on two spending categories of your choice.

The card offers 2% cash back on two purchase categories and a 0.5% base rate on all other purchases. When you deposit your monthly cashback into a Tangerine Savings Account, you can enjoy cashback from three spending categories at a 2% rate.

The card pays out months, and there are no maximum spending limits. So you can earn as much cashback as you like.

Benefits and Downsides of the Tangerine Money-back Credit Card

Pros

• No annual fee
• No maximum spending limit
• Enticing welcome offer
• Automatic reimbursements of cashback into your account every month
• Impressive cashback rate

Cons

• No extra perks
• No travel insurance

Features of the Tangerine Money-back Credit Card

The Tangerine Money-back credit card offers many amazing features that make it stand out among other credit cards in Canada. Let’s look at some features:

Flexible Categories

The credit card lets you pick your own bonus categories. You can align this with your spending and pick categories that can help you maximise your rewards.

Gas and groceries are everyday purchases that can be savvy categories to earn cashback. Other cards in Canada may offer higher cashback rates, but they may be in categories that you barely use.

You can also switch up your cashback categories every month if you want. You can do this through the app.

No Spending Cap on Cashback

Every cashback you earn from your chosen categories is deposited into your account monthly. Plus, unlike many other cashback cards in Canada, there is no limit to how much cashback you can earn. 

Competitive Welcome Offer

The credit card allows you to earn 15% cash back on up to $1,000 worth of purchases (that is, $150) as a welcome offer. 

You can see it as a reverse annual fee. While most cards charge annual fees, this credit card offers a huge welcome bonus.

Competitive Cashback

The Tangerine Money-back credit card offers 2% cash back on two-category purchases and 0.05% on all other purchases.

The following are the available categories of Tangerine Money-Back Credit Card:

• Grocery
• Furniture
• Gas
• Restaurants
• Hotel-Motel
• Drug store
• Recurring bill payments
• Home Improvements
• Entertainment
• Public transportation and parking

Mastercard Zero Liability

Have peace of mind knowing that your card is protected against unauthorised purchases. This means you will not be liable for unauthorised purchases with your card.

Requirements for Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card has straightforward requirements. These are:

• Be a permanent resident of Canada
• Reach the age of majority in your province/territory
• Have no bankruptcies over the past seven years
• Have an average annual income of $12,000

Tangerine Money-back Credit Card Fees

Both Tangerine World Mastercard and Money-Back Credit Cards have no annual fee. However, the two cards charge the following fees:

How to Get a Tangerine Credit Card?

To get a Tangerine Money-Back Credit Card card, you must be a Tangerine client. This means opening a Tangerine no-fee savings or chequing account.

To open a Tangerine account, all you need is to visit the Tangerine sign-up page and provide information about your:

• Mobile number, email address and street address
• Social Insurance Number (SIN)
• ID (government-issued)
• An Orange Key or Promo Code (optional)
• Employment details, etc.

But if you’re an existing Tangerine client, you only need to log in to your account and navigate to the credit card options.

Alternatively, click here to arrive at the application page of your desired card.

Tangerine Money-back Credit Card Vs. Tangerine World Mastercard

The Tangerine Money-Back Credit Card and Tangerine World Mastercard are two popular options offered by Tangerine Bank. 

The Tangerine World Mastercard offers more reward categories than the Tangerine Money-Back Credit Card. While the Money-Back card allows you to choose up to three categories for cashback rewards, the World Mastercard offers 2% cash back on up to three categories and 0.5% cash back on all other purchases.

Also, the Tangerine World Mastercard comes with additional benefits, such as mobile device insurance, rental car collision/loss damage waiver insurance, and travel medical insurance, which is not available with the Tangerine Money-Back Credit Card.

On the other hand, the Tangerine Money-Back Credit Card has no annual fee, whereas the Tangerine World Mastercard has an annual fee of $29. However, the fee is waived for those with a minimum $60,000 annual income or a $15,000 credit limit.

Final Thoughts on Tangerine Money-back Credit Card

The Tangerine Money-back Credit Card is a no-annual-fee credit card that offers cashback on everyday purchases and even more cashback on two spending categories of your choice.

It offers a competitive welcome offer and no maximum spending limit. This credit card stands out due to its flexible categories, competitive cashback, and Mastercard Zero Liability protection. However, it lacks extra perks and travel insurance. 

The Tangerine Money-back Credit Card is an excellent option for Canadians looking for a low-cost credit card with impressive cashback rates. To get the Tangerine Money-Back Credit Card, you must be a Tangerine client and open a Tangerine no-fee savings or chequing account.

So what are you waiting for? Sign up for the Tangerine Money-Back Credit Card today and start earning cashback on your everyday purchases. 

RECOMMENDED READINGS

• Best Mastercards in Canada

FAQs on Tangerine Money-back Credit Card

Is Tangerine a Good Bank?

Tangerine is a good bank in every sense of the term. Besides offering low-banking solutions, Tangerine rewards you with competitive cashback upon making eligible purchases with your credit card.

Furthermore, Tangerine offers competitive benefits and perks, helping you make the best of your money.

What Type of Card is a Tangerine Card?

Tangerine currently offers only Mastercards: World Mastercard and Money-Back Credit Card. These cards offer competitive cash back with no annual fees.

Which Tangerine Credit Card is Best for You?

You can’t make the wrong choice with either  Tangerine World Mastercard or Money-Back Credit Card because they are unique in different ways.

The Tangerine World Mastercard offers more benefits and perks but has high eligibility requirements.

On the other hand, the Tangerine Money-Back Credit Card has low eligibility requirements with flexible cashback rewards.

How Does Tangerine Money-Back Work?

The Tangerine Money-Back is a cashback credit card that offsets a portion of your purchases by up to 2%.

You will earn automatic cashback once you make eligible purchases with the Money-Back Credit Card. Your earnings are disbursed monthly on your Savings Account or credit card balance.

Does Tangerine Bank Do a Credit Check?

Yes, Tangerine does a credit check to verify your credit score. However, it’s a soft credit check that doesn’t impact your credit score.