Tangerine Money-Back Credit Card vs CIBC Costco Mastercard: Which one is better?

Tangerine Money-Back Credit Card

3.6

More Details

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

CIBC Costco Mastercard

3.4

More Details

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Rewards Breakdown

Annual Rewards

$274.73

Welcome Bonus

$100

Annual Fee

First Year Value

$374.73

$274.73 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

$347.33

Welcome Bonus

Annual Fee

First Year Value

$347.33

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included

Purchase Protection

90 days

Extended Warranty

Up to a year

Insurance Included

Purchase Protection

90 days

Extended Warranty

Up to a year

Mobile Device Insurance

$1000

Extra Benefits

N/A

Extra Benefits

N/A

Interest Rates

Purchase:

19.95%

Cash Advance:

19.95%

Interest Rates

Purchase:

20.75%

Cash Advance:

22.49%

Annual Fee

Income Required

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required

Min Personal Income:

$15,000

Min Household Income:

N/A

Welcome Bonus

In the first 2 months, get a bonus 10% cash back up to $100

Welcome Bonus

N/A

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

3% cashback on Restaurants and CostcoGas
2% cashback on Costco.ca purchases (Max $160 yearly)
2% cashback on Gas (Max $100 yearly)
1% on everything else

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?

The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.

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