Do you know that the credit card you use can contribute to your long financial security? So as different credit cards offer different benefits, it’s essential to choose the one that suits your spending habit.
The Tangerine Word Mastercard is one of the competitive Mastercards with comprehensive benefits and insurance coverage.
Like the Tangerine Money-Back Credit Card, the Tangerine World Mastercard offers a high cashback rate on eligible purchases without annual fees.
However, the Tangerine World card slightly differs from the Tangerine Money-Back card in terms of benefits and requirements.
This Tangerine World Mastercard review focuses on everything you need to know about the Tangerine World card and how it compares to other cards.
Tangerine World Mastercard Review Summary
Here’s how I arrived at the 9.3/10-star rating of this Tangerine World Mastercard review.
- No annual fee
- 19.95% Interest rate for purchases, cash advances, and balance transfer
- 2% cashback in up to 3 spending categories; 0.50% on other purchases.
- Welcome Bonus: Extra 10% cashback which worth up to $100 value.
- Mobile device insurance, Auto Rental Collision/Loss Damage Insurance, Boingo Wi-Fi for Mastercard®, Mastercard® Airport Experiences, Mastercard® Travel Rewards Program, On-demand and subscription services.
- No Annual Fee: Unlike other Mastercards, the World Mastercard has no annual fees. This will save you hundreds of dollars in the long run.
- Competitive Cashback rate: The card offers 2% cash back on up to three shopping categories. This is one of the industry's highest cashback rates.
- Unlimited Cashback: There's no limit on how much cash back you will earn from this card. The more you purchase, the more you earn.
- Perks: The World Mastercard has exclusive perks that you can't find in every Mastercard. This includes exclusive deals, discounts, comprehensive coverage and more.
- Protection from Card Usage: The Mastercard Zero Liability protects you against any authorized purchases with your card.
- Low-Interest Rates: The 0.05% cashback rate for every other purchase is way low compared to most Mastercards in the market.
- Service Fees: While the card has no annual fees, other service fees - such as balance transfer, cash advance, and statement reprinting - can add up in the long run.
- Higher Income Requirements: $60,000 is the minimum individual income requirement, and $100,000 is the minimum for households. This is way high for low-medium income earners.
How Does the Tangerine World Mastercard Work?
The Tangerine World Mastercard is a no-fee credit card accepted across over 210 countries and 24 million locations. Like the Tangerine Money-Back card, the Tangerine World card offers unlimited competitive cashback and customized shopping categories.
Every Tangerine World Mastercard holder is entitled to 2% cashback on up to 3 shopping categories and 0.5% cashbacks on other purchases, and new members can enjoy the industry’s highest 15% cashback for spending $1,000 during their initial two months of subscription.
Furthermore, this card has mobile insurance and up to $60,000 purchase assurance, and extended warranty insurance for:
- Damage, loss, or theft on insured items.
- Extending the duration of repair services up to one year.
Even though the Tangerine World Mastercard has a competitive cashback rate for up to three categories, it can do better by improving the rate of other purchases.
Furthermore, the card can do better by reducing its wide range of services fees to meet or beat the competition.
Features of the Tangerine World Mastercard
1. Unlimited Competitive Cashback: Cardholders earn unlimited 2% cashback on two categories of purchases with an additional one category for having their rewards disbursed in their Tangerine Savings Account.
That said, Tangerine World Mastercard holders earn an unlimited 0.05% on all other purchases. Here are the ten cashback categories to choose from:
- Grocery
- Gas
- Furniture
- Hotel-Motel
- Restaurants
- Drug store
- Home improvements
- Recurring bill payments
- Public transportation and parking
- Entertainment
2. No Annual Fees: This is the best part of the new Tangerine World Mastercard. You earn all the monthly cashback rewards absolutely free of charge.
The card is basically free.
3. Mobile Device Insurance: When you charge your monthly wireless bill payments, or use your card to pay for your new smartphones or tablets, you enjoy protection from the Tangerine World Mastercard.
If your smartphone or tablet is stolen, lost or accidentally damaged, you may be covered for up to $1000.
These exclusive discounts will save you hundreds or thousands of dollars, depending on your spending habits.
7. Welcome Offer: Starting from January 31, 2022, new Tangerine World Mastercard holders can enjoy the industry’s highest extra 15% cashback for spending $1,000 during their initial two months of subscription.
Furthermore, Tangerine World Mastercard offers a 1.95% balance transfer rate for the initial 6 months of membership.
This is one of the industry’s lowest rates on balance transfer that helps you pay off your outstanding debt fast.
Tangerine World Mastercard Fees
The Tangerine World Mastercard has no annual fees, helping you save more. However, the following services fees apply:
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 the current monthly statement reprint. |
Tangerine World Mastercard Eligibility Requirement
Anyone that meets the income and additional requirements is eligible for Tangerine World Mastercard.
The following are the minimum income requirements for Tangerine World Mastercard:
- $60,000 or more individual annual income
- $100,000 or more household annual income
- $250,000 or more in Tangerine savings account and/or investing account.
Here are additional requirements for qualifying for this card:
- Be a permanent resident of Canada
- Reach the age of majority in your province/territory
- Have no bankruptcies over the past 7 years
Is the Tangerine World Mastercard For You?
If you’re looking for a low-cost credit Mastercard with lots of perks, the Tangerine World Mastercard could be perfect for you.
Unlike other Mastercards, the Tangerine World card doesn’t charge an annual fee. It also offers exclusive deals, discounts, comprehensive coverage, and more.
However, the Tangerine World Mastercard may not suit you if you don’t have up to $60,000 minimum individual income or $100,000 household minimum.
Furthermore, the card is not ideal for you if you’re looking for the best cashback Mastercard in Canada with low-interest rates.
How to Apply for a Tangerine World Mastercard
Tangerine World is only available to Tangerine clients. That is, you must have a Tangerine no-fee savings or chequing account to use the Tangerine World Mastercard.
Fortunately, you can easily become a Tangerine client by signing up for your desired account. You will be required to provide the following information when creating a Tangerine account:
- Mobile number, email address, and street address
- ID (government-issued)
- Social Insurance Number (SIN)
- Employment details
- An Orange Key or Promo Code (optional), etc.
However, if you’re already a Tangerine client, visit the Tangerine World Mastercard page to apply.
How the Tangerine World Mastercard Compares to Others
It’s essential to know how the Tangerine World compares with other Mastercard before subscribing.
The following is a brief comparison between Tangerine World Mastercard vs. Tangerine Money-Back Card vs. Neo Financial Mastercard Essential vs. BMO Cashback Mastercard vs. Rogers World Elite Mastercard.
1. Tangerine World Mastercard vs Money-Back Card
Feature | Tangerine World | Tangerine Money-Back |
Income requirement | $60,000 (or $100,000 as a household) |
|
Cash Back | 2% in up to 3 categories; 0.5% on everything else | 2% in up to 3 categories; 0.5% on everything else |
Annual Fee | $0 | $0 |
Mastercard airport experiences | Free membership | None |
Rental car insurance | $65,000 for 31 days | None |
Mobile device insurance | $1,000 | None |
Annual Percentage Rate | 19.95% | 19.95% |
The Tangerine World Mastercard is an upgrade from the Money-Back credit card. All the benefits provided by the Money-back card plus other additional perks are included in the Tangerine World Mastercard.
However, while the Tangerine Money-back card is accessible to everyone, the Tangerine World Mastercard is not, due to its higher minimum income requirements.
So, if you do not qualify for the high financial requirements of the Tangerine World Mastercard, the Money-Back Credit Card is a good option to consider.
- No annual fee
- 19.95% Interest rate for purchases, cash advances, and balance transfer
- 2% cashback in up to 3 spending categories; 0.50% on other purchases.
- Welcome Bonus: Extra 10% cashback that is worth up to $100 value.
2. Tangerine World Mastercard vs. Neo Financial Mastercard Essential
Feature | Tangerine World Mastercard | Neo Financial Mastercard Essential |
Interest Rate | 19.95% | 19.99% |
Annual Fees | $0 | Variable |
Standard Cashback Rate | 2% | 5+% |
Welcome Bonus | 15% cashback | 15% cashback |
The Neo Financial Mastercard Essential doesn’t need an introduction in the world of the best Mastercards in Canada.
Besides charging no annual fee, the Neo Financial Mastercard Essential offers higher cashback than most Mastercards, including Tangerine World Mastercard.
That said, the only thing that relates the Tangerine World card to Neo Financial Mastercard Essential is their 15% welcome bonus cashback and zero annual fees.
Besides that, Neo Financial is leading in many aspects of comparative analysis.
While 2% is the highest cashback rate of the Tangerine World Mastercard, Neo Financial Mastercard offers 5%+ on its Plus Account and 6%+ on its Ultra account. However, these premium accounts have annual fees.
On the other hand, the Tangerine World card has exclusive deals and discounts that you can’t find with Neo Financial Mastercard Essential.
However, you’re more likely to earn more with a Neo Financial Mastercard Essential than a Tangerine World Mastercard.
RELATED: Neo Financial Review
- No annual fee
- 2.5% Foreign currency conversion
- 19.99% Interest rate for purchases
- Average of 5% cashback at Neo partners and 1% minimum cashback across all purchases
- Welcome Bonus: Up to 15% cashback on your first purchase at some Neo partners
2. Tangerine World Mastercard vs. BMO CashBack Mastercard
Feature | Tangerine World Mastercard | BMO Cashback Mastercard |
Interest Rate | 19.95% | 19.99% |
Annual Fees | $0 | $0 |
Standard Cashback Rate | 2% | 0.5-3% |
Welcome Bonus | 15% cashback | 5% cashback |
Tangerine World Mastercard shares less in common with the BMO Cashback Mastercard. The only similarity between the two is their $0 annual fee.
While the Tangerine World card charges 19.95% interest rates on purchases, the BMO Cashback Mastercard charges 19.99%
On the other hand, the BMO card offers between 0.5-3% standard cashback, while the Tangerine card offers 2%.
However, the Tangerine World Mastercard offers a more welcome bonus (15% cashback) than the BMO card welcome bonus (5%).
- No annual fee
- 19.95% Interest rate for purchases, cash advances, and balance transfer
- 2% cashback in up to 3 spending categories; 0.50% on other purchases.
- Welcome Bonus: Extra 10% cashback which worth up to $100 value.
- Mobile device insurance, Auto Rental Collision/Loss Damage Insurance, Boingo Wi-Fi for Mastercard®, Mastercard® Airport Experiences, Mastercard® Travel Rewards Program, On-demand and subscription services.
4. Tangerine World Mastercard vs. Rogers World Elite Mastercard
Feature | Tangerine World Mastercard | Rogers World Elite Mastercard |
Interest Rate | 19.95% | 19.99% |
Annual Fees | $0 | $0 |
Standard Cashback Rate | 2% | 1.5-3% |
Welcome Bonus | 15% cashback | $25 |
Like the BMO Cashback Mastercard, the Rogers World Elite Mastercard shares fewer similarities with the Tangerine World Mastercard. The two have zero annual fees and high-income requirements that make them unsuitable for less wealthy individuals.
Besides that, the Tangerine World Mastercard has a slightly low-interest rate on purchase (19.95%) compared to the Rogers World Elite Mastercard (19.99%).
However, Tangerine offers a high welcome bonus (15% cashback) which is relatively higher than the Rogers $25 bonus.
- No annual fee
- 19.95% Interest rate for purchases, cash advances, and balance transfer
- 2% cashback in up to 3 spending categories; 0.50% on other purchases.
- Welcome Bonus: Extra 10% cashback which worth up to $100 value.
- Mobile device insurance, Auto Rental Collision/Loss Damage Insurance, Boingo Wi-Fi for Mastercard®, Mastercard® Airport Experiences, Mastercard® Travel Rewards Program, On-demand and subscription services.
Understanding How Mastercard Works
Mastercards are provided by banks and financial institutions in the form of debit, credit, or prepaid cards. As the world’s second-largest card, Mastercard is accepted in over 210 countries and 150 currencies.
That said, you can use a Mastercard to make everyday purchases as per your credit limits. However, the credit limit, interest rates, and fees of your card are determined by your card provider. This is why you need to choose the best card provider out there.
Comparing different Mastercards providers will help you choose a card that suits your spending habit at low-interest rates and fees.
Tangerine is one of the best Mastercards providers in Canada, offering competitive cashback and no-fee cards to its clients.
Why Use a Mastercard?
There are many reasons you want to use Mastercard against other credit cards out there. The major reasons are:
1. Universal Acceptance: If you make frequent international transfers, Mastercard got you covered because it’s accepted in more than 210 countries and 150 currencies.
Consequently, Mastercard ranks second among the world’s largest credit cards.
2. Favourable Secured and Student Cards: If you’re just starting or are looking to rebuild your credit history, Mastercard got you covered with favorable secured cards.
Furthermore, students looking for a low-cost credit card can rely on Mastercard to build a cost-effective credit history.
3. Extra Benefits: Mastercards outsmart other cards with extra benefits, such as purchase protection, extended warranty, and insurance coverage.
These additional benefits will save you hundreds, if not thousands, of dollars against any covered events.
4. Low-Cost: If you’re looking to earn and save more in your account, consider a low-cost credit card.
Fortunately, most Mastercards are low-cost compared to other credit cards. Besides waving annual fees, most Mastercards charge fewer service fees.
What are the Drawbacks of a Mastercard?
Like other credit cards, Mastercard has its drawbacks. This includes:
1. Limited Rewards: If you’re looking to offset a significant portion of your purchases, Visa and American Express offer competitive rewards.
That said, earning significant rewards will help you save more from your everyday purchases while achieving your financial goals.
2. Variable Benefits: Not all Mastercards have the same benefits because different providers issue them. So it’s easy to get confused about which Mastecards to choose amidst the pool of competitive options.
Fortunately, this review focuses on one of the best Mastercard providers in Canada, Tangerine.
Final Thoughts on the Tangerine Mastercard Review
Tangerine World Mastercard is a slight upgrade on Tangerine Money-Back Credit Card that’s ideal for everyday purchases and travel.
The major difference between the Tangerine World Mastercard and the Tangerine Money-Back Credit Card is the requirements and benefits.
Even though the Tangerine World Mastercard has high-income requirements, you can enjoy more exclusive deals and discounts on travel than the Money-Back Credit Card.
But if you’re looking for more earning opportunities, I recommend you consider the Neo Financial Mastercard Essential or other best Mastercards in Canada.
Let me know which Mastercard you’re going for within the comment section.
RELATED
FAQs on the Tangerine World Mastercard Review
Does the Tangerine World Mastercard Have an Annual Fee?
No. The Mastercard is one of the few Canadian cards that doesn’t have an annual fee.
Does Tangerine Credit Card Have Travel Insurance?
The Tangerine credit card doesn’t have travel insurance. However, it offers exclusive deals, discounts, comprehensive coverage, and more.
How to Earn Cash Back with Tangerine World Mastercard
There are many cashback earning opportunities with the Tangerine World Mastercard. The following are ways you can earn cashback on Tangerine World Mastercard:
- earn 2% cashback on two categories of purchases
- Depositing your rewards in a Tangerine Savings Account (3rd of 2% two categories cashback)
- earn 0.05% on every other purchase.
- Spend $1,000 during your initial two months of subscription (15%) (effective from January 31, 2022).
What are the Income Requirements of the Tangerine World Mastercard?
$60,000 is the minimum individual income requirement, and $100,000 is the minimum for households. This is way high compared to the requirements of other Mastercards.
Which is the Best Tangerine Credit Card for You?
Both Tangerine World Mastercard and Money-Back have the same cashback rate without an annual fee.
While the Money-Back Credit Card has low-income requirements, the Tangerine World Mastercard has high-income requirements with exclusive deals and discounts.
What Credit Score Do You Need to Get a Tangerine Credit Card?
670 to 850 is the required credit score for a Tangerine credit.
What is the Tangerine World Mastercard Credit Limit?
A Tangerine card can have a minimum credit limit of $500 and a maximum of $25,000. However, this depends on your personal finance history, income, credit score, debt-to-income ratio, existing lines of credit, and other factors.
What if I Have More Questions?
Call the Tangerine team at 1‑888‑826‑4374 or initiate a chat with a chatbot on the Tangerine website.
However, if you have any questions about this Tangerine World Mastercard 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.
