Update! Tangerine Money-Back Credit Card Review

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Update, November 27, 2019: 
Apply for a Tangerine Money-Back Credit Card by December 31, 2019 and receive a $75 e-Gift Card from RateSupermarket.ca when your application is approved.  

Looking to earn cash back on your daily expenditures? Don’t want to pay an annual fee? Enter the Tangerine Money-Back credit card – one of the most popular cash back credit cards on the market. 

Instead of having set categories to earn extra cash back, the Tangerine Money-Back credit card allows you to choose up to three categories to earn extra rewards. Let’s take a look at what else this card has to offer. 

Tangerine Money-Back Card

Sign Up Bonus: Average 

The Tangerine Money-Back credit cardoffers a promotional earn rate of 4% cash back in up to three chosen Money-Back Rewards categories for the first three months of cardmembership. Access two categories right away and if you set up your cash back to be automatically deposited into a Tangerine Savings Account, you can select a third category that will be eligible for the promotional interest rate. After the welcome offer expires, earn 2% in these categories. Plus, this card has no annual fee.  

Additionally, for a limited time, you can benefit from a low-balance transfer rate only available to new cardholders. Balance transfers made within 30 days on the account are only subject to a 1.95% interest rate for the first six months of cardmembership. After that, the balance transfer rate increases to 19.95% rate. That being said, this card can be a good option to reduce your debt load on another card quickly. 

Sign-Up Bonus Expiry Date: January 31, 2020 

Earning Potential: Great 

Don’t spend a lot on groceries or gas? No problem. The Tangerine Money-Back credit card has been praised for its flexibility, giving you 10 categories for you to choose from in terms of earning cash back. Two selected categories will earn you 2% cash back or “Money-Back Rewards” from the start (after the 4% welcome offer rate expires). And if you set up your cash back to be automatically deposited into a Tangerine savings account, you can also select a third category that will give you 2% cash back. All other purchases in other categories earn you 0.50% cash back. 

The categories available are as follows: 

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

How much could you earn using Tangerine’s Money-Back credit card? Assuming you have earned three Money-Back Rewards categories and have chosen Food, Gas, and Pharmacy, here’s what you could collect over a 24-month period: 

Let’s also assume that $1,600 is spent on the card monthly in the following categories*: 

  • Groceries:$494.50 
  • Pharmacy: $55.33 
  • Gas: $134.31 
  • Other: $915.86 

According to our Best of Finance methodology*, this can amount to $479.34 Money-Back over a two-year period.  

Another good thing about this card is that there is no limit on the amount of Money-Back Rewards you can earn, and you can change your Money-Back categories to suit your spending at any point in time. This means that if you realize you’re spending more in entertainment, or you know that you have to buy a lot of furniture next month, you can easily switch your categories to capitalize on your planned purchases. 

This means, the Tangerine Money-Back credit card can work most in your favour if you’re a commuter who regularly pays for transit, gas or parking; you frequently eat out at restaurants; you are renovating your home; or you spend a significant amount on groceries and drugstore purchases each month. 

Balance Transfer Feature: Good 

As mentioned before, this card features a super-low rate of 1.95% on balance transfers made within the first six months of cardmembership. After the first six months, balance transfers are subject to a 19.95% interest rate, which is average for most credit cards. So, if you’re struggling to pay off the balance on another credit card and accruing interest at a higher rate, the Tangerine Money-Back credit card may be a good option to clear your debt faster. 

Point Redemption: Great 

Another appealing aspect of the Tangerine Money-Back credit card is how easy it is to claim your Money-Back Rewards. Your cash back rewards are paid out monthly and can be deposited to your Tangerine savings account or immediately applied to your bill as a statement credit. There’s no need to call, you get your money right away! 

This may be a limiting feature to those who want to earn specific types of rewards (AIR MILES, Aeroplan, etc.), or want the ability to trade points in for travel or merchandise. But if you want to grow your savings or pay your bills with automated credit card payments, then this reward redemption process may be preferable to you. 

Benefits: Average 

Since this is a no-fee card, there aren’t a ton of benefits included. For example, if you are a frequent traveller and require additional insurance coverage on your card, or you prefer a credit card with high-end perks such as concierge and lounge access, this card can’t help you. But you do get a few perks which may interest you, such as: 

  • Free supplementary cards 
  • Purchase Assurance 
  • Extended Warranty 

The free supplementary cards are great if you want to earn more rewards as a family. 

Purchase assurance covers you in the event of loss, theft or damage, in excess of other insurance, for 90 days from the day of your purchase. 

And finally, the extended warranty is nice since it doubles the manufacturer’s warranty up to one additional year. 

This post has been updated. 

Related Topics

Credit Card News / Credit Card Reviews / Credit Cards

8 thoughts on “Update! Tangerine Money-Back Credit Card Review

  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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