Best Tangerine Credit Cards In Canada 2023

Tangerine credit cards focus on rewarding you as its cardholder with cash back on your everyday purchases. These cards allow you to earn up to 2% cash back on two chosen categories, including groceries, gas, restaurants, entertainment, bill payments, and more – which you can pay easily through Apple Pay, Samsung Pay, and Google Pay.

With no annual fees to pay, these credit cards are among the cheapest and most rewarding for their introductory rate. Not only will you get up to 2% cash back, but you can receive an extra 15% cash back on purchases you make within the first 2 months – making it easier for you to redeem brand-name merchandise.

What Is The Best Tangerine Credit Card?

#1 Tangerine Money-Back Credit Card — Best For Cash Back

The Tangerine Money-Back is a cash back credit card that allows you to earn unlimited rewards on your everyday purchases. It has no annual fees and offers free cards for authorized users in your account, saving you extra cash for your bills. You can earn up to 2% Money-Back Rewards or cash back on two categories of your choice and another 0.5% on all other purchases. If this seems insufficient for you, you can deposit your rewards into your Tangerine Savings Account and a free 3rd 2% cash back category.

One of its unique features is its low promotional balance transfer rate. You’ll pay just 1.95% interest for the first 30 days when you transfer your balance within the first 6 months of account approval. This promotional rate helps you take control of your debt, giving you extra 30 days to pay it off without accumulating more interest charges or fees.

Features

• Earn 2% unlimited cash back on everyday purchases in two chosen categories and 0.50% on all other purchases.
• Earn an extra 10% cash back on up to $1,000 (worth $100) on purchases made within the first 2 months when you apply for this card (ends May 2, 2023).
• Get a 3rd 2% Money-Back Category when you deposit cash back rewards into your Tangerine Savings Account.
• You only pay 1.95% interest when you transfer balances for the first 6 months (19.95% after that).
• Free cards for authorized users on your account.
• Use it to pay easily through Apple Pay, Samsung Pay, and Google Pay.
• It offers 2 types of insurance, including Purchase Assurance and Extended Warranty Insurance, which cover a lifetime maximum of up to $60,000 on your purchases.

Pros Of Tangerine Money-Back Credit Card

• No annual fees and unlimited cash back potential at the highest rate of 2%.
• Money-back or cash back rewards are earned automatically on purchases and are paid monthly to your credit card balance or savings account.
• You can choose up to 3 Money-Back Rewards categories from 10 different options, including:
  • Grocery
  • Furniture
  • Restaurants
  • Hotel-Motel
  • Gas
  • Recurring Bill Payments
  • Drug stores
  • Home Improvements
  • Entertainment
  • Public Transportation and Parking.
• This card is accepted at more than 24 million locations worldwide.
• It has Mastercard Zero Liability to protect you from fraudulent purchases and Mastercard Tap & Go to make your payment more convenient.
• It is made with 100% recycled plastic reducing the carbon footprint by 61%.
• It has a Braille Identifier with the letter C on the credit card to help people with disabilities easily find the card.

Cons Of Tangerine Money-Back Credit Card

• No welcome or signup bonus, which can be a deal-breaker for many.
• It requires a minimum household income of $12,000.
• A low cash back rate of just 0.5% on low-tier categories, when many other options offer a minimum of 1%.
• It has a 19.95% rate on purchases, cash advances, and balance transfers.
• It doesn’t offer higher cash back rates, unlike other credit cards.
• There are no savings, discounts, or other rewards you can get from this card.

Pricing

• No annual fees.
• A 3% balance transfer fee of the transferred amount or a minimum of $5.
• A 2.5% foreign currency conversion fee.
• A $25 fee for dishonored payments, overdrafts, and rushed credit cards.
• $5 per past statement reprint (no fees on current monthly statements).

Best For

This credit card is best for people who only want to earn cash back on everyday purchases and are happy to trade a lower rate for unlimited cash back.

#2 Tangerine World Mastercard — Best For Exclusive Travel Benefits

The Tangerine World Mastercard is another cash back credit card offered by Tangerine with exclusive travel benefits. Like the Tangerine Money-Back credit card, this card offers no annual fees and charges the same 19.95% interest rate on purchases, balance transfers, and cash advances.

Applying for this credit card gives you access to more travel rewards and perks, such as exclusive retail dining and spa offers, Boingo Wi-Fi hotspots, fee rebates, car rental and mobile device insurance, and more.

You can also earn up to 2% cash back on purchases for the two categories of your choice, making it easier to obtain cash back at your favorite stores. It may not have a lot of additional benefits to offer, but if you’re looking for a no-annual-fee cash back credit card with travel perks, then this may be the right card for you.

Features

• Earn up to 2% cash back on everyday purchases.
• Earn 2% cash back in 2 Money-Back categories of your choice and another 0.5% on all other purchases.
• The 2% Money-Back purchase categories are the same as with the Tangerine Money-Back card and include:
  • Grocery
  • Furniture
  • Restaurants
  • Hotel-Motel
  • Gas
  • Recurring Bill Payments
  • Drug stores
  • Home Improvements
  • Entertainment
  • Public Transportation and Parking.

• Receive a welcome bonus rate of 10% cash back on up to $1,000 within the first 2 months when you apply for this card before May 2, 2023. This is on top of the 2% you already earn on your two or three main purchase categories.
• Connect to over 1 million Wi-Fi hotspots worldwide with Boingo Wi-Fi.
• Enjoy exclusive dining and spa offers and access to over 1,300 airport lounges ($32 USD per visit) with the Mastercard Travel Pass by DragonPass.
• Use it to pay easily with Apple Pay, Samsung Pay, and Google Pay.
• Get protected with 3 types of insurance, including Purchase Security and Extended Warranty Insurance (up to 90 days), Rental Car Collision, Loss or Damage Insurance (up to 31 days), and Mobile Device Insurance (up to $1,000).

Pros Of Tangerine World Mastercard

• No annual fees to pay.
• Free cards for authorized users in your account.
• Deposit your cash back rewards into your Tangerine Savings Account and get a 3rd 2% Money-Back category.
• Unlock extra cash back offers and get a fee rebate directly on your statement when you use this card abroad.
• Temporarily pause or suspend the credit card when you lose or misplace it.
• Pay an interest rate of only 1.95% on balance transfers for the first 6 months (19.95% after that) with a very low balance transfer fee of just 1%.
• It has Mastercard Zero Liability to prevent you from fraudulent purchases and Mastercard Tap & Go for convenient payments.

Cons Of Tangerine World Mastercard

• No signup bonus.
• A foreign currency conversion rate of 2.5%.
• It’s hard to get. It requires a minimum personal income of $60,000, a household income of $100,000, or a total balance of $250,000 or more in a Tangerine Savings Account and/or Investment Fund Account.
• It doesn’t offer savings or discounts from branded retail stores, gas stations, or subscriptions.
• It has a 19.95% interest rate for purchases, balance transfers, and cash advances.
• A 3% balance transfer fee of the transferred amount or a minimum of $5.

Pricing

• No annual fees.
• No additional cardholder fees.
• A $3.5 cash advance fee within Canada and $5 outside Canada.
• The lesser of 3% or $5 on balance transfers, charged when the balance is posted to your account.
• A $25 fee for dishonored, overdraft, and rush card payments.
• A $5 fee for every past statement reprint and no charge for current monthly statements.
• A foreign currency conversion rate of 2.5%.

Best For

The Tangerine World Mastercard is best for frequent travellers who love earning cash back and enjoying lounge access but aren’t prepared to pay a high annual fee for a premium travel card like the Amex Platinum or the Cobalt Card.

What Is A Cash Back Credit Card?

A cash back credit card is a type of credit card that saves you money by giving you a percentage of your purchases back in the form of cash. This reward acts like a discount for the amount you spent on various items such as gas, groceries, transportation, bills, etc. For instance, if you apply for a credit card that offers 1% cash back on groceries and you spent at least $1,000, you would receive $10 back in cash.

There are a number of advantages when you apply for a cash back credit card.

1. First, they allow you to earn cash back on everyday purchases.
2. Second, this category offers higher cash back than other credit card categories, helping you to pay your card balance or purchases using the reward.
3. Third, cash back credit cards – those that cost over $50 in annual fees – tend to give you exclusive travel benefits such as free first-checked baggage, lounge access, Wi-Fi hotspots, and more. Hence, they benefit you more if you like to earn rewards while travelling to different places.

You might want to own a cash back credit card if you are someone who spends a lot of money on your day-to-day living. Every dollar that you spend on purchases counts, thus the more you buy goods, the more you’ll be able to redeem them for an item of your choice. 

Benefits Of A Cash Back Credit Card

There are a few major benefits of using a credit card: 

• Welcome bonus: Some cash back credit cards offer a welcome or signup bonus for applying for the credit card. Most of them require their cardholders to complete a set of requirements, and others require their users to apply before a certain date to receive the reward.
• Cash back rewards: Cash back credit cards offer up to 3% cash back rewards on various purchases, thus, giving you an effective discount on everything you buy with the credit card.
• Rewards flexibility: There are many ways to redeem your cash back balance as a statement credit or a direct deposit into your chequing or savings account. Other than that, some cash back credit cards have reward portals where you can redeem these rewards for merchandise, gift cards, or travel purchases as well.
• No limit: Although some cash back cards limit how much you can earn on your main purchase categories, others like the Tangerine Mone-Back and the Tangerine World Mastercard don’t, offering unlimited earning potential. However, some credit cards have a spending cap on the higher cash back rates which may lessen the percentage you earn on your purchases.
• Additional benefits: This varies from one cash back credit card to the next. Some credit cards give cardholders introductory interest rates, free cards for authorized users, savings on car rentals, or discounts at eligible gas stations.
• Exclusive travel perks: The best cash back credit cards offer travel benefits, especially when they charge an annual fee. They offer things like free access to Wi-Fi hotspots, airport lounge access, exclusive travel experiences, free first-checked baggage, seat upgrades, travel insurance, and more.
• Insurance coverage: Most no-annual-fee cash back credit cards only offer basic insurance coverage, such as Purchase Security insurance and Extended Warranty on purchases. However, premium cash back cards (which cost $50 or more every year), give more coverage for purchases, mobile devices, emergencies, flight and baggage delays, and more.

Tangerine Credit Card FAQs

How much does a Tangerine credit card cost?

Tangerine credit cards like the Tangerine Money-Back credit card and Tangerine World Mastercard are free and don’t come with annual fees. However, they still offer the same interest rate of 19.95% on purchases, balance transfers, and cash advances. 

What is the cheapest Tangerine credit card?

The two Tangerine credit cards are free. They come with no annual fees making them ideal for students, retirees, or people with low income, but also for those who keep a stack of credit cards to optimize their spending and don’t want to see annual fees piling up.

What is the best free Tangerine credit card?

The best free Tangerine credit card is the Tangerine World Mastercard since it offers exclusive travel benefits with no annual fees. Applying for this credit card allows you to earn up to 2% cash back on two purchase categories plus one extra category and another 0.5% on all other purchases. Additionally, you may enjoy access to over 1,300 airport lounges and connect to over 1 million Boingo Wi-Fi hotspots.

Is a Tangerine credit card worth it?

Yes, a Tangerine credit card is worth it. Tangerine credit cards offer no annual fees and let you earn up to 2% cash back on purchases. There is also an introductory interest rate of 1.9% when you transfer your balances within the first 2 months and no extra fees for additional cardholders on your account. If you are learning how cash back rewards work, then this may help you start your credit card journey.

Are Tangerine credit cards safe?

Yes, Tangerine credit cards are safe to use. Tangerine credit cards are embedded with a microchip to improve safe and secure online banking. Both of these cards offer Purchase Assurance and Extended Warranty Insurance so you can be sure your purchases are covered when it comes to theft, loss, or damage.

What credit score is needed for a Tangerine credit card?

Tangerine credit cards aren’t easy to get as they require a good to excellent credit score in the range of 670 to 850. They also come with minimum income requirements. For example, to apply for the Tangerine World Mastercard, you need a minimum personal income of $60,000 or a household income of $100,000.

Is a Tangerine credit card accepted everywhere?

Tangerine credit cards are accepted in millions of stores and destinations worldwide. They’re accepted everywhere Mastercard is accepted, including No Frills and Costco.

How long does it take to get a Tangerine credit card?

It takes up to 10 business days to get your Tangerine credit card once you have been approved for your application.