Tangerine Money Back Credit Card vs World Mastercard
Kevin Shahnazari
Author4 min read
Tangerine offers two credit cards: the Tangerine Money Back and the Tangerine World Mastercard.
You might think which is the better option and which one to go for. The good news is that in this blog, we will go through the differences and similarities of these two cards so that you can make your final decision easier.
The Differences and similarities:
Both these cards have no annual fee, the same reward system, and the same interest rate.
Both these cards have an Extended Warranty of up to one year and 90 days of Purchase protection insurance.
And even their welcome bonus is exactly identical ($100)!
But what is the most significant difference between these two?
The Tangerine World Mastercard has a few extra benefits that the Tangerine Money-Back card does not have. The benefits that Money-Back has that the Moneyback does not are:
- Boingo-Wifi hotspot, which allows you to connect to over 1 million Wi-Fi Hotspots worldwide
- Airport lounge access to +1300 Airport lounges with the Mastercard dragon pass. (Only the pass itself; complimentary visits are not included).
- Car rental and theft insurance.
So if both these cards have no annual fee and the World Mastercard is a better version of the Money-Back card, why shouldn't you always go for the World Mastercard?
Well you always should IF you qualify! Because the Tangerine World Mastercard is a better card than the Tangerine Money-Back card. The reason Tangerine World Mastercard has those extra benefits is that it has higher credit score and income requirements and is not as easy to get as the Moneyback card. The Money-Back card requires a poor or above credit score and an income of $12K/year, but the World Mastercard requires a good or above credit score and either a personal income of $60K/year or a household income of $100K/year.
So, it ultimately boils down to whether you have the requirements to apply to the World Mastercard or not. If you do, then that's the best option, and if not, you can go to the Money-Back card.
Tangerine Money-Back Credit Card
4
Finly Rating
Welcome Bonus
10% Cash Back up to $100 value
I currently have or may soon have a Tangerine Savings account
Annual Fee
$0
Interest Rates
20.95% / 22.95%
Why we like it
Why we like it
While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.
Pros & Cons
Pros & Cons
Pros
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Easy credit score requirements needed for this card.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
Cons
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
Product Details
Product Details
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine
- 0.5% cashback on all other credit card purchases.
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Up to a year
Eligibility
Credit Score
GoodAnnual Income
N/A
Tangerine World Mastercard
4.1
Finly Rating
Welcome Bonus
10% Cash Back up to $100 value
I currently have or may soon have a Tangerine Savings account
Annual Fee
$0
Interest Rates
20.95% / 22.95%
Why we like it
Why we like it
While we think Tangerine World Mastercard isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. For no annual fees
Pros & Cons
Pros & Cons
Pros
- Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
- 2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
- Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
- A few benefits such as free DragonPass for lounge access, Boingo Wi-Fi, and insurances like mobile insurance and car rental theft and damage insurance.
Cons
- With these income and credit score requirements, there are cards with no annual fees that offer much higher rewards and benefits.
- Very low cashback rate on the other categories not selected.
Product Details
Product Details
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine (3 if you have Tangerine's Savings account)
- 0.5% cashback on all other credit card purchases.
Insurance
Coverage
Purchase Protection
90 daysExtended Warranty
Up to a year
Mobile Device Insurance
$1000.svg)
Car Rental Damage & Theft
31 days
Benefits
Details
Airport Lounge - Dragon Pass
Pass only. No Complimentary visits!
Boingo Wi-Fi hotspot
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
Exploring the reward system of both Tangerine World Mastercard and Tangerine Money-Back
The most important aspect of the card is usually its reward system. As mentioned both these cards have the same reward system so you don't need to worry about that. But how does the reward system for these two cards work?
The Tangerine Money Back and World Mastercard both stand out with their unmatched feature: the ability to handpick categories for enhanced cashback. This unique offering ensures a customized cashback experience that's not available on any other card.
Here are your choices for categories:
- Grocery
- Furniture
- Restaurants
- Hotel-Motel
- Gas
- Recurring Bill Payments
- Drug Store
- Entertainment
- Public Transportation
- Parking
Both cards allow you to select two from the above list, rewarding you with 2% cashback in those areas. All other purchases net you 0.5% cashback.
Tangerine Reward Categories Highlights
The adaptability these cards offer regarding the cashback categories is one of their strongest suits. After activating your card, you have the autonomy to change your selected categories.
If you wish to modify them, a 90-day wait is required before your next adjustment. This flexibility can align with your varying spending habits. For example, if you foresee a spike in Furniture expenses, you can pivot your categories to capitalize on it and later revert or adjust based on your spending.
Pairing either of these cards with the Tangerine Savings account amplifies your rewards. By doing so, you get the luxury of selecting three categories to enjoy the 2% cashback, thereby maximizing your rewards.
Conclusion
If you have the Tangerine World Mastercard requirements ($60K personal or $100K household income and a good credit score), then you should always go for that card because it has more benefits, making it a better card than the Money back card.
But if you don't have those requirements, the Money back card is also a great card that you can start with to either build your credit score or, until you have a higher income, go for credit cards with higher requirements.