Tangerine Visa Debit Review

Tangerine Visa Debit Review

Written by Corrina Murdoch
Fact-checked by Caitlin Wood
Last Updated July 9, 2021

Relative to the major banks in Canada, Tangerine is very new to the game. It launched in 1997 under the brand name ING Direct. At that time, the major banks had the lion’s share of customers. In 2012, however, Scotiabank acquired ING from its Netherlands-based parent company. This changed everything, followed closely by the rebrand to Tangerine, a streamlined banking service meant to charge less and help clients gain more interest. 

As a company predicated on advancing banking, Tangerine continues to innovate, remaining one of the few exclusively online banks in the country. This spirit is best exemplified by the new arrangement between Tangerine Bank and Visa Canada. Using the well-established foundation of Visa, paired with the banking security and popularity of Tangerine, the Visa* Debit card represents Tangerine’s next big move. 

Tangerine Visa Debit

The new development means that Tangerine chequing account holders can get access to a Visa debit card. Available in bold orange and steel colors, these cards connect to your no-fee daily chequing account. It offers interest on every dollar your account holds, helping you earn more. Unlike a standard debit card that makes it challenging to shop online, the Visa debit lets you pay with money from your chequing account. Meant to simplify the shopping process, the card functions as a credit card, without the risk of interest incurred on late payments

Features of Tangerine Visa Debit

In this digital age, all banks and financial institutions are aiming to offer the most competitive credit and debit cards. The Tangerine Visa Debit card offers multiple features, designed to entice potential clients through utility and convenience. These include:

No Daily Transaction Fees

With your chequing account, you get an unlimited number of purchases everyday. This extends to debit charges, paying bills, pre-authorized payments and e-transfers. The account itself comes at no cost with no minimum amount required for the account. 

Free ABM Access

Because Tangerine is associated directly with Scotiabank, you can use any of the 3,500 Canadian ABM outlets. Travelling internationally? There are 44,000 locations around the world. It might seem small, but if you can avoid paying that three-dollar ding every time you withdraw cash, why not?

Overdraft Protection

This is a handy feature for any account and it is available for anyone with a Tangerine chequing account, including those migrating to the Visa service. While you must apply for this feature, once it is in place it offers significant benefits in case of emergency. 

Free Cheques And Drafts

The bank supplies 50 cheques free of charge as a welcome package. Any other cheque books cost $50 per book. You can also get bank drafts ordered online, delivered right to you, free of charge.

Competitive Interest Rates

Tangerine Visa Debit holders can earn as much as 0.1 percent of interest on the balance in their account. 

Free Cheque Deposit

Using the mobile application, you can easily deposit a cheque from the comfort of your own home. 

Ease Of Use

Thanks to the mobile applications due to the digital platform, you can bank at your convenience, from anywhere with an internet connection. 

Benefits of Tangerine Visa Debit

Figuring out whether the Tangerine Visa Debit is the right card for you involves analyzing the different benefits you can reap. Among the many advantages are: 

Unique Card Design

To appeal to the aesthetic side of customers, you can pick between gray or bold orange. Each card has an iconic appearance, making it easy to find. The vertical designs feature metallic logos. Though it might sound small, this development means that Tangerine is the first Visa Debit partner to customize designs. 

Zero Liability

Backed by the power of Visa, this means that you are not on the hook for any unauthorized purchases. This is in addition to the advanced security protocols offered by both Tangerine and Visa. If you see a charge you did not make, report it right away and the company will make you whole. 

High Acceptance Rate

You can use a Visa at over 1.5 million digital merchants in Canada alone. As a result, you can complete online transactions with ease, and without having to worry about whether the vendor will take your card. 

Payments Without Borders

An estimated 55 million retailers across the globe accept Visa payments. Whether you are physically overseas or are making a purchase from a foreign vendor, it’s highly likely that they will accept your Visa. 

Financial Control

Unlike credit cards where you are spending money you don’t necessarily have, the Visa Debit through Tangerine only takes money from your chequing account. This way, you can securely shop without the risk of overspending. 

Simplified Bill Payments

By using your Visa Debit to make regular bill payments, you don’t have to worry about remembering due dates. This convenience, paired with the lack of account fees and free automatic withdrawals makes this a desirable service. 

Costs Of Getting Tangerine Visa Debit Card

Nothing in the world is free; and, while Tangerine offers a lot of free services, there are situations that require payments. Among these costs are:

Additional Cheque Books

Though you get an initial 50 cheques upon enrollment, once you burn through those, you will need to order another book (and pay for it). Costing $50 per book, Tangerine can mail the cheque book directly to you. 

Stop Payment Orders

If you issue a payment in error, you get one free stop payment order. After that, for each stop payment, you need to pay $12.50 each subsequent incident. 

Replacement Cards

Tangerine only offers one replacement card free of charge each year. If you lose your card within that same period, you are on the hook for $15 per additional card. 

Canadian Drafts

Each draft costs $10, a relatively standard fee associated with this banking service. 

NSF Fees

Non-sufficient fund fees are a risk, even if you have overdraft. It occurs if you issue a cheque that bounces or attempts a debit transaction without the correct amount of money. Per incident, there is a charge of $45, so keep an eye on your balance to avoid this. 

Non-Affiliated ABM Withdrawal

While Scotiabank has a lot of ABMs across Canada (and the world), there are many other vendors. If you use one of these stations to withdraw cash in Canada, it costs $1.50 per transaction. If you go to a separate ABM in a foreign country, this amount jumps to $3.00 per withdrawal. 

Foreign Currency Exchange

When you make international purchases, there is a 2.5% addition to the exchange rate. This shows up on your account statement in the Canadian dollar amount of the transaction. If you are making an international purchase, be sure that the currency exchange rates are in your favour. 

Inactivity Penalties

If you leave your account inactive for a period of a year, you can incur a $10 fee. Even the smallest transaction can mitigate this risk, so it is easy to avoid this pitfall.  

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How To Apply For A Tangerine Visa Debit Card

It’s very straightforward, particularly since the entire banking service relies on digital infrastructure. If you are not already a Tangerine customer, this card offers a lot of incentives to join. As a public relations maneuver, the company issued $10,000 to all clients affected by the pandemic. With ever-changing incentives, be sure to identify the right time to join up. 

The first step is to apply for the Tangerine No-Fee Daily Chequing Account. There are some eligibility requirements, including your Social Insurance Number and employment details. The process is similar, though separate, if you are applying as a business. The threshold for acceptance is low. You must be a Canadian citizen or a permanent resident of Canada. Account holders must be at least 16 and have a valid email account. 

Simply navigate to either the Tangerine app or website and begin the application. You will need your legal name, address, birth date, telephone number, and work details. From there, submit the application for review. The review process is straightforward; since, ultimately, banks want clients. Once your account is finalized, your debit card comes in the mail within two weeks. 

Existing Tangerine account holders can simply apply for the upgrade. If you are new to this financial institution, good news there are incentives in terms of extra interest and cash bonuses for transferring payroll deposits. 

Tangerine Visa Debit FAQ

Can I use mobile wallets to pay with your Tangerine Client Card?

Yes, you can connect your Tangerine card to Apple Pay or Google Pay easily. It’s a simpler process if you are using the smartphone application instead of the website. This convenience factor lets you pay more efficiently, with less contact, and less risk of misplacing your card. 

Are there any fees with Visa Debit?

Standard transactions come with no fees, including for the account itself. You can make bill payments, do e-transfers, and use any Scotiabank ABM for free. However, just like every other bank, there are fees for extras. If you need a bank draft or to stop payment, get an NSF ding, or something else likely to incur a fee, you will need to pay. With responsible banking practices and proper use of what Tangerine has to offer, you can easily avoid fees altogether. 

I have a Tangerine Chequing Account. Will I get an upgraded Client Card with Visa* Debit?

Effective in the third quarter of 2020, all chequing clients get a Visa Debit automatically. If you were a client prior to the switch and requested the upgrade, it should come within a couple of weeks. Otherwise, you can simply log into the account and navigate to your checkings. The Visa Debit partnership is prompted automatically, particularly since it represents a major windfall for Tangerine. Follow the prompts and submit your application. 

What is Visa Debit? 

Think of a Visa Debit as Debit+. It’s still a chequing account. There is no revolving credit associated with it, nor does it play into your credit score in any way. You don’t make payments and the credit card feature can go unused. However, if you need to make a credit card transaction, particularly with online shopping, this is when you use Visa Debit. An example: You go online to buy shoes and are checking out when the only payment options are credit cards. If all you have is debit, you can’t pay. With a Visa Debit, you simply use your chequing account card and pay. 

Final Thoughts

Banking is different for everyone, with each financial situation requiring unique banking terms. The Tangerine Visa Debit is a fantastic choice for those just entering the banking world. It’s likely that if you are already banking, you either have a credit card or a similar debit feature. However, those new to banking can protect their credit while still accessing online services. There are payroll incentives and savings bonuses, making the Visa Debit through Tangerine one of the best accounts to get for those new to the game. 

Even if you want to make a change, opting for convenience and digital over brick-and-mortar, this is a solid choice. As with any banking decision, think it through, protect your interests, and plan ahead. This prudence, in conjunction with a Tangerine Visa Debit, can open up a lot of doors in the future. 

Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.

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