Tangerine Money-Back Credit Card Review

Tangerine Money-Back Credit Card
Rewards: Up to 2%
Annual Fee: $0
Interest on Purchases: 19.95%
Apply Now
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Spending money on everyday items is a must – so why not get paid to do so? With the Tangerine Money-Back Credit Card, you can earn money back just by spending on your regular daily essentials like gas, groceries and more. With absolutely no minimum annual fee, you won’t have to spend a dime to get these cash rewards. Tangerine is one of the few cash-back reward credit cards that offers incredible incentives without charging any annual fees.

Tangerine Money-Back Credit Card Key Features

  • Annual Fee: The annual fee is $0 – you won’t have to pay a dime.
  • Get Cash Back: All purchases with this Tangerine card are eligible for money back rewards. The base reward rate is 0.5%. You get to choose 2 categories of your choice that earn 2% cash back rewards. This is a huge perk not offered by many credit card providers.
  • Monthly Payouts: All of your money back rewards are paid out monthly. You can choose to apply them onto your credit card balance to reduce what you owe, or you can have these earnings deposited right into your Tangerine savings account. When choosing to deposit the earnings into your savings account, Tangerine allows you to pick a 3rd category that also gives you 2% cash back.
  • Competitive Balance Transfers: During the first 6 months, you can transfer a balance from another credit card and only pay 1.95% in interest fees. After 6 months, this goes up to the regular 19.95% interest rate. This makes Tangerine’s credit card ideal if you already have a big balance on another card and want to save on fees.
  • Unlimited Earnings: Tangerine places no limits on the amount of money back rewards you can accumulate. The more you spend, the more you earn. This makes it a great choice for people who have a large amount of expenses per month – the cash back rewards really add up.

Minimum Approval Requirements

The Tangerine Money-Back card is not incredibly difficult to get approved for, but it’s not the easiest either. They do have some minimum requirements that you should be aware of before applying.

  • Must earn a minimum of $12,000 per year
  • Your credit score should be around 670 or higher
  • No open derogatory accounts

Once approved, you should receive your new card in the mail in about 10 business days. Tangerine offers instant approvals, which helps speed up the process.

How the Money-Back Rewards Work

Getting cash back from your everyday purchases is one of the major perks of the Tangerine Money-Back card. All you have to do is use your card for purchases you are already making and you’ll get a nice monthly return that you otherwise wouldn’t receive.

Tangerine lets you pick two categories that award 2% back (3 categories if you have the earnings deposited into your Tangerine savings account). These categories can be swapped monthly, so you can easily use this to your advantage to get the most return. Switching categories is very easy to do right within the Tangerine mobile app.

Categories you can choose from:

  • Grocery
  • Furniture
  • Restaurants
  • Hotel/Motel
  • Gas
  • Recurring Bill Payments
  • Drug Store
  • Home Improvement
  • Entertainment
  • Public Transportation/Parking

For the categories that you don’t pick for your 2% returns, you will still be awarded 0.5% in cash back. While some cards have higher return rates, the ability to change 2% categories every month is a huge benefit. And when you factor in that there’s no annual fee, this quickly becomes one of the best money-back credit cards in Canada.

Earnings can be received in one of two ways:

  • Towards your balance: The first option is to have the cash back earnings deposited onto your credit card balance. So if you owe a balance at the end of the month, the earnings will go towards paying that down. If you owe a $300 balance and get $40 in cash back rewards, your balance will drop down to $260.
  • Into your savings account: If you use Tangerine for your banking needs and have a Tangerine savings account, you can have it deposited right there. This is our favorite option, since having the funds sent to your savings account awards you with the ability to pick a 3rd category that awards 2%. This means more earnings and a simple way to put money aside every single month without having to think about it.

No Cash Back Limitations

The cash back reward feature of this card is what makes it so attractive. While most card providers set limits on the amount of money back you can receive, Tangerine sets no limits. This means you can reap the rewards no matter how much you spend on a monthly basis.

Let’s take a closer look at what a typical return may look like:

CategoryCash Back RateMonthly SpendAnnual Reward
Groceries2%$600$144
Gas2%$400$96
Restaurants2%$500$120
Everything Else0.5%$1,000$60
Total$2,500$420

In the example above, for someone who spends roughly $2,500 per month, the money back return per year would be about $420. Over a 10 year period of just making the same everyday purchases, this equates to about $4,200 in cash back – not a bad return for keeping the same exact spending habits.

Adding in the fact that this card has no annual fees means it’s all profit in your pockets. While some cards do offer more generous returns, they also come with hefty annual fees, which can quickly reduce the amount of earnings you get to keep.

Now let’s look at a return for a larger family with more monthly expenses:

CategoryCash Back RateMonthly SpendAnnual Reward
Groceries2%$1,200$288
Gas2%$800$192
Restaurants2%$1,000$240
Everything Else0.5%$1,500$90
Total$4,500$810

For a larger family with more monthly expenses, this card really becomes even more attractive. For a family that has about $4,500 in monthly expenses, the annual return rate is about $810 depending on the chosen categories. This equals about $8,100 in cash back over a 10 year period.

Excellent Balance Transfer Rates

Tangerine makes transferring your balance from another card incredibly attractive. If you transfer the balance from another card provider during the first 30 days of signing up for the Tangerine Money-Back credit card, you will only pay 1.95% interest fees for the first 6 months.

After the first 6 months, the interest rate goes back up to the standard 19.95% rate, so try to get rid of your balance in full during the first 6 months to make the most out of this offer.

Here is an example:

  • You have a card with another provider with a balance of $3,000 and an APR (annual percentage rate) of 20%.
  • You currently pay about $50 per month in interest fees.
  • You decide to transfer that balance to your new Tangerine card and only pay 1.95% for 6 months.
  • You’re now only paying about $4.90 per month in interest fees.

As you can see, moving your existing balance to your new Tangerine card can save you a massive amount of money over a 6 month period. This not only allows you to pay off your balance much faster, but you’ll also be accumulating monthly cash back rewards that can also be applied to your balance.

Additional Perks of The Tangerine Money-Back Card

Credit cards with no annual fees usually do not offer many incentivizing perks. While this Tangerine card is limited in terms of additional features, it does offer a few extra benefits.

  • Purchase Assurance: Their Purchase Assurance feature protects you against theft, loss or damage for new purchase made anywhere in the world. This protection is available for most products and is valid for up to 90 days after the date of purchase. You will need to show a proof of purchase, so hold onto your receipts.
  • Extended Warranty: Tangerine also offers extended warranties on most products. Their terms vary from one product to another, but in most cases, they can double the manufacturer’s warranty timeframe. For products with a 1-year warranty, this means you can expect to benefit from a 2-year warranty.

These additional perks do have a limitation that can vary. The maximum amount of coverage you can benefit from with these perks is up to $60,000 in lifetime coverage.

It’s also worth noting that Tangerine cards are compatible with virtual wallets. This means you’ll be able to add them to your Apple Pay, Google Pay and Samsung Pay accounts, making on-the-go payments easy to complete using only your phone.

What We Dislike About The Tangerine Money-Back Card

There isn’t much to dislike about this credit card. It’s a solid option for people who don’t really care about accumulating points and instead want actual money paid back to them. The flexibility that this card has to offer is unseen before and the limitless reward earnings makes it even more attractive.

One downside is the 0.5% rate on categories that aren’t among the 2 or 3 options that you select. It’s lower than some other cards, but once you factor in that there is no annual fee and the ability to switch 2% categories every month, this is not much of an issue.

Overall, we love the Tangerine Money-Back credit card and highly recommend it as a main credit card in your wallet or even a secondary one that you use for specific purchases under the categories of your choice. Such as using it for gas and groceries only.

Tangerine Money-Back Credit Card
Rewards: Up to 2%
Annual Fee: $0
Interest on Purchases: 19.95%
Apply Now
We earn a commission if you make a purchase, at no additional cost to you.
David Lebrun
David Lebrun
David Lebrun is a trusted lending expert with over 12 years of experience in financial research & education. David educates readers on making smart financial decisions by writing about personal loans, business loans, home loans, car loans and credit cards.

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