Tangerine Money-Back Credit Card Review 2022

Tangerine Money-Back Credit Card Review 2022

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated January 3, 2022

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. 

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 Rate19.95%
Cash Advance Rate19.95%
Balance Transfer Fee3% of the transferred amount
Promotional Balance Transfer Rate1.95% 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 Rate2.50%
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. 

Check out how to cancel your Tangerine credit card online.

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.

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 cash back 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 cash back 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. 
Psst: Did you know that Tangerine has another credit card? The Tangerine World Mastercard is another great cash back card offered by the brand. Check it out here.

Tangerine Money-Back Credit Card FAQs

How do you redeem your cash back? 

With the Tangerine Money Back Credit Card, your cash back is automatically redeemed each month. You can either have your cash back applied towards your credit card balance or have it deposited into your savings account. 

What are the eligibility requirements for the Tangerine Money-Back card? 

To be eligible for the Tangerine Money-Back card, you’ll need a gross annual income of $12,000 or more, you’ll also need to be the age of majority in your province or territory and be a permanent resident of Canada. Additionally, you must not have declared bankruptcy in the last 7 years. 

How much are the Tangerine Money-Back rewards worth? 

The dollar value of your rewards is dependent on how much you spend within each spending category. For example, if you spend $2,000 a year within the 2% categories and $3,000 in the 0.5% categories, you’d earn $55 in cash back.

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.

Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same. She's used a variety of financial tools over the years and is currently growing her money with Wealthsimple, while stashing some capital in a liquid high-interest savings account so that she always has a financial cushion to fall back on. She's also been avidly using her Aeroplan TD credit card to collect as many Aeroplan points as possible to put towards her travels!

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