I’ve had the Tangerine Money-Back Credit Card for years and I love it! In this Tangerine credit card review, I’ll break down all the benefits of this card.
The Tangerine credit card is one of the best no-fee, high cash-back credit cards available to Canadians. If you’re looking for a solid rewards card that won’t cost you anything out of pocket, this is it. While it doesn’t offer as high of cash back as other cards, the zero fees, and extra perks more than make up for it.
A 100% honest Tangerine Money-Back Credit Card review
Many people have questions about Tangerine Bank because it’s entirely an online bank. Canadians are generally conservative with their money, so when you’re not seeing a brick & mortar building for a bank, I know that can make you wonder if it’s legitimate. I want to reassure you that Tangerine is legitimate and that the Tangerine Money-Back Credit Card is one of the best credit cards you can have in your wallet.
Here’s how the Tangerine Money-Back Credit Card stacks up against the competition
Cash-Back Credit Card Comparison
|Credit Card||Annual Fee||Cash Back Offer||Interest Rate on Purchases||Interest Rate on Balance Transfer||Minimum Income Required|
|Tangerine Money-Back Credit Card||$0||4% for 90 days, then 2% on two spending categories and 0.5% on all other purchases||19.95%||1.95% for first 6 months and 19.95% thereafter (1% balance transfer fee)||$12,000 individual or any amount household|
|Scotia Momentum Visa Infinite Credit Card||$120 (first year free)||4% on grocery stores, recurring bill payments, and subscription services, 2% on gas and daily transit, 1% on all other purchases||20.99%||22.99%||$60,000 individual or $100,000 household|
|American Express SimplyCash Preferred Card||$99||5% for first 6 months, then 2% thereafter||19.99%||1.99% for first 6 months, then 22.99%||Not disclosed|
|Capital One Costco Cash Back Credit Card||$0||3% on restaurants, 2% on gas, 0.50%||19.75%||19.75%||No minimum|
In this Tangerine Money-Back Credit Card review, I share all the perks and downsides of this powerful cash-back credit card.
Unlimited cash back on purchases
Hands down one of the best features of the Tangerine Money-Back Credit Card is unlimited cash back. While many cash-back credit cards cap your spending at a certain amount or in certain categories, the Tangerine credit card will pay you all the cash back you earn.
Cash back categories
The Tangerine MasterCard gives you 0.50% cash back on all purchases, but up to 2% cash back on two of 10 unique spending categories. While most other cash back credit cards designate which categories you get a higher cash back rate, Tangerine will let you pick.
You can select two spending categories to earn 2% cash back. All other spending categories will earn you cash back at a regular rate of 0.50%. Tangerine will even tell you which categories you spend the most on, and make suggestions for which you should choose for your 2% cash back! Generally, banks don’t like to tell you how to get more money from them, but this is on-brand for Tangerine who tends to put savers first.
Saving your cash back
With your Tangerine Money-Back Credit Card, you can choose to have the cash back you earn go back onto the credit card or be deposited in a Tangerine Savings Account. Tangerine Savings Accounts are currently offering 1.15% interest, so it’s a great place to stash this cash for a goal.
What is the Tangerine credit card limit?
What credit limit you’re approved for will depend on your household income and credit score. However, I personally find Tangerine to be very generous in doling out credit. My first Tangerine Money-Back Credit Card was approved with a $15,000 credit limit!
How high of a credit limit Tangerine approves you for will depend on a few factors, namely how much debt you’re carrying and how many other loans and lines of credit you have. To increase the credit limit you may be approved for by Tangerine, try to pay down existing debts and limit your other credit cards an loans to only two or three.
Is the Tangerine credit card good for students or new grads?
The Tangerine Money-Back Credit Card is good for everybody. As far as free credit cards go, it’s always going to be one of my top picks. There are two main reasons for this:
Low qualifying income requirement
You only need to have an income of $12,000 to get the Tangerine Credit Card, which means its accessible. If you’re currently working your way through school, or still at an entry-level job while you search for your first professional gig, this is a great fit.
No annual fee
The Tangerine credit card is low risk financially because there’s no annual fee. It doesn’t cost you anything to have this credit card. This actually makes it a perfect credit card to keep on hand, even if it’s not your primary card.
I strongly encourage everyone to have at least 2 credit cards: one for everyday purchases and one they keep aside for emergencies. A no-fee, cash-back card like the Tangerine MasterCard is ideal for that back-up emergency credit card.
Interest rates on purchases and balance transfers
Even though the Tangerine Money-Back Credit Card has no annual fee, it still charges interest like any other credit card. Tangerine charges a regular rate of 19.95% interest on purchases and 19.95% on cash advances. To avoid interest charges, pay your balance off in full each month.
Promotional balance transfer rate of 1.95%
In addition to the 4% cash-back in 3 spending categories for 90 days if you sign up before October 31, 2019, Tangerine is also offering a promotional balance rate of 1.95% for 6 months. If you are carrying around hefty credit card debt on another card, you can reduce your debt carrying costs by transferring to a low-interest card like this. A 1% balance transfer fee applies.
Other perks of the Tangerine Money Back card
While no fees and unlimited cash back are hands down the most attractive features of the Tangerine Credit Card, there are some awesome extra benefits you might not know about.
Purchase Assurance automatically covers the loss, theft, or damage on most new insured items for 90 days from the date of purchase. This gives peace of mind if you treat yourself to a high-priced item that is suddenly lost or stolen!
The Extended Warranty may double the period of repair services to a maximum of one year. Since most items come with a 1-year manufacturer’s warranty, the Extended Warranty offered by the Tangerine Money-Back Credit Card can give you up to two full years of protection. Anyone that’s ever owned high priced electronics that have needed to be fixed understands how valuable this!
Finally, Tangerine will track and categorize your spending on the Tangerine MasterCard, so you can see a breakdown of your budget.
How do I get approved for the Tangerine Money-Back Credit Card?
Because the income requirement for the Tangerine MasterCard is fairly low, your credit score will matter a lot in your application.
Tangerine credit card requirements
In order to qualify for the Tangerine Money-Back Credit Card, you have to meet a few criteria:
- Individual income of at least $12,000 per year
- Good to excellent credit score
To ensure you’re approved for the Tangerine Money-Back Credit Card, you want to have an income higher than the minimum, and a credit score above 700. You can check your credit score and get your credit report for free with Borrowell. If it’s below 700, I would encourage you to increase your credit score before applying for this (or any) credit card.
What if I’m denied the Tangerine Credit Card?
If you apply for the Tangerine Credit Card and are denied, you cannot reapply for 6 months. Again, this is why it’s so important to check your credit score before you apply and make an effort to pay down your other debts. But this is true when applying for any credit card!
How to make the most out of the Tangerine Money-Back Credit Card
As mentioned previously, I think everyone should have a cash-back credit card. The Tangerine Money-Back Credit Card is the one I personally keep in my wallet. So obviously I think it’s a strong contender for the role. To get the most out of your Tangerine Money-Back Credit Card, I suggest:
- Use this credit card for regular purchases that you have to make anyway, so you can earn cash-back on things that are already in your budget!
- Make sure to select the categories you spend the most money in, and then review them monthly to see if this is true. It might feel like you spend a lot on recurring bills, but I’d guess groceries is way more!
- Set the money-back earned by your Tangerine Money-Back Credit Card to be deposited in a savings account and leave it there! Not only will this give you one more spending category to earn 2% cash back on, you’ll start building up savings.
In conclusion, the Tangerine Money-Back Credit Card is an awesome no-fee, cash-back credit card that is perfect for helping you meet your spending and savings goals. Use it with a Tangerine savings account to really get the most benefit!
I hope you enjoyed this Tangerine Money-Back Credit Card review. And I hope you enjoy the Tangerine Money-Back Credit Card as much as I do! Leave a comment below letting me know what you use your credit card for, and if there are any other financial reviews you’d like me to do next!