Tangerine Money-Back Credit Card Review

  • 3 min read

Why collect points on a credit card when you can actually save money? The Tangerine Money-Back Credit Card is a solid rewards option for those looking to truly save money as they spend it. The card offers ten purchase categories: groceries, motel/hotel spending, dining, gas, and more. Clients get to choose the top two “bonus” categories and receive 2% cash back when spending in those areas. They earn 0.5% “money-back” on all other charges. 

The great news is that clients gain access to these “money-back” rewards, instantly. You have a choice between applying your cash back to your credit card’s balance or placing it in a Tangerine account. If you choose the account, you earn even more, as it automatically gives you access to choose yet another money-back “bonus” purchasing category.

The sky’s the limit when it comes to earning money back with this card, as there are no caps on what you can collect. Still, it is important to note that some conditions do apply. 

There are no annual fees with the Tangerine Money-Back Credit Card, rare in the land of rewards credit cards. Another advantage to the card is its compatibility with some mobile pay outlets, including Google Pay to Apple Pay, and Samsung Pay.

Tangerine’s online tools offer access to your credit card statement 24/7; this will allow you to stay on top of your charges, and organize your spending with features on their mobile app. 

Clients of the Money-Back Credit Card also gain access to Purchase Insurance plus Extended Warranty. When you purchase items anywhere worldwide with this card, you receive a maximum of $ 60,000-lifetime insurance coverage on your items. Purchase Insurance covers theft, damage, or loss on most new purchases for 90 days. Extended Warranty doubles the repair services warranty offered by a manufacturer to a maximum of a year.

The Money-Back Credit Card also provides cards to users, authorized by you on the account, for no additional cost, and because this is a “Mastercard”,  clients can shop world wide, as it is accepted across the globe at over 24 million retailer locations. Added advantages include Zero Liability to cardholders, and the ability to get through that checkout counter more quickly with the card’s “Tap & Go” chip technology, which also provides added security to your account.

While there are plenty of advantages to Tangerine’s Money-Back Credit Card, there are some drawbacks. The welcome offer is not overly welcoming: the 1.95% interest rate charge on balance transfers is good only during the first 30 days that your account is open. This interest rate lasts for only six months, and after that, clients are charged the regular rate of 19.95%. The 1% balance transfer fee is also available only for the first 30 days; after that, you are charged the regular fee of 3% of the value, or a minimum of $5.00.

As well, interest rates on outstanding balances and cash advances is 19.95%. There is also a cash advance fee of $3.50 within the country and $5 outside of Canada. The rate of foreign currency conversion for shopping out-of-country is 2.50%.



Tangerine Credit Card Application

Christopher - BSc, MBA

With over two decades of combined Big 5 Banking and Agency experience, Christopher launched Underbanked® to cut through the noise and complexity of financial information. Christopher has an MBA degree from McMaster University and BSc. from Western University in Canada.