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Tangerine Money-Back Credit Card Review 2022

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You may have heard of Tangerine as the official bank of the Toronto Raptors. In fact, during the 2020 season, the digital bank gave Canadians a chance to win $200 if they opened a new account within 24 hours of any Raptors win.

Previously known as ING Direct, Tangerine’s made its name as a pioneer of branchless, online banking. It’s an ideal banking option if you spend a lot of time online or haven’t physically stepped inside a bank branch since you were a kid.

But whether or not the Raptors claimed yet another a victory, opening an account with Tangerine is a great idea.

In short, they’re a no-fee banking service that exists entirely online. They offer almost every financial product that a major bank does, including an impeccable credit card line featuring 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 fervently access that same digital banking footprint to help millennial cardholders save when they spend.

Tangerine Money-Back Credit Card

Tangerine Money Back Credit Card

Rated 4.8/5 stars.

Our Review

  • Welcome Offer 15% cash back on up to $1000 in everyday purchases for the first month
  • Annual Fee $0
  • Interest Rates Purchases & Cash Advances: 19.95%
  • Recommended Credit 660 - 724

A review of the Tangerine Money-Back Credit Card for 2022

The Tangerine Money-Back Credit Card is a credit card with no annual fees while paying you to use it.

The Tangerine Money-Back Credit Card gives customers a 2% cash back for two out of ten possible spending categories.

These purchase categories can include home improvement, entertainment, groceries, gas, restaurants, furniture, recurring bill payments, and more.

There is an additional 0.50% cash back on top of the 2% on all purchases outside of eligible categories.

There’s no limit to the amount of cash back you’re eligible for, and you can either redeem it as a statement credit or as money that goes into a Tangerine savings account.

If you choose the savings account option, you get to pick a third spending category to give you an additional 2% cash-back.

All of that could spell out a total of 6% of cash back on the three main areas where you spend most of your money anyway.

The Tangerine Money-Back Credit Card, which helps you save when you spend, also helps you track your spending by showing you exactly where your money is going and how much you have left to spend at the end of each month.

It’s a perfect feature in an environment where it’s so easy to spend money with a simple tap, swipe, or click and lose track of your disposable income.

This is not the only way the Tangerine Money-Back Credit Card embraces technology to make your financial life easier.

The cash-back credit card is also compatible with leading mobile wallets, including Google Pay, Samsung Pay, and Apple Pay.

Finally, the Tangerine Money-Back Credit Card is great if you already carry a little credit card debt. That’s because it carries a low promotional interest rate on balance transfers of 1.95% in the first six months, allowing cardholders to pay down their debt at a much lower interest rate as soon as they open the account.

Hopefully, that will help you clear the decks or at least put a big dent in your outstanding balance before the balance transfer interest rate reverts to the more standard annual interest rate of 19.95%.

Tangerine Money-Back Credit Card Rewards Summary

Here are the key benefits of a Tangerine Money-Back credit card:

  • 2% cash-back on up to 3 categories (choose from 10)
  • 5% cash-back on all purchases
  • 10% cash-back up to $100 when you spend up to $1000 within the first two months
  • Monthly cash-back rewards
  • No limit to the cash-back rewards
  • Only 1.95% interest rate on transferred balance for 6 months if you transfer within the first 30 days ($19.95 thereafter)

How the Tangerine Money-Back Credit Card works

As far as the Tangerine Money-Back Credit Card goes, cash-back is awarded automatically and paid out monthly.

You can choose to put it toward your credit card account for the month or into a new or existing Tangerine Savings Account when you open your credit card account.

If you change your mind, update your money-back destination on your account.

To reiterate, you get 2% cash back rewards in two spending categories of your choosing (three if you redeem your cash back into a Tangerine Savings Account) and 0.50% cash back on all other purchases.

Be aware that missing two consecutive minimum payments cancels your cash back eligibility until your account is in good standing.

If you’re getting this credit card for the promotional balance transfer rate of 1.95% for the first six months, know that to qualify, you must transfer the balance in the first 30 days, and the balance transfer fee is 3% of the balance transferred. After the first six months, interest on balance transfers reverts to 19.95% annually, equal to the card’s annual interest rate on both purchases and cash advances.

Meanwhile, download the Tangerine app, and you’ll be able to track and categorize your expenses on the card. Just confirm your monthly income, input your fixed expenses like bills and car payments, tell the app how much you’d like to save every month and it will use the information you provide along with your credit card transactions to tell you how much you have left to spend each month.

Other key features on this card include purchase insurance, which covers you against theft or damage on most new purchases for up to 90 days at up to $60,000.

The card also comes with an extended warranty that extends a manufacturer’s warranty to a maximum of one year. It’s also important to note that unlike other credit cards on the market, there are no fees for adding additional credit cards to the account. Of course, that does not mean any fees at all. You will find a $25 fee for dishonored payments, a rush card, and when you creep over your limit.

Cash advances cost $3.00 in Canada and $5.00 outside of Canada, in addition to the 19.95% interest rate.

If you happen to make a purchase outside of Canada, you will pay a 2.5% foreign currency conversion fee on top of the exchange rate.

Tangerine Money-Back Credit Card Eligibility Requirements

To be eligible for the Tangerine Money-back credit card, you need the following:

  • Be at the age of majority in your home province
  • Be a permanent resident of Canada
  • A minimum gross annual income of $12,000
  • No bankruptcy in the last 7 years

Tangerine Pros & Cons

Fortunately for Tangerine customers, the advantages of the Tangerine Money-Back credit card far outweight its drawbacks. Learn more about the pros and cons of the Tangerine Money-Back credit card below.

Pros

  • No limit to the amount of cash back you can collect
  • Cash back can be redeemed toward your monthly statement or invested in a Tangerine Savings Account
  • The Tangerine app uses your Money-Back Credit Card data to track and categorize your spending, telling you how much you have left to spend at the end of each month
  • You can choose two 2% cash back categories that best fit your spending
  • You get a third 2% cash back spending category when the cash back you earn is put into a Tangerine Savings Account
  • No annual fee
  • 1.95% interest on balance transfers for the first six months
  • $60,000 in purchase protection on new purchases for the first 90 days
  • An extended warranty for one year on new purchases
  • No cost to any additional Tangerine card or credit cards on the account
  • Mobile wallet compatible

Cons

  • The most cash back one can collect on any given spending category is 2%
  • Only 0.50% cash back can be collected on all other purchases
  • Cash back cannot be given as cash or cheques
  • Regular interest rates on purchases, cash advances and balance transfers are no less than standards
  • Purchase protection is only available for the first 90 days of purchase and only totals $60,000
  • Extended warranty only extends the manufacturer’s warranty for a years
  • Card offers a relatively small number of benefits

Tangerine Money Back Credit Card Compared

Tangerine Money-Back Credit Card Scotia Momentum Visa Infinite Card MBNA Smart Cash Platinum Plus Card
Annual Fee $0 $120 (waived off for Year 1) $0
Special Cash-back rate 2% on up to 3 categories 4% on groceries; 2% on gas 2% on groceries and gas
Regular cash-back rate 0.50% 1% 0.50%
Monthly cash-back cap None None $25 on groceries and gas
Welcome Offer 10% cashback up to $100 on the first $1000 spent in the first two months !0% cashback on all purchases on the first $2000 spent in the first three months 5% on groceries and gas for the first 6 months (upto $150)

Our Final Thoughts

The Tangerine Money-Back Credit Card is a great starter card, especially since it comes with no annual fee, or if you want to perform a balance transfer and pay it off quickly. The card’s use of technology to make tracking spending easier is a huge plus. The cash back offers are competitive and comes with the ability to save it. However, the 2% maximum earn rate is very modest and not market competitive.

Frequently Asked Questions

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