Tangerine Money-Back Credit Card Review 2024: Is It Worth It?
Jun 19, 2024The Tangerine Money-Back Credit Card earns cash back on each eligible dollar spent with accelerated rates in up to three spending categories — and has no annual fee.
If you’re interested in earning cash-back rewards with no annual fee, consider the Tangerine Money-Back Credit Card. Earn 2% cash-back on up to three spending categories.
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Tangerine Money-Back Credit Card full review
The Tangerine Money-Back Credit Card is a no-annual-fee cash-back credit card that does not charge an annual fee. With this Mastercard, you earn cash back on each eligible dollar spent with an accelerated rate of 2% on spending in two categories, with the option for a third.
Benefits of the Tangerine Money-Back Credit Card
Accelerated cash-back rewards and no annual fee are two of the Tangerine Money-Back Credit Card’s biggest selling points. The card also comes with a rock-bottom 1.95% introductory interest rate on balance transfers for the first six months of card membership (22.95% after that). Plus, extra cards for authorized users are free, too.
Drawbacks of the Tangerine Money-Back Credit Card
This card’s insurance coverage is limited to extended warranty and purchase protection. It also lacks many perks offered by its cash-back reward card competitors, like car rental discounts, complimentary Wi-Fi, and exclusive dining and retail offers. Plus, its 2% cash-back rewards don’t apply to all purchases. You select up to three money-back categories which will earn 2% back — and all other purchases earn just 0.5% cash back.
Who should get the Tangerine Money-Back Credit Card?
If you’re interested in earning cash-back rewards with no annual fee, you should consider the Tangerine Money-Back Credit Card. Just bear in mind that you’ll need to use your card strategically to make the most of its rewards.
The card’s highest cash-back rate of 2% can only be earned on up to three cash-back categories. All cardholders can choose two of these 2% categories, and to unlock the third, you must opt to deposit your rewards into a Tangerine savings account. That’s one reason this card is best for people who already bank with Tangerine or who are already considering opening an account there — though it’s free, so there really isn’t a downside.
Is the Tangerine Money-Back Credit Card worth it?
Whether the Tangerine Money-Back Credit Card is worth it will depend on your spending habits. The card has no annual fee, so you don’t need to worry about recouping any costs. But you’ll want to consider the Tangerine Money-Back Mastercard’s interest rates and rewards to ensure it’s the best fit for your needs.
Tangerine customer ratings
Strong customer satisfaction: Tangerine Bank ranks first in customer satisfaction out of 13 issuers, according to J.D. Power’s 2024 Canada Credit Card Satisfaction Study. The Tangerine Money-Back Credit Card itself ranked second in customer satisfaction among 20 no-annual-fee credit cards.
Low Trustpilot rating: 1.3 out of 5 possible stars based on over 1,600 customer reviews, as of this writing.
Poor Better Business Bureau rating: 1.06 out of 5 possible stars based on over 80 customer reviews, as of this writing.
Tangerine Money-Back Credit Card eligibility
Who qualifies for the Tangerine Money-Back Credit Card?
To be eligible for the Tangerine Money-Back Credit Card, you must:
Be a Canadian resident and have a Canadian credit file.
Be the age of majority or older in the province or territory where you live.
Have a minimum annual income of $12,000.
Have no bankruptcy claims in the last seven years.
Approximate credit score needed for approval
Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you apply for.
Want to learn more? Visit our “What Credit Score Is Needed for a Credit Card?” page.
Tangerine Money-Back Credit Card rewards
If you’re approved for the Tangerine Money-Back Credit Card, you can earn an extra 10% cash back on up to $1,000 in purchases made within the first two months of card membership. This offer is good until January 31, 2025.
2% cash back in two money-back categories of your choice.
0.5% cash back on all other purchases.
If you deposit cash-back rewards earned with the Tangerine Money-Back Credit Card into a Tangerine Savings Account, you can earn 2% cash back on a third category of your choice.
Cash-back categories include typical rewards categories like groceries, restaurants and gas purchases, as well as less common ones such as home improvement, furniture, and public transportation and parking. Cash-back rewards are unlimited; there’s no monthly or annual cap on the amount you can earn.
To earn the welcome offer, you need to spend $1,000 in the first two months. If you strategically do all that spending in your 2% earning categories, it’s possible to earn $120 in cash-back rewards and make the most of your introductory period.
The Tangerine Money-Back Credit Card’s low promotional interest rate might also have value for you. New cardholders with existing credit card debt can take advantage of a 1.95% interest rate on balance transfers for the first six months. Paying less interest, even temporarily, can help you pay down debt faster, as more of each payment is applied to the principal balance. To take advantage of the promotional rate, a balance transfer must be completed within the first 30 days of card membership. Balance transfers are also subject to a fee of 1% of the amount.
In addition to its welcome offer, the Tangerine Mastercard comes with extended warranty and purchase protection insurance, which could provide additional value should you ever need to use it.
How to apply for the Tangerine Money-Back Credit Card
You must complete the application for the Tangerine Money-Back Credit Card from Tangerine’s website. You’ll need to log into your account if you’re a current Tangerine customer, or create a new account if you’re not. Enter any personal, employment or financial information requested, and create a banking PIN. Review the card’s terms and conditions before submitting your application.
Tangerine Money-Back Credit Card vs BMO CashBack® Mastercard®*:
Want an annual fee card but aren’t interested in what Tangerine has to offer? You might consider this cash-back alternative from BMO.
Rewards breakdown
Rewards breakdown
NerdWallet's take
NerdWallet's take
Card details
Card details
Rewards breakdown
Rewards breakdownNerdWallet's take
NerdWallet's takeCard details
Card detailsReasons you might want a different card
There are a few circumstances in which the Tangerine Money-Back Credit Card won’t be an ideal fit:
You want a card with travel insurance.
You’d prefer to earn a different reward, like points or miles.
If you’re set on a Tangerine card with no annual fee and cash back rewards, but the Money-Back card doesn’t fit the bill, you could consider the Tangerine World Mastercard. It has a steeper income requirement, but it also has more perks and benefits.
Check out NerdWallet’s Tangerine Money-Back Credit Card versus Tangerine World Mastercard® comparison for a quick head-to-head look.
Tangerine Money-Back Credit Card Facts
Tangerine Money-Back Credit Card | |
|---|---|
Card Type | |
Interest Rates | |
Regular/purchase APR | 20.95%. |
Cash advance APR | 22.95%. |
Penalty APR | 25.95% on purchases and 27.95% on cash advances (including balance transfers) if you miss two consecutive payments. |
Fees | |
Annual fee | $0.00 |
Balance transfer | 3% of the transaction amount, minimum of $5. |
Cash advance | $3.50 to $5 per transaction. |
Foreign transaction | 2.5% of the transaction amount. |
Reward Earn Rates | |
Signup Bonus or Welcome Offer | New cardholders can earn an extra 10% cash back on up to $1,000 in purchases made within the first two months of card membership (limited time offer, terms and conditions apply). |
Rewards and benefits | Tangerine Money-Back Credit Card earns 2% cash back in two money-back categories of the cardholder's choice and 0.50% cash back on all other purchases. If cardholders deposit their cash-back rewards into a Tangerine Savings Account, they can earn 2% cash back on a third money-back category. Categories include groceries, furniture, restaurants, hotel and motel, gas, recurring bill payments, drug stores, home improvement, entertainment, and public transportation and parking. |
Other perks | |
Free cards. Receive a free card for any authorized users you add to your account. Mobile wallet compatible. Pay by Google Pay, Samsung Pay or Apple Pay. Track your spending. Stay on top of your finances with up-to-date data on your spending habits. | |
Insurance coverage | |
Extended warranty | Up to one year. |
Purchase protection | 90 days. |
Methodology
BACK TO TOPNerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.
Frequently asked questions
Does the Tangerine Money-Back Credit Card work in Costco?
Does the Tangerine Money-Back Credit Card work in Costco?
Yes, you can use your Tangerine Money-Back Credit Card to make transactions at Costco and Costco.ca.
What are the Tangerine Money-Back Credit Card money-back categories?
What are the Tangerine Money-Back Credit Card money-back categories?
Tangerine cash-back categories include groceries, furniture, restaurants, hotels and motels, gas, recurring bill payments, drug stores, home improvement, entertainment, and public transportation and parking.
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Shannon Terrell
Shannon Terrell
