Tangerine Money-Back Credit Card vs BMO CashBack® World Elite® Mastercard®: Which one is better?
Tangerine Money-Back Credit Card
4
BMO CashBack® World Elite® Mastercard®
4
Finly Rebate
Finly Rebate
N/A
Rewards Breakdown
Annual Rewards
$278.6
First Year Bonus
$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.
Rewards Breakdown
Annual Rewards
$500.78
First Year Bonus
$190
Annual Fee
$120
First Year Value
$690.78
$380.78 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Extended Warranty
Up to a year
Purchase Protection
90 days
Insurance Included
Extended Warranty
1 year
Purchase Protection
90 days
Lost or Stolen Baggage
$500/person, $1,000 maximum
Baggage Delay
$500/person, $1,000 maximum After 6 hours
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Car Rental Damage & Theft
yes
Car Rental Accident
$200,000
Travel Accident
$500,000
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
$5M up to 8 days per covered person
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Car Rental Personal Effects
$1,000
Personal Effects
$750
Trip Interruption
$500
Flight Delay
$500 After 4 hours delay
Extra Benefits
N/A
Extra Benefits
Car Rental Discount
Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool
Airport Lounge - Dragon Pass
Complimentary membership in Mastercard Travel Pass provided by DragonPass. As a member enjoy lounge access for a fee of just US$32 per person, per visit.
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Gas Discount
Get up to 7 cents off per litre on Shell® fuel, only for BMO cardholders.
Roadside Assistance
Including battery boosts, flat-tire change, lockout service and towing – a $69/year value.
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.
Global Data Roaming plan
With FlexiRoam, stay connected around the world without a SIM card and get up to 15% off a Global Data Roaming plan plus up to 3GB of data, without any additional charges, if apply.
Interest Rates
Purchase:
20.95%1
Cash Advance:
22.95%1
Balance Transfer:
22.95% (1.95% first 6 months)1
Interest Rates
Purchase:
20.99%
Cash Advance:
23.99% (for Quebec 21.99%)
Balance Transfer:
22.99%
Annual Fee
$0
Annual Fee
$120
$0
First Year Waived
Income Required
Min Personal Income:
N/A
Min Household Income:
N/A
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Welcome Bonus
In the first 2 months, get a bonus 10% cash back up to $100
Welcome Bonus
Get up to 10% cash back in your first 3 months with an incremental cashback value of $200
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.
Rewards Rate
- 5% cashback on groceries (maximum $25 per statement)
- 4% cashback on daily transit (maximum $12 per statement)
- 3% cashback on gas (maximum $9 per statement)
- 2% cashback on recurring payments (maximum $10 per statement)
- 1% cashback on all other credit card purchases.
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.
Is this card worth it?
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
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.
Pros
- Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
Cons
- Insurance coverage is the most basic.
- Very low cashback rate on the other categories not selected.
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
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