Tangerine World Mastercard review 2021

Tangerine World Mastercard Review 2021

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The type of credit card we use is one of the most important financial decisions we have to make. After all, using the wrong card could result in missing out on lucrative rewards programs or getting stuck in an inescapable cycle of high-interest payments and revolving debt.

But then there’s the Tangerine World Mastercard, a relatively new credit card. It’s been around since November 2019, but within its short lifespan, it’s already made a name for itself as one of the best cashback credit cards in Canada.

In this Tangerine World Mastercard review, Wealth Rocket goes over the benefits, drawbacks, and main considerations that any prospective cardholder should consider.

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Tangerine World Mastercard

Tangerine World Mastercard

Receive a 1.95% Balance Transfer promo for 6 months (1% fee) with Tangerine World Mastercard

First things first: What is Tangerine?

Before we get started, let’s look at the basics. Tangerine is a Canadian direct-to-consumer bank that has amassed quite a following thanks to its no-fee chequing and saving accounts. Oh, and becoming the Official Bank of the Toronto Raptors didn’t hurt, either.  Despite having few brick and mortar locations, Tangerine still offers many of the services found at traditional banks.  These products run the gamut of financial products, including everything from Guaranteed Investment Certificates (GICs) to Tax-Free Savings Accounts (TFSAs), with many non-registered and registered savings and investing options in between. Given that Tangerine is a popular choice for everyday bank accounts, it makes sense that many Canadians would turn to the online bank for their credit card needs as well.  The Tangerine World Mastercard is one of two credit card offerings available through the bank, the other one being the Money-Back Mastercard.  Although both cards come with no annual fee and the opportunity to earn cashback rewards, the Tangerine World Mastercard is unique for its travel perks — a rarity for a credit card with no annual fee.

A review of the Tangerine World Mastercard for 2020

If you want to get the most out of any credit card, it is essential to understand how one fully works. However, reading through a card’s accompanying pamphlet can be perplexing and full of jargon. In this section, we will break down this Tangerine credit card’s function, beginning by going through many of the unique features that put this card at the vanguard of Canadian credit cards.

Tangerine World Mastercard: Key Features

As we mentioned earlier, one of the biggest selling points of the Tangerine World Mastercard is its lack of annual fees.

While cards without annual fees are not exactly scarce, they generally tend to be bare-boned and do not offer much in ways of advantages.

It is easy for a card that offers many perks to justify charging an annual fee upwards of $100, as the spender will easily earn this fee in cashback earnings anyway.

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However, with the Tangerine World Mastercard, carriers unlock the benefit of many high-end perks such as access to Boingo WiFi hotspots, Mastercard travel rewards, car rental insurance, and even mobile device insurance.

These perks are on top of the card’s cashback offerings, consisting of up to 2% back on unlimited purchases in your customized spending categories.

The card comes with an interest rate of 19.95%, and prospective holders must make a minimum annual income of $60,000 individually, or $100,000 per household.

The applicant must also have not applied for bankruptcy at any time over the past seven years. Balance transfers are available for a rate of 1.95% for the first six months.

Tangerine World Mastercard: Cashback Rewards

When you receive a Tangerine World Mastercard, you have the option to choose two personalized categories that will grant you 2% cashback on all relevant purchases.  You can also choose which account you would like your cash rewards deposited. You can either earn the cashback on your card or have your cash rewards deposited into a Tangerine savings account. The latter allows you to earn the 2% cashback on three spending categories of your choice. Examples of the three commonly chosen categories include groceries, gas, or even bill payments. There are other options, however. It all depends on what best reflects your spending habits. For all categories outside of your chosen two or three, you will still earn 0.5% cashback on purchases.  Unlike many other cashback credit cards, there is no monetary limit on the cashback rewards that you can earn with the Tangerine World Mastercard, which cuts out the need to perform complicated calculations in your head as you spend.

Tangerine World Mastercard: Miscellaneous Perks and Rewards

Although it already has a zero-dollar annual fee card with generous cashback rewards, the Tangerine World Mastercard’s offerings don’t stop here.  One area where the card stands out is through its travel rewards. Like other Mastercard cards, the Tangerine World Mastercard grants you access to Mastercard’s Priceless Cities program, an offering of exclusive events and experiences in a selection of cities across the globe.  The card also gives you a reduced rate on access to airport lounges and insurance coverage for car rentals up to 31 days in length.  Other notable perks include purchase protection for 90 days for any item bought with a damaged or stolen card.  There is also the doubling of the manufacturer’s warranty for any item purchased with this card and mobile device insurance up to $1,000, with zero liability in the event of unauthorized card use.

Tangerine World Mastercard Pros and Cons

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While there is no doubt that the Tangerine World Mastercard is an incredibly attractive credit card offering, its ability to entice depends entirely on your specific needs. In summation, here are the card’s pros and cons.

Pros: The Good Stuff

Logo Unparalleled perks for a zero-annual fee card

LogoUnlimited cashback rewards

LogoThe possibility to add up to three personalized 2% cashback categories

LogoAccess to Mastercard’s Priceless Cities program

Cons: The Not So Good Stuff

Logo High-interest rates

Logo Short period for a lower-interest balance transfer

Logo High qualifying requirements

Our final thoughts

Overall, the Tangerine World Mastercard will serve as a great addition to most spender’s wallets, based on its cashback possibilities alone. The travel rewards and purchase protection are an additional noteworthy bonus. 

Considering that this card carries no annual fee, the Tangerine World Mastercard is well-positioned to work well either as an additional card or as a primary card for your everyday expenses. 

Frequently Asked Questions

Anything and everything! One of the great things about the Tangerine World Mastercard is that it does not come with earning limits on cashback rewards.

If you use this card as a secondary piece of plastic, it may be worthwhile to choose categories related to travel, such as entertainment or restaurants. That way, you can earn money as you travel and take advantage of the card’s leisurely perks.

Signing up for a Tangerine World Mastercard is easy — you can do so simply on Tangerine’s website.

Technically, the Tangerine World Mastercard offers more benefits than its Tangerine Money-Back counterpart. While the Tangerine Money-Back card offers similar cashback money rewards, it lacks the travel perks of the World card.

However, if you find that you do not qualify for the high financial requirements of the World Mastercard, the Tangerine Money-Back Card may still be a good option for you. It delivers on the same attractive cashback rewards without the high qualifying requirements.

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