Simplii Financial vs. Tangerine: A Comparison for 2021

Simplii Financial vs. Tangerine: Credit Cards

Simplii Financial and Tangerine offer credit card options from both Visa and Mastercard. Learn more about what they have to offer below.

Tangerine: Credit Cards

The proof is in the (tangerine-flavoured) pudding when it comes to this online bank’s credit card offerings:

The Tangerine Money-Back Credit Card offers cardholders the opportunity to earn up to 2%* cashback on their purchases, all with no earning limits and no annual fee. Depending on the time of application, new cardholders will often be eligible for temporary promotional rates that come with the opportunity to earn up to 10%* back in cash on first purchases.

The categories eligible for 2%* cashback on the Tangerine Money-Back Credit Card include grocery, restaurant, gas, and drug store purchases.

Also included are other less common purchase categories like hardware and entertainment, as well as bills.

The card also offers Purchase Assurance and Extended Warranty and the opportunity to perform a balance transfer that will be subject to only 1.95%* interest for six months.

Perhaps the strongest selling point of the Tangerine Money-Back Credit Card is the qualifying requirements.

While many money-back cards often come with unattainably high application standards, the Tangerine Money-Back Credit Card provides a refreshingly short list of qualifiers that provides an excellent opportunity for modest earners.

Applicants must make an income of $12,000 at minimum, be of the age of majority, and be free of bankruptcies from the past seven years.

*Rates current as of July 2021

Tangerine's other flagship credit card is the World Mastercard. This card is similar to the Money-Back Credit Card at first glance, offering up to 2%* cashback on a widely encompassing array of categories, also for an annual rate of <$0*.

However, the card’s perks are where it shines, offering many services that are usually only reserved for cards with expensive annual fees, including Mastercard Travel Rewards, rental car collision and loss insurance, mobile device insurance, and access to coveted Mastercard airport experiences.

This card gives customers the option to choose two favourite categories to earn 2%* cash (three if they are depositing their rewards into a Tangerine savings account).

New cardholders also can do a balance transfer and with 1.95%* interest for the first six months. However, to enjoy this card, applicants must have an annual income level of at least $60,000.

*Rates current as of July 2021

Simplii Financial: Credit Cards

One of the biggest perks of an online-only bank is a low fee or no-fee credit card. Unlike large banks, which have to charge annual credit card fees to supplement operational costs, online-only banks benefit from low overhead costs thanks to a lack of brick and mortar stores. This attempt to pass savings onto the customer is very apparent in Simplii Financial’s offerings:

Simplii Financial’s Cash-Back Visa is a rare instance of a reward card without an annual fee and it’s not just free in the first year as a promotion.

There’s never an annual fee for both the primary card user and three additional cardholders, a deal almost unheard of in the cashback credit card world.

The Simplii Financial No-Fee Visa offers a market-high 4%* cashback rate on all restaurant, bar, and coffee shop purchases (with a fair maximum earning ceiling of $5,000 per year).

The current signing bonus allows users to make 9.99%* interest on the first $500 of their purchases within the first four months.

These high rates don’t apply to any other categories. Still, cardholders can also enjoy a cashback rate of 1.5%* on any purchases made at a gas station, pharmacy, or grocery store, with an earning maximum of $15,000 annually.

All other purchases will come with 0.5%* cashback, but there is no yearly maximum applied to this spending category.

This card also comes with purchase security and extended protection insurance, which doubles a manufacturer’s warranty for up to one year. Cardholders also have the option of opting for CIBC payment protector insurance and CIBC travel medical insurance.

The qualifying requirements for the No-Fee Visa include a minimum income of $15,000 and no history of bankruptcies within the past seven years. Applicants must also be of the age of majority and a resident of Canada.