2024 Tangerine Money-Back Credit Card review
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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.
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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?
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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.
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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.
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