Cash back credit cards typically come with sky-high annual fees in exchange for the perks of earning and redeeming points for freebies. That’s what makes the Tangerine Money-Back Credit Card so appealing. Not only can you earn points every time you make a purchase, but you don’t have to pay an annual fee.
Tangerine has long been a favourite among Canadians when it comes to online banking, and with the Money-Back Credit Card, there’s even more incentive to be a client.
Let’s take a closer look at the Tangerine Money-Back Credit Card to help you decide if it’s worth adding to your wallet.
Special Offer
If you’re approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*
Tangerine Money-Back Credit Card Points System
With the Tangerine Money-Back Credit Card, you can earn up to 2% cash back for every dollar you spend. Here’s how the points system breaks down:
- Earn 2% cash back on everyday purchases in 2 different categories.
- Earn 0.50% cash back on all other purchases in any category.
There’s no limit on how much cash back you can earn when you use your Tangerine Money-Back Credit Card.
Furthermore, have your rewards deposited into a Tangerine Savings Account, and get a third 2% cash back category from the above-mentioned list.
How To Redeem Cash Back Rewards
Redeeming your money-back rewards is super simple as everything is automated. You can choose between two different options. Have your money-back rewards deposited directly into a Tangerine Savings Account and gain access to a third 2% cash-back category. Or, have your rewards applied directly to your credit card balance.
Plus, you’ll get paid monthly, compared to most other cash back credit cards that reimburse your points annually.
Learn about credit card balance protection insurance.
Tangerine Money-Back Credit Card Overview
| Annual Fee | $0 |
| Purchase Rate | 19.95% |
| Cash Advance Rate | 19.95% |
| Balance Transfer Fee | 3% of the transferred amount |
| Promotional Balance Transfer Rate | 1.95% for the first 6 months |
| Earn rate | – 2% money-back rewards on up to 3 categories – 0.5% money-back rewards on everything else |
| Income Requirement | $12,000 |
| Foreign Conversion Rate | 2.50% |
| Extra Benefits | – Purchase Assurance on most new purchases to cover loss, damage, or for 90 days from the date of purchase – Extended Warranty to cover repair services, which can be as much as double the time period of repair services up to 1 year |
Money-Back Categories
You can choose up to 2 different categories (3 categories if you get your rewards deposited into a Tangerine Savings Account) to get up to 2% cash back on every purchase, including the following:
- Groceries
- Pharmacies
- Furniture
- Restaurants
- Hotels and accommodations
- Gas
- Home improvement
- Public transportation/parking
- Entertainment
- Recurring bill payments
In any other category that you don’t choose, you can earn 0.50% money-back rewards. You can change any of the categories at any time, making this credit card highly customizable.
Tangerine Money-Back Credit Card Features & Perks
There are several perks that come with the Tangerine Money-Back Credit Card, including the following:
No Annual Fee
Unlike most other rewards credit cards, the Tangerine Money-Back Credit Card comes with zero annual fees. This makes it a great option for all consumers, especially those that have chosen to skip out on a rewards credit card simply because of the high annual fees.
Low Balance Transfer Rate
If you already carry a high-interest balance on another credit card, you can transfer it to the Tangerine Money-Back Credit Card to take advantage of the promotional balance rate of 1.95% for 6 months. Keep in mind that a 1% balance transfer fee applies, and the rate will increase to 19.95% on any outstanding balances after 6 months.
Flexible Cash Back Categories
Your 2% earn rate applies to 2 or 3 categories of your choosing, but you’re free to change these categories at any time if you ever feel like your needs have changed.
Coverage On New Purchases
Almost all new purchases made with the Tangerine Money-Back Credit Card are covered against theft, damage, or loss for up to 90 days from when you purchased the product. You also have the option to extend the warranty on an expensive new product by as much as 1 year.
Low-Income Requirements
You only need an income of $12,000 to qualify for the Tangerine Money-Back Credit Card. This is a major perk compared to other rewards credit cards that typically require much higher income levels to qualify in exchange for the ability to earn points.
Want to learn more about Tangerine?
Tangerine Money-Back Card Pros And Cons
The Tangerine Money-Back Credit Card comes with a number of benefits, but as with most credit cards, there are some drawbacks as well.
Pros
- Free – The Tangerine Money-Back card has no annual fee.
- Customizable – Unlike other credit cards that have predetermined cashback rates for each category, you can choose which category you’d like to earn the most cash back on.
- No Cash Back Limit – Some credit cards limit the amount of cash back you earn. With Tangerine, there are no limits.
- Paid Monthly – You’ll receive your cashback rewards each month.
- Low Balance Transfer Rate – Tangerine offers a low balance transfer rate of 1.95% for the first six months.
Cons
- Limited Extra Benefits – The card doesn’t offer any special discounts or insurance benefits.
How To Apply For The Tangerine Money-Back Card?
The Tangerine Money-Back credit card can be applied and completed online.
- Click The Apply Now Button – To start your application simply click the “apply now” button on the Tangerine Money-Back Credit Card page.
- Fill Out Application – Once you do, simply fill out the application form with your appropriate details. This includes your name, address, email, birthdate and Social Insurance Number (SIN).
- Receive Your Card – After you submit your application and are approved, you’ll receive your card in the mail within 5 – 14 business days.
Tangerine Money-Back Credit Card FAQs
How do you redeem your cashback?
What are the eligibility requirements for the Tangerine Money-Back card?
How much are the Tangerine Money-Back rewards worth?
Final Thoughts
Many credit cards that offer some sort of rewards system charge an annual fee, which is what makes the Tangerine Money-Back Credit Card stand out. If you’re looking to take advantage of a points-based credit card but don’t want to fork out big bucks on annual fees, this card is for you. And if you don’t have a hefty income needed to get approved for a premium points-based credit card, this card is a great option.
