It goes without saying that the credit card you use will contribute to your long-term financial security. Tangerine credit cards stand out in the competition with their no-fee and cashback credit cards.
In this tangerine credit cards review, I deep-dive into Tangerine credit cards, rewards, fees, cash backs, and everything in between.
About Tangerine and their Credit Cards
Tangerine is a digital bank owned by Scotiabank. The bank operates entirely online, just like other digital banks, which allows it to provide low-cost banking services.
Tangerine has over 2 million customers and over $40 billion in assets. They offer competitive banking solutions, such as:
- No-fee savings and chequing accounts
- Mutual funds
- Guaranteed Investment Certificates (GIC)
- Mortgages
Tangerine Credit Cards Types
Tangerine credit cards are of two types: the Tangerine World Mastercard and Money-Back Credit Card.
Thede credit cards help you spend flexibly while earning cashback and saving money from your everyday purchases.
Tangerine credit cards are accepted across over 210 countries and 24 million locations.
Further, the cards have Purchase Assurance and Extended Warranty with up to $60,000 coverage for:
- Covering loss, damage or theft on insured items.
- Extending the duration of repair services up to one year.
1. Tangerine World Mastercard
- Interest Rate = 19.95%
- Annual Fee = $0
- Rewards = Up to 2% cashback
The Tangerine World Mastercard is a unique Mastercard with a competitive cashback rate and no annual fee.
This credit card shares similar features with the Tangerine Money-Back, such as the unlimited cashback and personalized categories.
New Tangerine World Mastercard holders can enjoy 15% cashback by making $1,000 everyday purchases within their initial two months of card membership.
Key Features
1. Competitive Cashback
The Tangerine World Mastercard offers 2% cashback on two-category purchases and 0.05% on all other purchases.
2. Mastercard Travel Rewards
Offset the cost of your international trip with the Mastercard Travel Rewards across any merchant that accepts Mastercard.
3. On-Demand and Subscription Services
Subscribe to your favourite services and apps while saving costs with special benefits and offers on your Tangerine World Mastercard.
4. Airport Experiences
Enjoy exclusive discounts on retail, dining, lounges and spa with Mastercard Airport Experiences Provided by LoungeKey.
5. Transfer and Save
Enjoy the industry’s lowest transfer balance interest rate of 1.95% during your initial 6 months of card membership. This will help you save hundreds of dollars against the standard 19.95 interest rates.
6. Unlimited Cashback
Earn as much as you can with the unlimited cashback reward on your everyday purchases. This means offsetting more of your expenses and saving more.
7. Track and Categorize Your Spendings
Stay on top of your finances by tracking your everyday expenses, helping you see areas of improvement.
8. Free Cards for Authorized Users
Add authorized users to your account without paying a dime. This is uncommon for most credit cards that charge a fee for adding authorized users.
9. Mastercard Zero Liability
The Mastercard Zero Liability protects you against any unauthorized purchases with your card, reducing your liabilities.
10. Mobile Device Insurance
This insurance protects your mobile device up to $1,000 from theft, loss, mechanical failure, or damage. This gives you peace of mind knowing that your cell phone, smartphone or tablet is covered.
11. Rental Car Collision/Loss Damage Insurance
When you charge the full cost of your car rental to your card, the car is covered against car collision, loss or damage for renting it up to 30 consecutive days.
Requirements for Tangerine World Mastercard
You’re eligible for the Tangerine World Mastercard when you meet any of the following requirements:
- $60,000+ gross annual income
- $100,000+ gross household income
- $250,000+ in Tangerine savings account and/or investing account.
Furthermore, you must meet the following requirements to qualify for the Tangerine World Mastercard:
- Be a permanent resident of Canada
- Reach the age of majority in your province/territory
- Have no bankruptcies over the past 7 years
- Have an average annual income of $12,000
2. Tangerine Money-Back Credit Card
- Interest Rate = 19.95%
- Annual Fee = $0
- Rewards = Up to 2% cashback
Tangerine Money-Back Credit Card is one of the best cash-back credit cards in Canada, offering up to 2% cash-back on eligible purchases.
Like the Tangerine World Mastercard, this card offers unlimited cash back with no annual fee.
Also, New Tangerine Money-Back Credit cardholders can enjoy 15% cashback by making $1,000 everyday purchases within their initial two months of card membership.
Overall, this credit card shares more features with Tangerine World Mastercard, except for a few benefits and perks.
Key Features
1. Competitive Cashback
Like the Tangerine World Mastercard, this card offers 2% cashback 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
2. Automatic Earning
Earn automatic cashback from your everyday purchases. You will receive your earnings every month on your Savings Account or credit card balance.
3. Unlimited Cashback
Like the Tangerine World Mastercard, this credit card offers unlimited cash back rewards on all eligible purchases.
4. Transfer and Save
This card also charges 1.95% interest rates on transfer balances during your first 6 months of card membership. This is one of the industry’s lowest interest rates on transfer balances.
5. Track and Categorize Your Spendings
The Tangerine Money-Back Credit Card also allows you to track your expenses in one dashboard, helping you make the best of your money.
6. Free Cards for Authorized Users
Like the Tangerine World Mastercard, Tangerine Money-Back Credit Card allows you to add authorized users to your account with no fee. This is uncommon among most credit cards in the market.
7. Mastercard Zero Liability
Have peace of mind knowing that your card is protected against unauthorized purchases. This means you will not be liable for any unauthorized 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 7 years
- Have an average annual income of $12,000
Tangerine Credit Cards Fees
Both Tangerine World Mastercard and Money-Back Credit Cards have no annual fee. However, the two cards charge the following fees:
| Service | Fee |
| Balance transfer | 3.00% of the Transferred amount, or
$5.00 minimum |
| Dishonoured payment | $25.00 |
| Cash advance | Within Canada = $3.50
Outside Canada = $5.00 |
| Foreign currency conversion | 2.50% |
| Rush card | $25.00 |
| Over-Limit | $25.00 |
| Past statement reprint | $5.00 per statement
No fee for current monthly statement reprint. |
How I Rated the Tangerine Credit Cards
Here’s how I arrived at the 4.7/5-star rating of this Tangerine Mastercards review.
| Feature | Rating |
| Interest Rate | ****(4.2) |
| Fees | ****(4.7) |
| Cash Back Rate | ****(4.6) |
| Perks | ***** |
| Card Protection | ***** |
While Tangerine Mastercards have above-average interest rates, the competitors have better offers.
Also, Tangerine can do more by cutting its service fees and increasing its cashback rates.
How to Get a Tangerine Credit Card?
You must be a Tangerine client to get a Tangerine World Mastercard or Money-Back Credit Card card. 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, all you need is to log in to your Tangerine account and navigate to the credit card options.
Alternatively, click any of the following links to arrive at the application page of your desired card:
How Do I Cancel My Tangerine Credit Card?
You’re free to cancel your Tangerine credit card whenever you feel like switching to another card.
Perhaps you want to cancel your credit card because you’re looking for a low-interest or reward-rich credit card.
Regardless of the reason behind cancelling your Tangerine card, you’re free to do so at no cost.
Unfortunately, no section on the Tangerine website highlights the step-by-step processes of cancelling a credit card. However, Tangerine invites individuals looking to cancel their credit cards to contact them.
There are currently three options for contacting Tangerine on cancelling your credit card. These are:
- Call Tangerine support on the phone at 1‑888‑826‑4374 (available 24/7)
- Mail your request to: 3389 Steeles Avenue East, Toronto, Ontario, M2H 0A1.
- Initiative a live chat session with Tangerine chatbot
Verdict on Tangerine Credit Cards
That’s all you need to know about the Tangerine Mastercards.
If you were in doubt, now you know what you stand to gain/lose by using any of the Tangerine Mastercards.
While you can’t make the wrong choice with Tangerine Mastercards, there are competitive options to consider, such as the Neo Financial Mastercard Essential.
Above all, ensure you use a credit card that will add up to your savings, not your everyday expenses.
If you’re looking for more options, the following articles will help you make a cost-effective decision when choosing a credit card.
RECOMMENDED READINGS
Tangerine Credit Cards FAQs
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 Cards 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 up to 2%.
You will earn automatic cashback once you make eligible purchases with the Money-Back Credit Card. Your earnings are disbursed every month on your Savings Account or credit card balance.
Does Tangerine Bank Do a Credit Check?
Yes, Tangerine does a credit check in order to verify your credit score. However, it’s a soft credit check that doesn’t impact your credit score.
If you have more questions about this Tangerine Mastercards review, drop them in the comment section.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
