19.99% (P) / 22.99% (CA)
2% (From 0.5% Base Rate)
- Eligibility: Canadian resident, age of majority, minimum income reached
Did you know that the average debt for Canadians increased by 2.9% in 2020?
Tapping your credit card can get you those eco-friendly sneakers you love or that spin class that makes you feel alive. As long as you pay your credit card bill on time, you can renovate your bathroom or book that trip to Cancun.
But, what if you could get some cash back on that increase in your credit card debt? With its 2% cash back rate and no annual fee, the Tangerine Money Back Credit Card is the right card for you. Keep reading as Insurdinary provides everything you need to know about the Tangerine Money Back Credit Card.
Looking for a new credit card with cash back? This may be the best time to get a Tangerine Money Back Credit Card. Apply for a Tangerine Money-Back Credit Card by December 29th, 2022 and earn an extra 15% back on up to $1,000 in everyday purchases made within your first 2 months.
Just for getting credit and making your everyday purchases, you can end up with an extra $150 to spend on whatever you want. With Christmas just around the corner, this is the best present you can get for yourself.
If you have other credit cards with outstanding debt, you can consolidate all of your debts if you get a new Tangerine Money Back Credit Card. When you transfer your balance to your new Tangerine Money Back Credit Card in your first 30 days, your interest rate on the transferred amount is as low as 1.95% for the first 6 months. A 1% transfer fee applies.
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Features and Benefits
A Tangerine Money Back Credit Card has several features and benefits that you can take advantage of. A Tangerine Money Back Credit Card offers everything from cash back to purchase insurance and all for no annual fee.
There are several credit cards with cash back features, but the Tangerine Money Back Credit Card offers customizable categories. You can get 2% cash back on up to 2 categories of your choice.
You can choose from 10 different categories that include groceries, gas, restaurants, or entertainment. This means that you can choose which category you use the most.
If you eat out at restaurants more than you buy groceries, you can choose restaurants and get more cash back every time you eat out. You can change these categories at any time.
You get 0.5% cash back for every other category.
No Annual Fee, Including Extra Cards
With the Tangerine Money Back Credit Card, you get money back, but you don’t need to pay anything. You pay no annual fee on your credit card. You also get extra cards for up to 5 authorized users for free.
Mastercard Zero Liability
If you are worried about fraud, remember that you get the Mastercard zero liability with the Tangerine Money Back Credit Card, which protects you from fraud.
Included in the Tangerine Money Back Credit Card is purchase insurance. This covers you for theft, loss, and damage for your new purchases up to 90 days from the purchase date.
Unlike a rewards credit card, you don’t get travel insurance on this card. You can still get cash back on all your travel expenses. If you’re looking for travel insurance, you can use Insurdinary to compare travel insurance rates and get the cheapest plan.
When you buy products, the manufacturer’s warranty is extended for one additional year.
Rates and Fees
There is no annual fee on this credit card, but keep these other fees in mind:
- Cash advance fee in Canada of $3.50
- Cash advance fee outside Canada of $5
- An over-limit fee of $25
- The foreign currency conversion fee of 2.5% of the transaction
The purchase interest rate for Tangerine Money Back Credit Card is 19.95%.
You also can take advantage of the introductory offer when you transfer your balance from another card. In this case, you get a lower rate of 1.95% for the first 6 months. It goes back up to 19.95% after the 6 months.
How to Get the Tangerine Money Back Credit Card
You can apply online to get the Tangerine Money Back Credit Card. Before you apply for the card, you’ll need your social insurance number and employment information. You can even apply for a credit card using the Tangerine app.
If you have a Tangerine bank account, you can sign in to your account and apply for the card online.
To be eligible for the Tangerine Money Back Credit Card, you need to have a minimum income of $60,000 for an individual. For a household, this minimum threshold is $100,000.
You also need to be a Canadian resident over the age of majority to apply for this card.
Earning and Redeeming Cash Back
The biggest benefit of the Tangerine Money Back Credit Card is its cash back option and the flexibility that it offers. The first thing you need to understand is how to earn that cash back and how you can redeem it.
How to Earn Cash Back
With most credit cards, you get cash back on gas and groceries. With the Tangerine Money Back Credit Card, you can pick 2 categories on which to get the higher 2% cash back. For all other purchases, the cash back would be 0.5%.
The ten categories you can choose from are:
- Recurring bills
- Drug stores
- Home Improvement
- Public transit and parking
You can change your 2 categories at any time. This means that if you know that you have a major home improvement project in the next month, you can just change your categories to get the higher 2% on those expenses. The chosen categories can be changed every 90 days.
You won’t find this flexibility in any other credit card.
If you choose to deposit your cash back funds into your Tangerine Savings Account, you get to pick 3 categories to get the higher rate for.
Keep in mind that purchases from warehouse clubs like Costco and Walmart are not considered “groceries” and would qualify for the lower 0.5% cash back rate. Dining in a retail store or hotel bar may not qualify for the restaurant categories.
You can buy gift cards at grocery stores at 2% and use them for purchases at Gap and iTunes. This is also another way to maximize your cash back.
Assuming a monthly budget of $2,000, earning 2% on groceries, restaurants, and gas and 0.5% on everything else, you can get up to $300 in cash back annually.
How to Redeem Cash Back
There are two ways to redeem your cash back.
First, you can have the cashback amount deposited in your Tangerine Savings Account. You can get 3, instead of 2 categories, for the higher 2% rate.
Second, you can use the cashback amount to pay off your credit card balance.
How Does It Compare to Other Top Competitors?
Tangerine Money Back Credit Card
- Annual Fee: $0
- Annual interest rate: 19.99%
- Welcome offer: 15% cash back in the first 2 months
- Cash back: unlimited 2% on 2 categories of your choice, customizable
Unlike the MBNA card, there is no limit on the amount of cash back. This card works for those people who appreciate getting cash back on their purchases, and spend more on categories other than gas and groceries.
SimplyCash Card from American Express
- Annual Fee: $0
- Annual interest rate: 19.99%
- Welcome offer: 4% cash back in first 6 months
- Cash back: unlimited 1.25% on everything you buy
The unlimited cash back on everything you buy is a positive feature of this card.
MBNA Smart Cash Platinum Plus Mastercard
- Annual Fee: $0
- Annual interest rate: 19.99%
- Welcome offer: 5% cash back on gas and groceries for the first 6 months
- Cash back: 2% on gas and groceries ($500 monthly cap)
The MBNA credit card has a $500 monthly cap on your cash back which makes it less appealing.
To figure out which card is best for you, compare interest rates, fees, and other features and benefits. You can easily compare credit cards through Insurdinary
Pros and Cons
The Tangerine Money Back Credit Card has its advantages and disadvantages as covered below:
Take a look at some of the pros of this card. It has no annual fee. You can earn cash back on the categories that you use the most. More importantly, you have the option to customize your cash back categories. The welcome offer of $150 when you spend $1,000 on everyday purchases within the first 60 days also makes it a pretty great credit card.
Every card has its pros and cons. For the Tangerine Money Back Credit Card, you need to know that it has no travel insurance option. Also, the cash back on most other purchases, other than the 2 or 3 categories you pick, is a low 0.5%.
There are too many cards on the market to choose from. The Tangerine Money Back Credit Card had great reviews because it has no annual fee and offers flexible cash back categories. Combining this card with another cash back card can help you maximize your cash back.
The reviews for Tangerine Money Back Credit Card claim that it is the most flexible no annual fee card. With its low minimum income requirements, it’s a great option for students as well.
Contact Insurdinary to Check Your Credit Score For Free
Insurdinary is your online expert on comparing credit card rates and getting the best travel insurance. Before you apply for your Tangerine Money Back Credit Card, consider checking your credit score.
A good credit score will improve your chances of getting approved. You can check your credit score for free with Insurdinary.