The average Canadian’s non-mortgage debt is more than $31,530. Especially after such a tumultuous year, it’s important to take key steps to reduce expenses. For the necessary expenses, you could use a cash back credit card to increase your savings. In particular, there are two great options from Tangerine.
Tangerine is a popular online bank best known for its no-fee banking accounts. But in addition, they provide two great credit cards options with 2% cash back in up to three categories — the Money-Back and World Mastercard cards. Let's get right into reviewing them!
Overall, the two Tangerine cards are very similar with World Mastercard being the upgraded version of the Money-Back card. For both cards, you will have two categories you can choose to receive 2% cash back in. If you elect to have your cash back rewards deposited into a Tangerine savings account, you'll be able to choose a third category for your 2% cash back rewards.
Outside of the chosen categories, all other purchases will generate 0.50% in cash back. Cardholders can adjust these chosen categories as their spending patterns change. There are also no limit on the cash back rewards a user can rack up.
You also won't have to wait until the end of the year to receive your rewards, unlike with some other credit cards. Instead, you get your cash back rewards paid out monthly.
Both credit cards do not have annual fees. This is absolutely great because many cash back cards from other institutions often have an annual fee which greatly reduces your actual cash back earned. You won't have to worry about that with the Tangerine credit cards.
If you currently have credit card debt, then Tangerine's introductory offer can help you reduce your payments and pay your debt down faster. When you sign up for either Money-Back or World Mastercard credit card, you'll have a reduced balance transfer APR of 1.95% for the first six months (1% transfer fee will also apply). Afterwards, the APR will revert to the standard 19.95%, the same rate that applies to your purchases and cash advances.
As most modern cards, Tangerine credit cards provide contactless payment options though Mastercard Tap & Go technology, making transactions faster and more convenient.
These cards also come with Mastercard Zero Liability, which protects cardholders from unauthorized use of their cards for transactions made in-store, over the phone, online, by mobile device, or at an ATM.
Most of your new purchases made anywhere in the world are covered in case of theft, loss or damage for up to 90 days through purchase assurance. You get up to $60,000 in lifetime maximum coverage. You'll also get access to extended warranty which may double the period of repair services up to a year.
Up until this point, every feature we discussed is shared between Tangerine's two credit cards. So what's the actual difference between them? Glad you asked! Money-Back is the original credit card offered by Tangerine and while it lacks some of the new cool features of its successor, it's still the easiest Tangerine card to qualify for.
Besides the standard criteria of being a Canadian resident, being the age of majority in your province and not having had a bankruptcy in the last 7 years, you also have to earn a minimum annual income of $12,000. Although, the income requirement can be waived based on your situation and financial history, making this card quite popular among students.
Tangerine World Mastercard comes with a few extra features but it has higher eligibility requirements. In addition to the requirements present for the Money-Back credit card, you must also satisfy one of the following conditions: earn an annual gross income of at least $60,000 or have a combined annual household income of at least $100,000 or have combined savings of $250,000 or more in your Tangerine Savings Accounts.
Now on to the extra benefits!
Cardholders get access to over 1 million WiFi hotspots around the world—including airports, sports arenas, and shopping centers. You also get discounts from a continually expanding list of on-demand and subscriptions services.
Get coverage for up to $1,000 for new cell phones and tablets when they are purchased fully with your Tangerine World Mastercard, or when you charge all your planned payments for the device in question on your World Mastercard. Coverage applies if your device is stolen, lost, malfunctions or gets accidentally damaged.
Enjoy enhanced airport experience provided by LoungeKey. You'll get access to over 1,000 lounges across the globe, and exclusive offers for dining, retail, and spa treatments.
Receive rebate for your purchases from select merchants while you're travelling outside of Canada thanks to Mastercard Travel Rewards program.
This card also includes rental car collision and loss damage insurance. You will be covered for damage and theft of your rental car for up to 31 consecutive days. This coverage will be active when you charge the full cost of your rental vehicle to your Tangerine World Mastercard.
Both Tangerine credit cards are a great option, as the main benefit of 2% cash back in up to three categories is shared among them. Considering that both cards do not have an annual fee, it's a no brainer to simply apply for the card you can qualify for.
The Money-Back credit card is perfect for lower income individuals and students, while the World Mastercard will provide additional benefits if you have higher income or a large amount of money in savings.
Either way, you can't go wrong with Tangerine credit cards as they offer some of the best cash back rewards across all of Canada.