Tangerine World Mastercard Review 2024: Is It Worth It?
Jun 20, 2024The Tangerine World Mastercard is a no-fee credit card that earns 2% cash-back rewards in up to three spending categories (and 0.5% on everything else).
The Tangerine World Mastercard® is a no-fee credit card that earns cash back on all purchases. Cardholders earn 2% cash back on each eligible dollar spent in up to three spending categories and 0.5% on everything else.
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Tangerine World Mastercard® full review
The Tangerine World Mastercard® offers customizable spending categories, travel perks and no annual fees. Plus, you can easily manage your account through the Tangerine mobile app, making it a convenient option for those who prefer to bank digitally.
Benefits of the Tangerine World Mastercard®
Earns cash-back rewards and has no annual fee.
Comes with access to the Mastercard Travel Pass program, which includes dining, retail and spa deals in over 650 airports around the world.
Cardholders get to pick their own cash-back categories from a list that includes less common options like home improvement and public transit.
Cardholders can take advantage of a six-month, 1.95% introductory interest rate on balance transfers made in the first 30 days of card ownership (22.95% after the intro period ends. Offer expires Jan. 31, 2024; terms and conditions apply).
Drawbacks of the Tangerine World Mastercard®
Lacks travel insurance coverage other than rental car collision/loss damage.
The 2% cash-back rewards don’t apply to all purchases. Cardholders select up to three money-back categories to earn 2% back — all other purchases earn just 0.5%.
Who should get the Tangerine World Mastercard®?
We believe the Tangerine World Mastercard® may be a good fit for someone who:
Spends big in a few money-back categories. Anyone who wants to earn cash-back rewards for specific spending categories with no annual fee should consider the Tangerine World Mastercard®.
Has a Tangerine Savings Account or is fine with opening one. Opening a free Tangerine Savings Account and having your cash-back rewards deposited there unlocks a third 2% cash-back category.
Plans on making a large purchase in one of the reward categories. A new piece of furniture or home renovation project could help you satisfy the $1,000 minimum spending requirement associated with the card’s 10% cash-back introductory offer — and earn an additional 2% if you choose your spending categories strategically.
Is looking for a card with basic insurance perks. The Tangerine World Mastercard® includes mobile device insurance, rental car collision and damage insurance, purchase assurance and extended warranty.
Is the Tangerine World Mastercard® worth it?
If you tend to spend the majority of your money on just a few types of purchases each month, this card may be worth a look. You don’t need to worry about an annual fee, but you’ll want to consider the card’s interest rates and rewards to ensure it’s a practical fit for your lifestyle.
Tangerine customer ratings
Strong customer satisfaction: Tangerine ranks first in overall customer satisfaction according to J.D. Power’s 2024 Canada Credit Card Satisfaction Study.
Low Trustpilot rating: 1.3 out of 5 possible stars based on more than 1,600 customer reviews, as of this writing.
Low Better Business Bureau rating: 1.06 out of 5 possible stars based on over 80 customer reviews, as of this writing.
Tangerine World Mastercard® eligibility
Who qualifies for the Tangerine World Mastercard®?
To qualify for the Tangerine World Mastercard®, you must:
Be a Canadian resident.
Be at least the age of majority for your province or territory.
Meet specific credit score requirements.
Meet one of the following income requirements.
A minimum gross annual income of $50,000 for an individual.
A minimum gross annual income of $80,000 for a household.
A combined balance of at least $250,000 across Tangerine savings and/or investment accounts.
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. What we do know is that higher scores have better chances of approval — that’s true no matter what type of credit you’re applying for.
Want to learn more? Read our articles on what credit score is needed for a credit card? and how to check your credit score.
Tangerine World Mastercard® rewards
The Tangerine World Mastercard® offers 10% cash back on the first $1,000 you spend within the first two months of card ownership (valid before Oct. 31, 2024).
Earn 2% cash back on two of the following categories, and 0.5% on the remaining categories. (If you have or open a free Tangerine Savings Account and get your rewards deposited there, you can select a third 2% cash- back category).
Groceries.
Furniture.
Restaurants.
Hotels and motels.
Gas.
Recurring bill payments.
Drug store.
Home improvement.
Entertainment.
Public transportation and parking.
The welcome offer could earn you $120 in cash-back rewards. The Tangerine World Mastercard®’s welcome offer includes an extra 10% cash back on up to $1,000 of purchases made within the first two months of card ownership (offer expires Oct. 31, 2024; terms and conditions apply). This 10% is offered on top of the regular cash-back rewards. If you strategically spend the $1,000 to redeem this welcome offer in your chosen 2% categories, you could earn $120 in cash-back rewards.
The low promotional interest rate of 1.95% means more money for you. The Tangerine World Mastercard®’s promotional interest rate of 1.95% on balance transfers for the first six months could help you keep a bit of extra money in your pocket. Paying less interest, even temporarily, means more of each credit card payment goes directly toward decreasing your balance.
How to apply for the Tangerine World Mastercard®
You can complete an application for the Tangerine World Mastercard® on Tangerine’s website. Follow these steps:
Click “Apply now.”
Log in or sign up for a new account.
Enter any personal details like your name, email address, and other contact info.
Enter any employment or financial information requested.
Review the card’s terms and conditions before you submit your application.
Tangerine World Mastercard® vs Tangerine Money-Back Credit Card
If you don’t meet the annual income requirement for the Tangerine World Mastercard®, you could consider Tangerine’s other credit card. The no-fee Tangerine Money-Back Credit Card has identical rewards to the Tangerine World Mastercard®, but it has a significantly lower income requirement.
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 detailsWant more info on how these cards compare? NerdWallet’s Tangerine Money-Back Credit Card versus Tangerine World Mastercard® comparison answers your frequently asked questions.
Reasons you might want a different card
The Tangerine World Mastercard® earns cash back and comes with numerous card perks, but there are a few circumstances where it won’t be a practical fit:
You want a card with travel insurance.
You’d prefer to earn a different reward, like points or miles.
Tangerine World Mastercard® facts
Tangerine World Mastercard® | |
|---|---|
Card Type | |
Fees and Interest Rates | |
Annual fee | $0.00 |
Regular/purchase APR | 20.95%. |
Penalty APR | 25.95% on purchases and 27.95% on cash advances (including balance transfers) if you miss two consecutive minimum payments. |
Cash advance APR | 22.95%. |
Cash advance fee | $3.50 per transaction in Canada ($5 per transaction outside of Canada). |
Balance transfer APR | 22.95% (1.95% promotional rate for 6 months if you transfer the balance during the first 30 days of account opening). |
Balance transfer fee | 3% of the transaction amount, minimum of $5 (1% during the promotional offer). |
Foreign transaction fee | 2.5% of the transaction amount. |
Rewards and Benefits | |
Intro 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). |
Reward earn rates | Cardholders get 2% cash back on two money-back categories and 0.5% cash back on all other purchases. Cardholders who deposit their cash-back rewards into a Tangerine Savings Account can earn 2% cash back on a third money-back category. Money-back categories include:
|
Other perks |
|
Insurance coverage | |
Rental car theft/damage | Up to 31 days. |
Mobile device protection | Up to $1,000 of mobile device protection in case of loss, theft, accidental damage or mechanical issues. Conditions apply. |
Extended warranty | Up to one year. |
Purchase protection | 90 days. |
Rental car theft/damage | For up to 48 days. |
Extended warranty | Up to one additional 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 World Mastercard® have travel insurance?
Does the Tangerine World Mastercard® have travel insurance?
For $32 USD per visit, Tangerine World Mastercard® cardholders can visit over 1,300 airport lounges worldwide.
Does the Tangerine World Mastercard® offer airport lounge access?
Does the Tangerine World Mastercard® offer airport lounge access?
No. The Tangerine World Mastercard® offers rental vehicle insurance, mobile device protection, purchase protection and extended warranty coverage.
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Shannon Terrell
Shannon Terrell
Shannon Terrell
