Tangerine Money

Prepared to dive into a Tangerine Money-Back Credit Card overview? Since its introduction, Tangerine credit cards have gained immense popularity due to their flexibility, allowing users to select up to three spending categories to earn extra cash back.

While the ability to choose categories for increased cash back is indeed a noteworthy feature, it shouldn’t be the sole factor in your decision-making process when selecting a credit card. Read through my Tangerine Money-Back Credit Card overview to explore the potential cash back earnings, the additional benefits offered, and how it stacks up against other options in the market.

Welcome Bonus and Earnings Rate

When you first sign up for the Tangerine Money-Back Credit Card, you can often take advantage of a welcome bonus, allowing you to earn 10% cash back during the initial two months, typically capped at either $100 or $200.

In terms of ongoing cash back, this card provides 2% on two selected categories. However, if you opt for cash-back deposits into your Tangerine savings account, you can add a third category for the same 2% return. All other purchases will earn 0.5% cash back.

One unique aspect of this credit card is its customization. Unlike most cash back cards, where earning multipliers are predefined, you can select the categories where you spend the most. However, it’s worth noting that travel-related expenses lack dedicated cash-back categories; for example, while “hotel/motel” is listed, flight purchases do not qualify for extra cash back and only earn at the base rate.

Tangerine Money-Back Credit Card Categories

The Tangerine Money-Back Credit Card allows you to choose three categories to earn 2% cash back from a total of ten options, which include:

• Grocery
• Furniture
• Restaurants
• Hotels/Motels
• Gas
• Recurring bill payments
• Drug store
• Home improvement
• Entertainment
• Public transportation & parking
• E-Games
• Fitness
• Foreign currency spending

The range of cash back options is varied, making it relatively easy to pick three that align with your spending habits. However, there are a few considerations: Walmart Superstores are included in the grocery category, allowing you to earn 2% cash back there, but standard Walmarts and Costco do not qualify as grocery transactions.

When it comes to gas purchases, buying at Costco does qualify for the gas category. And for recurring bills, they must be automatically charged to your card—one-time purchases do not count.

Entertainment categories encompass activities at venues like sports arenas, theaters, amusement parks, and more. Public transportation includes taxis, trains, buses, and road tolls.

You can change your selected categories whenever you like, but updates only take effect in your next billing cycle. This system is designed to discourage misuse. This flexibility plays a significant role in why the Tangerine Money-Back Card is highly regarded as one of Canada’s leading cash-back credit cards.

Benefits and Features

As an entry-level card without an annual fee, the Tangerine Money-Back credit card comes with limited benefits. Cardholders receive the following:

Purchase Insurance

The Tangerine Money-Back Card offers the following insurance options:

• Purchase assurance: Protects your purchases against theft, loss, and damage for 90 days from the purchase date.
• Extended warranty: Doubles the manufacturer’s warranty up to an additional year on items purchased using the card.

Balance Transfer

Cardholders can also request a balance transfer at a promotional rate of 1.95% for six months. This is an advantageous rate if you are managing existing credit card debt. A 1% balance transfer fee applies, and you must initiate it within 30 days of account opening. Post-promotion, the interest rate will increase to 19.95%, but it still holds its place as one of the top balance transfer credit cards in Canada.

Cash Back Redemption

Cash back earned through the Tangerine Money-Back Card is dispensed monthly. It can either be deposited into your Tangerine Savings Account or applied directly against your credit card balance, with no minimum cash back needed for redemptions.

The purchase protection extends to cover loss, theft, or damage for 90 days after purchase. Any warranties on items bought with the Tangerine card are automatically extended by up to one additional year. Both of these advantages are frequently overlooked and are rare in no-fee credit cards, making them significant benefits for Tangerine Money-Back cardholders.

Tangerine Money-Back Card Eligibility

To be eligible for the Tangerine Money-Back Card, applicants must fulfill the following criteria:

• Must be of age of majority in your province or territory
• Must be a permanent resident of Canada
• Annual gross income must be at least $12,000
• Must not have declared bankruptcy in the last seven years

While no specific credit score is required, it is advisable to maintain a score of 670 or higher.

Comparison with Other Cards

Tangerine Money-Back Card vs. American Express SimplyCash Card

When comparing cash-back cards, the Tangerine Money-Back card stands alongside its competitors, such as the American Express SimplyCash Card, which also incurs no annual fee and offers 1.25% cash back on all purchases. The Tangerine card’s higher return rate on selected categories may be more appealing if you typically spend in those areas. Both cards can be used together for optimal cash back benefits.

Tangerine Money-Back Card vs. Tangerine World Mastercard

Consider the Tangerine World Mastercard as an alternative; it is a premium version of the Money-Back Card and provides added benefits like rental car and mobile device insurance, with no annual fee. However, it requires either an individual gross annual income of at least $60,000 or a household income of $100,000.

If you are looking for opportunities to earn travel rewards or seek comprehensive travel insurance, you may find the best travel credit cards in Canada more fitting than the Tangerine card.

Conclusion

In summary, my assessment of the Tangerine Money-Back Credit Card is favorable. This card is particularly suited for:

• Customizers – You have the ability to choose categories to earn 2% cash back, with all other purchases yielding 0.5% cash back.
• Individuals with modest income – The income threshold for this card is just $12,000.
• Those seeking no fees – It stands out as one of the leading no-fee credit cards in Canada.

The Tangerine Money-Back Credit Card simplifies earnings by offering monthly cash back without additional complexities. While it may lack extensive supplementary benefits, it’s still an attractive option for many, including students.