Shannon Terrell
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Tangerine is among the most popular digital banks in Canada. With its no-frills product lineup and no-fee approach to everyday banking, it’s amassed over two million clients across Canada.
Tangerine’s credit card lineup is limited, making comparison shopping all the easier. A Tangerine credit card is worth a look for anyone seeking a straightforward card with no annual fees.
Best Tangerine’s credit cards in Canada
Tangerine World Mastercard®
You can earn unlimited cash back at a 2% rate in up to three categories of your choice and 0.50% back on other everyday purchases while benefiting from exclusive Tangerine World Mastercard® perks and insurance cover.
Pros
- Choose the best 2% rewards categories for you based on your spending.
- A variety of additional perks like savings on subscription services, rental car collision/loss damage, mobile device insurance, and more.
Cons
- Higher eligibility requirement for gross income.
- Apply for a Tangerine World Mastercard® by October 31, 2024 and earn an extra 10% back* (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.
- Earn 2% Money-Back Rewards on purchases in two 2% Money-Back Categories of your choice, and 0.50% Money-Back Rewards on all other purchases.
- Have your Money-Back Rewards deposited into a Tangerine Savings Account, and get a 3rd 2% Money-Back Category.
- No limit on the amount of Money-Back Rewards you can earn.
- Change your 2% Money-Back Categories to suit your spending.
- With Mastercard Travel Rewards, you can unlock cashback offers and get a rebate applied directly to your statement, by using your Tangerine World Mastercard at select merchants that accept Mastercard while travelling outside of Canada.
- Save on the things you love with your Tangerine World Mastercard. Enjoy special benefits and offers from a growing lineup of on-demand apps and subscription services made available to you as a Tangerine World Mastercard cardholder.
- Make the most of your travel with Mastercard® Travel Pass Provided by DragonPass. Your complimentary membership gives you exclusive dining, retail and spa offers in over 650 airports worldwide, along with access to over 1,300 airport lounges at $32 USD per visit. Learn more at Mastercard® Travel Pass.
- Rental Car Collision/Loss Damage Insurance**: Damage and theft protection for your car rental when you rent for up to 31 consecutive days and charge the full cost of your rental to your Card.
- Mobile Device Insurance**: Protection on new cell phones, smartphones or tablets when you charge the full cost to your Card, or when you purchase it through a plan and charge all of your wireless bill payments to your Card. Covers up to $1,000 if your mobile device is lost, stolen, accidentally damaged or experiences mechanical failure.
- Preferred rates: 20.95% for purchases, 22.95% for cash advances (including balance transfers).
- To be eligible, a $50,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
Tangerine Money-Back Credit Card
You can earn unlimited cash back at a 2% rate in up to three categories of your choice — all while earning 0.50% back on everything else.
Pros
- You can tailor the 2% rewards to your spending by choosing up to three categories from Tangerine’s list of 10, which includes basics like gas and groceries as well as unusual picks like furniture and home improvement.
- Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (22.95% after that).
Cons
- 2% cash back is a competitive rate, but many cards offer double the rewards on specific categories.
- Tangerine is a virtual bank with no physical bank branches.
- 2% on two categories of your choice: grocery, furniture, restaurants, hotel-motel, gas, recurring bill payments, drug store, home improvement, entertainment, or public transportation and parking.
- Get a third cash-back category by choosing to have your rewards deposited into a Tangerine Savings Account.
- 0.50% on everything else.
- Redeem cash back monthly as a statement credit or deposited into a Tangerine Savings Account.
- No annual fee.
- Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (22.95% after that). 1% balance transfer fee applies to the amount transferred.
- Get free cards for any authorized users on your account.
- It only includes purchase assurance and extended protection insurance. For more insurance, consider the Tangerine World Mastercard which requires a minimum personal income of $60,000. If you meet this requirement, you will automatically be considered for the World card if you apply for the Money-Back card.
- Preferred rates: 20.95% for purchases, 22.95% for cash advances (including balance transfers).
- To be eligible, a $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.
What to know about Tangerine’s credit cards
Online bank Tangerine was launched in 1997 as ING Direct and acquired by Scotiabank in 2012. Tangerine offers a variety of personal and business banking products, including chequing accounts, savings accounts, investments, lending products and credit cards.
As a digital bank, Tangerine doesn’t have any brick-and-mortar branches. Banking is done online or by phone. Thanks to its parent bank, Tangerine customers have free access to 3,500 Scotiabank ABMs nationwide.
As of this writing, Tangerine has two credit cards in its roster. The Tangerine Money-Back Credit Card is a no-frills cash-back card with no annual fees but limited features. The Tangerine World Mastercard®’s offerings are identical to that of the Tangerine Money-Back Credit Card, plus some added insurance coverage and travel perks.
Benefits and drawbacks of Tangerine credit cards
Both of Tangerine’s credit cards offer cash-back rewards alongside several attractive perks — but these cards aren’t without shortcomings.
Benefits
- No annual fees. Neither of Tangerine’s credit cards charges an annual fee.
- Welcome bonuses. Get an extra 10% back on up to $1,000 spent within the first two months of card membership.
- Up to 2% cash back year-round. Earn 2% cash back on up to three money-back categories of your choice.
- Wide variety of 2% eligible categories. Both cards include typical categories like groceries and gas, but also less common ones like furniture, home improvements, and public transportation and parking.
- Low introductory balance transfer APRs. Both cards offer rock-bottom introductory balance transfer APRs of just 1.95% for the first six months (22.95% after that point), though you’ll need to make the transfer within 30 days of opening your card.
- No cash-back earning caps. Earn cash back on every purchase without worrying about spending limits or earning caps.
- Some insurance coverage. Extended warranty and purchase protection come standard with Tangerine credit cards. The World card also comes with up to $1,000 in mobile device insurance.
Drawbacks
- No travel insurance. Neither of Tangerine’s cards offers travel insurance, but the World card comes with rental car collision/loss damage insurance, which could be handy for some travellers.
- Limited travel benefits. If you’re seeking premium travel perks like free access to airport lounges, concierge support, baggage discounts and the like, you’ll have to look elsewhere.
Tangerine credit card categories
Tangerine has ten money-back categories that qualify for 2% rewards. Cardholders select two categories when they sign up. Any spending in these categories earns 2% cash back, while all other purchases earn 0.5% cash back. Cardholders can add a third 2% money-back category by depositing cash-back rewards into a Tangerine savings account.
Tangerine’s money-back categories include:
- Groceries.
- Furniture.
- Restaurants.
- Hotels/motels.
- Gas.
- Recurring bill payments.
- Drug stores.
- Home improvement.
- Entertainment.
- Public transportation and parking.
How to earn cash back
When you submit your Tangerine credit card application, you select your 2% money-back categories. Each time you use your card and spend money in any of your chosen categories, you’ll earn 2% cash back. All other purchases earn 0.5% cash back.
How to redeem cash back
Cash back rewards will appear on your monthly Tangerine credit card statement with their corresponding transactions. You have two cash-back reward redemption options:
- Deposit your rewards to a Tangerine savings account (and enjoy 2% in three categories).
- Apply your rewards as a credit to your Tangerine credit card account (and stick with earning 2% on spending in two categories).
You’ll choose one option when you sign up, though you can change it anytime through your Tangerine account.
How to change Tangerine credit card categories:
You can change your money-back categories by logging into your Tangerine account and selecting Manage Rewards.
Your first money-back category change request will take effect immediately. All other category change requests will take effect on the first billing date following a 90-day hold period. You can make as many change requests as you’d like during that period, but requests will not be implemented until the hold period ends. If you submit multiple requests during a hold period, Tangerine implements the most recent change request.
Tangerine credit card features
Understanding Tangerine credit card features can help you better understand your card options.
Tangerine credit card promotions
Both of Tangerine’s credit cards come with the same introductory offer:
- Earn an extra 10% cash back on up to $1,000 in purchases made within the first two months of card membership.
- Receive a low promotional interest rate of 1.95% on balance transfers to a Tangerine credit card for the first six months. A balance transfer fee of 1% of the transferred amount applies.
This offer is only available to new Tangerine cardholders. (Offer expires Oct. 31, 2024; terms and conditions apply).
Tangerine credit card interest rates
Tangerine credit cards carry the following interest rates, as of this writing:
- Purchase: 20.95%.
- Cash advance: 22.95%.
- Balance transfer intro: 1.95% for the first six months, 22.95% after that.
- Penalty: 25.95% on purchases and 27.95% on cash advances (including balance transfers) if you miss two consecutive payments.
Tangerine credit card fees
Tangerine cardholders can expect the following fees, as of this writing:
- Annual fee: $0
- Balance transfer fee: 3% of the amount transferred, a minimum of $5.00.
- Cash advance fee: $3.50 to $5 per transaction.
- Foreign transaction fee: 2.5% of the transaction amount.
- Dishonoured payment fee: $25.
- Over-limit fee: $25
Tangerine credit card limit
Tangerine credit card limits vary by cardholder. You may be able to increase your credit limit by contacting Tangerine to request a limit increase. Tangerine may occasionally offer to increase your credit limit, but no increase occurs without the cardholder’s consent.
Tangerine credit card insurance
Tangerine credit cards offer the following types of insurance as of this writing.
Rental car theft and damage
Use your Tangerine World Mastercard to book a rental vehicle and receive collision damage waiver coverage for up to 31 days. You must decline any Collision Damage Waiver (CDW), Loss Damage Waiver (LDW) or similar coverage from the rental company for this insurance to apply.
Mobile device protection
Receive coverage of up to $1,000 if your mobile device is lost, stolen, accidentally damaged, or experiences mechanical failure. You must charge the total cost of your mobile device and its wireless bill payments to your Tangerine World Mastercard for this coverage to apply.
Extended warranty
Tangerine credit cards automatically extend the warranty of any eligible new item you purchase, up to a maximum of one year, so long as you charge the item to your Tangerine credit card.
Purchase protection
Receive coverage for repair or replacement costs if an item bought with your Tangerine credit card is damaged or stolen within 90 days of purchase.
How to choose the best Tangerine card for you
When considering any credit card, you should weigh important factors, such as the interest rate, annual fee and rewards program. But Tangerine’s cards are identical in those categories, so comparing them against each other won’t help you decide. Instead, consider the cards’ key differences to determine which one is a better fit for your wallet:
- Eligibility criteria. Annual income and credit score requirements are standard eligibility criteria for credit cards. The World card requires a gross annual income of $50,000, a household income of $80,000 or at least $250,000 in savings or investments at Tangerine. The Money-Back card only requires a gross annual income of $12,000, making it easier to qualify.
- Desired coverage. Both cards offer the same cash-back benefits, but the World card also offers mobile device coverage, rental car coverage and other benefits.
Tangerine World Mastercard vs. Tangerine Money-Back Credit Card
The Tangerine World Mastercard® and Tangerine Money-Back Credit Card have much in common. In fact, only two significant factors separate these cards: travel perks and insurance coverage.
| Tangerine World Mastercard | Tangerine Money-Back Credit Card | |
|---|---|---|
| Annual fee | No annual fee. | No annual fee. |
| Rewards | • Up to 2% cash back in up to three spending categories. • Unlimited rewards. | • Up to 2% cash back in up to three spending categories. • Unlimited rewards. |
| Benefits | • Free cards for authorized users. • Mobile wallet compatible (Apple Pay, Google Pay and Samsung Pay). • Boingo Wi-Fi worldwide. •Mastercard Travel Rewards cash-back offers and rebates. • Complimentary membership to Mastercard® Travel Pass Provided By DragonPass, which includes access to airport lounges for $32 USD per visit. •Airport dining, retail and spa offers. | • Free cards for authorized users. • Mobile wallet compatible (Apple Pay, Google Pay and Samsung Pay). |
| Insurance coverage | • Rental car. • Mobile device. • Purchase protection. • Extended warranty. | • Purchase protection. • Extended warranty. |
| Eligibility requirements | • Gross annual income of $50,000+, household income of $80,000, or $250,000+ in Tangerine Savings Account(s) and/or Investment Fund Account(s). • Age of majority in your province or territory. • Permanent resident of Canada. • Clear of bankruptcies over the past 7 years. | • Gross annual income of $12,000+. • Age of majority in your province or territory. • Permanent resident of Canada. • Clear of bankruptcies over the past 7 years. |
Types of Tangerine credit cards
Tangerine Bank offers two different credit cards:
- Tangerine World Mastercard®: A no-fee cash-back rewards card with some travel perks.
- Tangerine Money-Back Credit Card: A no-frills cash-back rewards card with no annual fee.
While the bank does not offer a wide variety of cards, consumers seeking specific types of credit cards may find a suitable option:
| Card type | Tangerine's offering |
|---|---|
| Cash back credit card | Both Tangerine credit cards offer up to 2% cash-back rewards on spending. |
| Rewards credit card | Both Tangerine credit cards offer cash-back rewards on spending. |
| No-fee credit card | Neither of Tangerine’s cards has an annual fee. |
| Travel credit card | Tangerine World Mastercard. |
| Student credit card | There is no student-branded Tangerine credit card, but we think the Tangerine Money-Back Credit Card is a suitable fit for many students. |
| Secured credit card | Not available. |
| Balance transfer credit card | Both of Tangerine’s credit cards frequently offer promotional balance transfer interest rates. |
| Business credit card | Not available. |
| Debit card | Yes, through the No-Fee Daily Chequing Account. |
How to apply for a Tangerine credit card
Eligibility requirements
You must be a Canadian resident and at least the age of majority for your province or territory to be eligible for a Tangerine credit card. You must also not have declared bankruptcy over the past 7 years. You’ll also need to meet credit score and income requirements.
Like most other banks in Canada, Tangerine doesn’t publicly disclose credit score requirements for its credit cards online. This makes it hard to know your chances of approval when comparing credit cards. Higher scores have better chances of approval, which is true no matter what type of credit you’re applying for.
Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
Steps to apply
Since Tangerine is a digital bank, the credit card application must be completed from Tangerine’s website. Enter any personal, employment or financial information requested. Review the card’s terms and conditions before applying.
Alternatives to consider if you are not approved
If you aren’t approved for a Tangerine credit card, there are numerous credit card alternatives on the market, including:
- Credit cards for bad credit.
- Cash back credit cards.
- No-fee credit cards.
- Travel rewards credit cards.
- General rewards cards.
If you’ve been rejected for a credit card, don’t panic. Before you submit another application, learn more about how to improve your credit score.
Frequently asked questions about Tangerine credit cards
Since Tangerine doesn’t disclose its credit score requirements, an applicant with a lower credit score may be approved for a Tangerine credit card. If your card application is rejected and you think it’s because of your credit history, secured and prepaid cards are two options that might work for you.
It typically takes five to seven business days for a Tangerine credit card to arrive by mail following application approval.
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