2024 Tangerine Money-Back Credit Card review
Are you looking for a credit card in Canada that rewards you for your everyday spending? Look no further than the Tangerine Money-Back Credit Card! This card offers a unique feature: you get to choose the categories you earn the most cash back on.
Why choose the Tangerine Money-Back Credit Card?
- No Annual Fee: There’s no annual fee to worry about, so you can keep more of the money you earn in cash back.
- High Cash Back Rates: Earn 2% cash back on up to two categories of your choice, and 0.5% cash back on all other purchases.
- Flexible Categories: Choose from a wide range of categories to fit your spending habits, including groceries, furniture, restaurants, hotels, gas, recurring bills, drugstores, home improvement, entertainment, and public transportation & parking.
- Sign-Up Bonus: Get a cash back bonus of up to $150 for your spending in the first two months.
How to Maximize Your Cash Back with the Tangerine Money-Back Credit Card
- Consider your spending habits: Think about the categories where you spend the most money and choose those for your 2% cash back categories.
- Switch categories: You can change your category choices every month to maximize your cash back for upcoming expenses.
- Combine with other cards: If there’s a category you spend a lot on that isn’t offered by Tangerine (like restaurants), consider using a different card that offers a higher cash back rate for that category.
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Benefits Beyond Cash Back
- Purchase Assurance: Automatically protects eligible new purchases against loss or damage.
- Extended Warranty: Doubles the manufacturer’s warranty, providing additional peace of mind.
- Mastercard Acceptance: Enjoy global acceptance and security, making international travel and online shopping seamless.
Making the Most of Your Card
Financial Management
The Tangerine Money-Back credit card isn’t just a rewards card; it’s a tool for financial empowerment. Use the detailed monthly statements to track your spending, identify trends, and adjust your budget accordingly.
Security Features
Rest assured with top-notch security features, including zero-liability protection, which ensures you’re not responsible for unauthorized charges.
Who Should Consider the Tangerine Money-Back Credit Card?
This card is ideal for individuals who:
- Seek a no-fee credit card that rewards everyday spending.
- They desire flexibility in how they earn and redeem cash back.
- Want a straightforward yet powerful financial tool?
Here is a table summarizing the pros and cons of the Tangerine Money-Back Mastercard:
| Pros | Cons |
|---|---|
| No annual fee | There are only 10 categories to choose from |
| 2% cash back on up to 3 categories | Low cash back on non-category purchases (0.5%) |
| Flexible categories (can be changed monthly) | Wait 90 days for category changes to take effect |
| Low income requirement ($12,000) | No additional perks (roadside assistance, travel insurance) |
| 4% cash back for the first 3 months (limited-time offer) | Not ideal for foreign transactions (2.5% fee) |
| Cash back deposited monthly into Tangerine savings account (if you have one) | Requires Tangerine savings account for 3rd cash back category |
Overall:
A good no-fee credit card with flexible cash-back options. It is best used strategically with other cards to maximize rewards and minimize drawbacks.
Is the Tangerine Money-Back Credit Card Right for You?
This card is a great option for Canadians who want a no-fee credit card with flexible cash back rewards. With its wide range of categories and the ability to switch categories, you can tailor the card to your specific needs.
Additional Tips
- Always pay your balance in full and on time to avoid interest charges.
- Only spend what you can afford to pay back.
Ready to learn more?
Visit the Tangerine website to learn more about the Tangerine Money-Back Credit Card and apply today.
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Related FAQ’s
What is the annual fee for the Tangerine Money-Back credit card?
There is no annual fee for this card.
What are the different cash back categories offered by the Tangerine Money-Back Mastercard?
You can choose from 10 categories to earn 2% cash back on: groceries, recurring bill payments, furniture, drugstore purchases, restaurants, home improvement, hotels and motels, entertainment, gas, and public transportation & parking.
Can I change my cash back categories with the Tangerine Money-Back Mastercard?
Yes, you can change your categories easily online or through the Tangerine mobile app. However, there is a 90-day waiting period for category changes to take effect.
What is the cashback rate for purchases outside of my chosen categories?
You will earn a base cash back rate of 0.5% on all purchases outside of your chosen 2% or 3% cash back categories (if you have a Tangerine savings account).
How do I get the 4% cash back bonus on categories?
This is a limited-time offer. The current promotion offers 4% cash back on up to three of your chosen categories for the first three months of card membership.
What is the minimum income requirement for the Tangerine Money-Back credit card?
The minimum income requirement is $12,000 annually.
Are there any foreign transaction fees with the Tangerine Money-Back Mastercard?
Yes, there is a 2.5% foreign transaction fee for using the card outside of Canada.
Is the Tangerine Money-Back credit card a good card for me?
This card can be a good choice for Canadians, with no annual fee and the ability to choose cash back categories that fit their spending habits. However, the low cash back rate on non-category purchases and lack of additional perks might make it a better fit as a secondary card used strategically with others.
As a seasoned loan and credit card expert, I have an in-depth understanding of the financial industry, specializing in helping individuals and businesses navigate the complexities of borrowing and credit. My expertise spans across various loan types, including personal, business, auto, and mortgage loans, as well as credit card products, enabling me to provide tailored advice and solutions. With a focus on optimizing financial health, I guide clients in making informed decisions that align with their goals, ensuring access to the best terms, rates, and strategies for managing credit and debt effectively.
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