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RBC ION Visa vs Tangerine Money-Back Credit Card: Which one is better?
RBC ION Visa
2.7
Tangerine Money-Back Credit Card
4
Finly Rebate
N/A
Finly Rebate
Rewards Breakdown
Annual Rewards
$258.39
RBC ION Avion
First Year Bonus Value
$35
RBC ION Avion
Annual Fee
$0
First Year Value
$293.39
$258.39 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$278.6
First Year Bonus Value
$100
Annual Fee
$0
First Year Value
$378.6
$278.6 in years after
Based on $2,000/mo average spending and assuming you have a Tangerine Savings account. Calculate your rewards.
Insurance Included
Extended Warranty
Up to a year
Purchase Protection
90 days
Insurance Included
Extended Warranty
Up to a yearPurchase Protection
90 days
Extra Benefits
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Gas Discount
save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada
Extra points
50 Be Well points for every $1 spent on eligible products at Rexall
Extra Benefits
N/A
Interest Rates
Purchase:
20.99%
Cash Advance:
22.99%
Interest Rates
Purchase:
20.95%2
Cash Advance:
22.95%2
Balance Transfer:
22.95%2
Annual Fee
$0
Annual Fee
$0
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Welcome Bonus
Get 6,000 Avion points upon approval
Welcome Bonus
In the first 2 months, get a bonus 10% cash back up to $100
Rewards Rate
- 1.5 points for every dollar in grocery, rides, gas, electric vehicle charging, streaming, digital gaming, subscriptions and more
- 1 point for all other purchases
Rewards Rate
- 2% on the choice of two categories chosen from the 10 offered by Tangerine
- 0.5% cashback on all other credit card purchases.
Loyalty Program
Loyalty Program
N/A
Point Redemption Options
Most Optimal
Transfer to WestJet
1¢ / point
Financial Products
0.83¢ / point
Gift Cards
0.72¢ / point
Merchandise
0.7¢ / point
Travel
0.6¢ / point
Statement Credits (Cash)
0.58¢ / point
Point Redemption Options
Not Applicable
Is this card worth it?
We actually don't like this card. It neither offers great benefits nor rewards, even for a free card. It's a very average card with many better and worse alternatives, both paid and free.
Is this card worth 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
- Good savings on gas if you are a regular petro-Canada gas customer.
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.
- Reward categories are not the best.
- Avion reward points are generally less valuable.
- Many other cards with no annual fee are available that are all-around better cards than ION Visa.
Cons
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
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Legal
2 The annual interest rate on Purchases is 20.95% and Cash Advances (including Balance Transfers) is 22.95%. Rates are subject to change. If you don't make 2 consecutive monthly Minimum Payments, or at any time thereafter, an interest rate of 25.95% will apply to your Account on Purchases and 27.95% on Cash Advances (including Balance Transfers).