The Tangerine Money-Back Credit Card has become one of Canada’s most well-known no-annual-fee credit cards because of its maximum cashback rate of 2%. But is all of the buzz justified? In this Tangerine Money-Back Credit Card review, I’ll discuss the card’s advantages, disadvantages, benefits, and drawbacks in detail.
No yearly charge. Select the expenditure areas in which you want to maximize your cashback earnings. No maximum spending limit for any purchase category; limitless cash back. Instead of annually, cashback is distributed monthly. It contains a unique welcome offer from time to time where you can receive more cash back.
Regular cashback rates are still less than what an annual fee credit card can offer. Limited additional perks or bonuses in addition to the balance transfer and cashback promotions. Usually not a good fit for wholesale grocers or warehouse clubs like Costco or Walmart. There are no physical bank branches for Tangerine.
Ways to Get Cash Back
The distinctive cashback policy of the Tangerine Money-Back Credit Card is its standout feature. The Tangerine card allows you to choose two of the below ten spending categories, and in those two categories, you will earn at the card’s top 2% cash back rate. Typically, the card issuer controls the cardholder’s earning rates. Groceries; Gas; Restaurants; Recurrent Charges; Pharmacy Shops; Hotels; Furniture; Home Renovation; Entertainment; Transit and parking options.
Due to this approach, the Tangerine card is the most flexible one available; you can adjust your cashback to reflect where you spend the most money. Tangerine is a wonderful choice for assembling profitable credit card combinations since you can pick and choose which categories earn cash back, filling in any gaps left by your other credit card’s lack of cashback rewards.
Simple budgeting and spending tracking tools are included with the card, and you can adjust your preferred cash back categories once every 90 days to observe whether your spending patterns are changing over time. For a total of three categories at 2% cash back, cardholders who wish to deposit their rewards straight into a Tangerine Savings account may select an additional category for the greater cashback rate.
You receive 0.5% cash back on any transactions outside of your selected 2-3 categories. Be aware that these accelerated cashback categories come with some restrictions. The general 0.5% rate, rather than the 2% “groceries” category, will be applied to purchases made at big-box retailers like Costco or Walmart, so it’s not the best card for people who frequently shop at these kinds of warehouse clubs.
Similarly to this, eating in a retail establishment or hotel bar/restaurant would not be considered to be in a restaurant. In brief, the Tangerine card is similar to other credit cards in that, despite its customizability, it still assigns a merchant category code (MCC) to a retailer rather than to the specific things you purchase. To comprehend these exemptions more fully, make sure to read the specifics for each category.
The fact that there is no cap on the total amount of cash back you may receive in any category is one of the main advantages of the Tangerine Money-Back Credit Card. The Tangerine Money-Back card does not have a maximum spend requirement for any of its top (or all) cashback categories, which is common with other cashback cards. Whether you spend $300 a year on dental floss or $30,000 a year on a luxury night at the Four Seasons in Whistler, you’ll get money back on every dollar.
How to Cash in Your Reward
The Tangerine Money-Back Credit Card offers two ways to use the cash back you’ve accrued: Request the deposit of your cashback into your Tangerine Savings account. As was already indicated, this also gives you the option to choose a third category to earn 2%. Request that your credit card balance is charged with the cash back. One of the things I appreciate most about the Tangerine Money-Back Credit Card is that your cashback is automatically redeemed each month, as opposed to many credit cards that only enable you to do so manually and once a year.
Other Amenities & Features
The Tangerine Money-Back Credit Card has no annual fee and a low minimum annual income criterion ($12,000), but except for its cash back, it doesn’t really offer any ‘wow’ features or perks. Cards with higher yearly fees and income restrictions typically offer extra perks like insurance or access to airport lounges. However, the Tangerine Money-Back Credit Card does provide cardholders with a few fundamental benefits, such as:
You can obtain complimentary cards for your account’s authorized users. You are secured from fraud with Mastercard Zero Liability. For up to 90 days after the original purchase date, Purchase Insurance protects against theft, loss, and damage on the majority of new goods. Extended Guarantee: Up to an additional year will be added to the original manufacturer’s warranty.
Remember that the Tangerine World Mastercard, which has a cashback structure identical to the Tangerine Money-Back Card but with a far wider array of additional perks, is only available to people with a personal yearly income of $60,000 or more (or family income of $100,000 or more).
Rates & Fees for the Tangerine Money-Back Credit Card Can Be Found Here
The Tangerine Money-Back Credit Card’s attraction is in part due to the absence of an annual charge, as was already noted. Other than that, its fees and interest rates are typical. After the promotional 6-month term for balance transfers expires, transfers earn 19.95% interest. You should be aware of the following fees:
Foreign exchange commission: 2.50% of the transaction; Within Canada, the cash advance fee is $3.50. Outside of Canada, there is a $5 cash advance cost. Fee for returned checks: $25,000; Overage charge: $25; $25 rush card fee. Reprinting prior statements costs $5 for each statement.
Conditions for Eligibility
The Tangerine Money-Back Credit Card’s accessibility is one of its main benefits. You need to fulfill the following requirements in order to be eligible: Possess a yearly gross income of no less than $12,000; Having reached the legal age of majority in your local country or province. A Canadian citizen or permanent resident. Not filed for bankruptcy in the prior seven years.