Review: Tangerine Money-Back Credit Card

Review- Tangerine Money-Back Credit Card

Looking to earn cash back on your daily expenditures? Don’t want to pay an annual fee? Enter the Tangerine Money-Back Credit Card, which was introduced in early 2016 following a successful trial run involving 32,000 existing Tangerine clients. The card, which brings a new level of choice to consumers, has created quite a buzz for its unique and flexible rewards structure. Is it right for you? Let’s take a look at the fine print.

Card Details

Tangerine

Tangerine Card Details

The no-fee card gives cardholders the ability to choose where they earn the most rewards. Unlike similar cash back options which offer top earnings on gas and groceries only, Tangerine cardholders select their two favourite spending categories to max their Money-Back Rewards, including:

  • Restaurants
  • Grocery
  • Gas
  • Entertainment
  • Home Improvement
  • Furniture
  • Hotel-Motel
  • Recurring Bills
  • Drug Store
  • Public Transport and Parking

Purchases made within the selected categories will earn 4% on the dollar for the first three months (2% after that), with 1% earned on all other spending. Money-Back Rewards are paid out monthly, and while cardholders can choose to directly apply them to their credit card balance, the card is designed to reward savers; those who deposit their Money-Back Rewards into their Tangerine Savings Account get a third spending category to maximize their earnings.

Mix And Match Your Spending

According to Tangerine, groceries remain the most popular category, followed by restaurants and gas. But it’s this ability to select spending categories that really sets this card apart from other cash back options as it allows consumers to customize their rewards to their specific spending habits – and no other cash back card on the market offers such a wide variety of spending options without an annual fee.

Said Peter Aceto, President and CEO of Tangerine in a press release, “We want to help Canadians make smarter decisions with their hard-earned money and this now includes giving them more choice when it comes to their spending. Whether it’s groceries, gas, entertainment or other everyday spending needs, our new credit card puts money back in the pockets of our Clients, allowing them to save while they spend.”

How Much Could You Earn?

How much could you earn using Tangerine’s Money-Back Credit Card? Assuming you’ve opted to “spave” (Tangerine-speak for funneling rewards into savings) and have chosen the Food, Gas and Pharmacy categories, here’s what you could earn over a 12-month period:

Assuming $1,119 is spent on the card monthly in the following categories*:

Spending categories

Within the first 3 months: $112.02

The remaining 9 months: $156.87

TOTAL EARNINGS: $291.21

*Statistics Canada Annual Household Expenditure

This Card is Great If:

  • You want to earn rewards without having to pay an annual fee
  • You want to grow your savings
  • You prefer to pay your bills with automated credit card payments
  • You don’t carry a balance on your credit card
  • You’re a commuter who regularly pays for transit, gas or parking
  • You’re a frequent traveler, but don’t want to carry a more expensive travel card
  • You frequently eat out at restaurants
  • You are renovating your home
  • You spend the most on groceries and drugstore purchases each month

This Card Isn’t So Great If:

  • You tend to carry a balance from month to month
  • You are a frequent traveler and require additional insurance coverage on your card
  • You prefer a credit card with high-end perks such as concierge and lounge access
  • You want to earn specific types of rewards (AIR MILES, Aeroplan, etc.) or the ability to convert your points
  • You want the ability to trade points in for travel or merchandise

Related Topics

Credit Card News / Credit Card Reviews / Credit Cards

8 thoughts on “Review: Tangerine Money-Back Credit Card

  1. Trying to balance my expenses so it won’t help me. But is good to know that there’s a small change in card industry.

  2. Taking advantage of their other great perk – actually earning interest on your savings, I have my “cash back” automatically deposited each month into my savings account. Tangerine offers at least a competitive savings rate on every single cent. Even though we don’t physically have those anymore, even one adds a bit to my account/s.

  3. CAUTION with Tangerine Mastercard!!! if you’re like me and like to have your CC balance auto withdrawn from your bank account every month and pay off balance so no interest charges are incurred, FORGET it with Tangerine unless you also bank with them. I chatted on line with customer service and they said they cannot auto withdraw from other banks. So I have to manually go in and pay my Tangerine like a bill payment every month. Sorry, but I am just too busy and have too much going on to have to deal with this. I know I would miss payments and get charged interest. it is a convenience that all other CC companies offer (Citibank, BMO and CIBC all auto withdraw from my TD Canada Trust bank account), and I value that convenience. I wish I had known this going in, and cancelling now will likely affect my credit rating. If it does, then this card is going in the drawer to collect dust, never to be used again.

    • Exactly the same case here! I just found that out yesterday. It’s not convenient. However, may I give you some advise? 1) don’t cut the card, just set up an automated payment from your Tangerine account (if don’t have one, open it, it’s free and so easy done online) for only the minimum payment (usually $10), and leave a few $$ there (earning interest). This will protect you against incuring into any late-payment fees, and you can pay the card manually whenever you remember (set up a monthly reminder in your calendar).

      2) yes, you can send the card to the drawer; besides, your credit score won’t suffer much or maybe at all, if you cut a recent card. It would suffer if you cut cards with longer history though. Or, you can use it! ongoing 2% cashback for a no fee card is a very good deal in Canada (maybe the best out there, except for the Amex preferred 5% cashback, but this is a promo for the first 6 months only).

      Cheers.

  4. Average card. The card itself is very good if it fits your needs. But the service is average. Had to apply more than once because of problems. The comptability information on the statement is weirdly organised. Called to have some information and the lady at the phone argued with me. After verificaiton I was right, etc.

    To compare, my Visa Desjardins has a much better quality of service.

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