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A credit card that offers the opportunity to earn cash back rewards points without an annual fee can be hard to come by – but that’s exactly what you’ll get with the Tangerine World Mastercard. 

With a $0 annual fee and limitless cashback rewards earning potential on everyday purchases, this credit card can be the perfect addition to your wallet. Let’s check out the Tangerine World Mastercard in more detail.

Who Is Tangerine?

Tangerine is a fully online bank, which means it has no brick-and-mortar locations to visit. This allows Tangerine to pass the money it saves back to its clients. Tangerine was one of the first online banks brought to Canada as an alternative to traditional banking. Its main goal is to provide more banking options for Canadians. 

Overview Of Tangerine World Mastercard 

Annual Fee$0
APR19.95%
Cashback Rewards– 2% money-back rewards on up to 3 categories
– 0.5% money-back rewards on everything else
Income Requirement– $60,000 (individual)
– $100,000 (household)
Extra Benefits– Free Boingo Wi-Fi
– On-Demand and Subscription Services
– VIP Airport Experiences Provided by LoungeKey
– Rental Car Collision/Loss Damage Insurance
– Mobile Device Insurance
– Track your spending
– Purchase Assurance
– Extended Warranty

Special Offer

Apply for a Tangerine World Mastercard® by April 30, 2024. 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.*

Earning Points With The Tangerine World Mastercard

When you spend using your Tangerine World Mastercard, you’ll earn 2% money-back rewards on purchases made. You can choose two different cashback rewards categories:

  • Groceries
  • Restaurants
  • Gas
  • Pharmacies
  • Hotel accommodations
  • Public transit
  • Parking
  • Furniture
  • Home improvement
  • Entertainment
  • Recurring bill payments

Earn Even More Cash Back Rewards

Deposit the rewards earned into your Tangerine Savings Account, and get a third 2% cash back category from the above-mentioned list.

For all other purchases made, you’ll earn 0.5% in money-back rewards. There are no limits on the number of money-back rewards you can earn when you spend using your Tangerine World Mastercard.

Redeeming Money-Back Rewards With The Tangerine World Mastercard

Redeeming the money-back rewards you earn with your Tangerine World Mastercard is simple and automatically done for you every month. You just have to choose between having your money-back rewards deposited in your Tangerine Savings Account (when you choose this option you get a third cash back category) or having them applied toward your credit card balance. 

Tangerine World Mastercard Main Features

The Tangerine World Mastercard comes with the following features:

Boingo Wi-Fi For Mastercard

Tangerine World Mastercard holders can stay connected wherever they are with Boingo Wi-Fi’s worldwide hotspot locations. Boingo Wi-fi has over 1 million wi-fi hotspots around the world. So whether you’re at an airport, hotel, cafe, or restaurant, you’ll be able to access the net. 

Mastercard Travel Rewards

Tangerine has a program called the E-commerce Cashback Mall that allows you to unlock online offers and earn cash back when making purchases using your card anywhere in the world. Take advantage of these cashback offers and rebates that are directly applied to your credit card statement when you use your Tangerine World Mastercard at participating merchants. 

On-Demand/Subscription Services

Enjoy savings and perks with your favourite subscription services and on-demand apps. For example, new Tangerine World or World Elite Mastercard subscribers can get 4 months of Apple Music for free. 

Mastercard Airport Experiences Provided By LoungeKey 

Take advantage of VIP airport experiences with complimentary membership to LoungeKey, which provides access to more than 1,000 airport lounges and includes exclusive dining, spa, and retail offers in more than 400 airports across the globe. 

Pause My Card

If you believe your card has been misplaced, you can temporarily suspend it with a couple of clicks. This feature offers good security and protection in the event you think your card has been stolen or is being used by a fraudster. 

Organize And Track Your Spending

Stay on top of your expenditures and check up on your financial habits to get a clear picture of what is still available to spend every month.

Does The World Tangerine Mastercard Have Insurance Benefits? 

Rental Car Collision/Loss Damage Insurance 

 Instead of having to purchase collision insurance from your car rental agency, you can get it for free using the Tangerine Money-Back card. Get coverage against damage and theft for your rented vehicle when you charge the entire cost of the rental to your Tangerine World Mastercard. Coverage is limited to 31 consecutive days and will cover rentals with an MSRP of up to $65,000.  

Mobile Device Insurance

Get up to $1,000 in coverage against damage, theft, or loss of your mobile device when the full cost of your device or plan is charged to your Tangerine World Mastercard. This extends to all new cell phones, smartphones and tablets you buy using your Tangerine World Mastercard. 

Tangerine’s mobile device coverage lasts up to 2 years and requires a $100 deductible for phones that originally cost over $600. When you submit a claim, Tangerine will reimburse you the original value of your phone minus the depreciated value (2% for every month you’ve owned your phone) and deductible. 

For example, if you purchase a phone valued at $1,000 and then submit a claim after 6 months, you’ll get back $780. 

Purchase Assurance & Extended Warranty

When you make a purchase using your Tangerine World Mastercard anywhere in the world, you’ll be covered against damage, loss, or theft of that item. So long as the claim is made 90 days from the date of purchase, most items will be covered up to a lifetime maximum of $60,000. 

Moreover, when you make a purchase using your Tangerine card, you may be able to double the period of repair services for items purchased up to a maximum of 1 year.

Tangerine World

Fees Associated With Tangerine World Mastercard

Annual Fee$0
Interest Rate19.95%
Cash Advance Rate19.95%
Balance Transfer Fee3% of the amount transferred, or a minimum of $5
Foreign Currency Conversion Rate2.5%
Over-limit$25

How To Qualify For The Tangerine World Mastercard

To be eligible for the Tangerine World Mastercard, you’ll need a minimum income of $60,000, or a minimum household income of $100,000. Your credit score should also be strong, and in order to take advantage of cashback rewards, your account will need to be in good standing. 

Want to cancel your credit card? Check out how to cancel your Tangerine credit card online.

Tangerine World Mastercard Pros And Cons

Pros

  • No annual fee
  • Unlimited money-back rewards
  • 2% money-back earn rate
  • Insurance (mobile and car rental)
  • Mastercard Airport Experiences
  • Free access to Boingo Wi-Fi

Cons

  • High individual or household income required

Tangerine World Mastercard vs. Tangerine Money-Back Credit Card

Did you know that Tangerine offers a second credit card? The Tangerine Money-Back Credit Card is a great option for anyone looking for a basic cashback credit card with no annual fee. Let’s take a look at how the two Tangerine credit cards differ.

Tangerine World MastercardTangerine Money-Back Credit Card
Annual Fee$0$0
Cash Back Rewards– 2% money-back rewards on up to 3 categories
– 0.5% money-back rewards on everything else
– 2% cash back on up to 3 categories
– 0.5% cash back on everything else
APR19.95%19.95%
Income Requirement– $60,000 (individual)
– $100,000 (household)
$12,000
Mobile Device Insurance$1,000None
Rental Car Insurance$65,000 for 31 daysNone
Mastercard Airport ExperiencesFree membershipNone

Tangerine World Mastercard FAQs

What are the income requirements for the Tangerine World Mastercard? 

To be eligible for the Tangerine World Mastercard, you’ll require a personal income of $60,000 or a household income of $100,000.

Is the Tangerine World Mastercard card free?

The Tangerine World Mastercard has no annual fee. 

Does Tangerine World Mastercard offer travel insurance? 

The Tangerine World Mastercard offers a number of travel benefits including complimentary membership to Loungekey, cash back on purchases made outside of Canada and extra rebates when you spend at select merchants. While they do not offer travel medical insurance or trip cancellation insurance, they do offer rental car insurance and purchase protection assurance. 

Final Thoughts

The Tangerine World Mastercard offers a handsome cashback rewards system that lets you earn points with every purchase you make. There’s no need to exchange a hefty fee for the potential to earn rewards, thanks to the absence of an annual fee. Plus, the extra perks that come with the Tangerine World Mastercard make it an even more attractive option when it comes time to apply for a new credit card.

Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance 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.

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