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Tangerine Money-Back Credit Card Review 2023

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Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

Rated 3.7/5 stars.

Rewards
  • 2% Earn 2% cash back on certain purchases in your chosen categories.
  • 0.5% Earn 0.5% cash back on all other purchases.

Previously known as ING Direct, Tangerine Bank is an ideal option if you spend a lot of time online or haven’t physically stepped inside a bank branch since you were a kid. This no-fee digital bank offers almost every financial product that a major brick-and-mortar bank does, including one of the best credit cards in Canada: the Tangerine Money-Back credit card.

In this WealthRocket review of Tangerine’s Money-Back credit card, we’ll give you the lowdown on rewards, eligibility, interest rates and fees, and more, so you can decide if it’s right for you.

Tangerine Money-Back: an overview

The Tangerine Money-Back Credit Card is a cash back credit card with no annual fee. With it, you can earn up to 2% cash back on spending categories like groceries, gas, restaurants, home improvement, entertainment, furniture, and recurring bill payments. And you can earn 0.5% on everything else. The Tangerine Money-Back Mastercard can also act as a balance transfer credit card.

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Apply for the Tangerine Money-Back Credit Card by January 31, 2024 to earn an extra 10% back on up to $1,000 in everyday purchases made within your first two months.

Tangerine Money-Back rewards

The Tangerine Money-Back Credit Card rewards you to the tune of:

  • 2% cash-back on up to three spending categories* (choose from 10)
  • 0.5% cash-back on all other purchases
  • 10% cash-back up to $100 when you spend up to $1,000 within the first two months

The spending categories are:

  1. Grocery
  2. Furniture
  3. Restaurants
  4. Hotel-Motel
  5. Gas
  6. Recurring bill payments
  7. Drug store
  8. Home improvement
  9. Entertainment
  10. Public transportation and parking

Cash back is paid monthly and there’s no limit to how much you can earn. You can either redeem it as a statement credit, or you can send it to your Tangerine savings account.

*You only get a third spending category if you choose to deposit your cash back rewards into a Tangerine savings account.

Tangerine Money-Back eligibility

You can apply for the Tangerine Money-back Credit Card online. To be eligible, you need to:

  • Be the age of majority in your home province
  • Be a permanent resident of Canada
  • Earn a minimum gross annual income of $12,000
  • Have no history of bankruptcy within the last seven years

Tangerine Money-Back interest rates and fees

Fees

  • Annual fee: $0
  • Foreign transaction fee: 2.5%
  • Extra card fee: $0
  • Cash advance fee: $3 domestic; $5 international
  • Dishonoured payment fee: $25
  • Rush card fee: $25
  • Over-limit fee: $25
  • Balance transfer fee: 3% of balance transferred

Interest rates

  • Purchases: 19.95%
  • Cash advances: 19.95%
  • Balance transfers: 1.95% for first six months, then 19.95%

Tangerine Money-Back perks

The Tangerine Money-Back Mastercard comes with a couple other nice-to-haves, including:

  • Extended warranty and purchase assurance

    When you use your card for most new purchases anywhere in the world, enjoy up to $60,000 in insurance coverage for things like theft and damage for 90 days from when you bought the item. The extended warranty ensures you can receive repairs for a maximum of one year.

  • Spending tracking

    Download the Tangerine app to track and categorize your expenses. Confirm your monthly income, input your fixed expenses, and tell the app how much you’d like to save every month. It will use the information you provide, along with your credit card transactions, to tell you how much you have left to spend.

Compare Tangerine Money-Back alternatives

Our Pick
Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

  • Welcome Offer 10% cash back on up to $1,000 in purchases in first 2 months
  • Annual Rewards $282
  • Annual Fee $0
  • Minimum Income Required None
Simplii Financial™ Cash Back Visa Card

Simplii Financial™ Cash Back Visa Card

  • Welcome Offer 10% cash back for first 3 months
  • Annual Rewards $339
  • Annual Fee $0
  • Minimum Income Required $15,000 household
CIBC Costco Mastercard Image

CIBC Costco Mastercard

  • Welcome Offer $30
  • Annual Rewards $366
  • Annual Fee $0
  • Minimum Income Requirement $15,000

Our final thoughts

The Tangerine Money-Back Credit Card is a great starter card, especially since it comes with no annual fee. While the 2% maximum earn rate is on the modest side and not super competitive, if you find yourself frequently spending in any of the 10 eligible categories, then this card can result in some consistent rewards. The ability to track your spending is also a plus. If you’re looking for a cash back card with even more perks, though, consider the Tangerine World Mastercard.

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