Tangerine Money-Back Credit Card
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Rewards Calculator Algorithm
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Total Spending
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$0
Rewards based on $0 average spending
Card Details
Annual Rewards
$244.92
First Year Bonus
$100
Annual Fee
$0
First Year Value
$344.92
$244.92 in years after
Interest Rates
Cash Advance: 19.95%
Purchase: 19.95%
Annual Fee
$0
Annual Income
Personal: N/A
Household: N/A
Credit Score
Fair
Welcome Bonus
In the first 2 months, get a bonus 10% cash back up to $100
Card Type
Cash Back
Our Rating
3.6/5
Institution
Tangerine
Rewards
- 2% on the choice of two categories chosen from the 10 offered by Tangerine
- 0.5% cashback on all other credit card purchases.
Tangerine Money-Back Credit Card Cash Back Calculator
Based on average spending
Rewards Ranking
Rewards Breakdown
Restaurants, Fast Food, Food & Dining
$84
Groceries
$82.56
All other purchases
$78.36
Net Annual Rewards
$244.92
Rewards Summary
Net Annual Rewards
$244.92
First Year Bonus
$100
First Year Value
$344.92
Insurance & Benefits
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Up to a year
- • Purchase Protection Insurance up to 90 days
- • Extended Warranty Insurance up to a year
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.
Tangerine Money-Back Credit Card Review
The Tangerine Money back card is one of the only two credit cards offered by Tangerine. There are some unique features on this card that make it very different and versatile compared to other credit cards that we will explore in this in-depth review.
This card is very similar to the Tangerine World Mastercard but with fewer benefits. The only reason you might go for the Tangerine Money back in favor of the World is that you don't have the requirements of the World Mastercard, which are not that easy to qualify for ($60K individual or $100K household income).
The Rewards
The Tangerine Money-Back credit card allows you to choose which categories you want to get extra cashback in. This is unique because no other credit cards allows you to choose which categories you want to have extra cashback.
You have the option to choose from 10 categories:
- Grocery
- Furniture
- Restaurants
- Hotel-Motel
- Gas
- Recurring Bill Payments
- Drug Store
- Entertainment
- Public Transportation
- Parking
You can choose two of these categories, and you will then receive 2% cashback on them and 0.5% on all your other categories.
One good thing about the categories is that you can choose two and, after opening your account, request the categories change. After every change, you can wait another 90 days and request a change again. You can use this to your favor. So, for example, if you know you are going to pay a huge amount for a Hotel soon, you can change one of your categories to Hotel-Motel to get the extra cashback.
If you decide to go with this card, we highly advise going for the Tangerine Savings account as well because it allows you to choose three categories to earn 2% in, which will make this a very good card.
Welcome Bonus
Tangerine offers 10% Extra cashback on your purchases up to $100 earned. This extra means that if you buy something in the 2% categories selected, you will earn 12%; if you buy something outside of the 2% categories, you will earn 10% on top of the 0.5%, meaning %10.5.
So for you to get all the $100 welcome bonus, you need to spend a total of $1000 in the first two months.
2 benefit of Tangerine Money Back Card
1. Good cashback rate for a card with No annual fee
The Tangerine cards give good cashback for a card that has no annual fee. There are some other cards that might beat it in terms for users with different spending categories, but in general, it usually is in the top 5. No annual fee cards are recommended to the users.
2. Easy Approval
To get the Tangerine Money Back credit card, we estimate that only a fair credit score is required. In addition, a $12K personal income is asked for, which is a very low number; most people, even the ones with part-time jobs, are making over that number.
Downsides of the Tangerine Money Back Credit Card
Low Insurance Coverage
The Tangerine Money Back offers just the basic purchase protection and an extended warranty, which are standard features found on most free cards. This is a limitation, especially when there are No annual fee cards out there offering perks such as roadside assistance and no foreign transaction fees.
Therefore, if you're in search of a card with more extensive benefits, the Tangerine Money Back might not be the best choice for you.
Final Verdict
First off, if you have a high income ($60K personal or $100K household and a good creditscore, then the World elite version of this card is a better choice. But if you don't have those requirements then we can look at the Tangeride Moneyback card.
Based on this information, whether to go for the Tangerine Money Credit card or not depends on a few things.
- If you want a card with many benefits then this card might not be for you. Tangerine only has the basic benefits and there are some cards that provide more benefits.
- If you are willing to use multiple credit cards, then we advise you to go for this card. The main reason is that even though it might not be the best card for Grocery and Restaurant purchases, which are the biggest spending categories for many people, it is one of the best cards (Among all credit cards, both paid and free!) for Recurring purchases, Gas and Pharmacy. So having this card in for these categories in addition to another card for your Restaurant and Grocery purchases would create a great combo!