Tangerine Money-Back Credit Card Review

Overall Ranking

4.8/5

Overview

Annual Fees

5/5

Welcome Offer

5/5

Earn Rates

5/5

Foreign Transaction Fees

4/5

The Tangerine Money-Back Credit Card is an excellent cash back credit card that also has no annual fee. Earn up to 2% unlimited cash back in up to two categories, and 0.5% cash back on everything else. Cash back is earned automatically and paid out monthly either to your credit card balance or redeemed into your savings account. Get a third 2% category if you have your Money-Back Rewards deposited into your Tangerine Savings Account.

About the Tangerine Money-Back Credit Card

Let’s face it: points and rewards are great, but cash is king. Tangerine is one of Canada’s best banks, offering low fees and high-interest rate savings accounts, and with its no annual fee Tangerine Money-Back Credit Card, it’s —dare we say it?—disrupting the market (in a good way). With a flexible program that allows cardholders to select their cash-back categories, options to increase earnings, and an accessible income threshold, there’s not much to prevent people from signing up for this no-fee credit card. The fact that this Tangerine credit card costs cardholders nothing to use makes it an absolute no-brainer.

Card Features & Benefits

When cardholders spend in Tangerine’s money-back categories, they earn 2% back in cash. Best of all, the cash back earned is automatically applied directly to either their credit card account or deposited into their Tangerine Savings Account. With the latter choice, users get a bonus third spend category at 2%—and users can change their categories as their needs change. All other purchases earn 0.5% cash back.

Currently, the card offers a great sign-up bonus for new cardholders: Special 10% extra cash back rate on the first $1,000 spent with the card on everyday purchases (max. $100 cash back) in the first two months if you're approved, apply by July 5, 2023.*

Apply for a Tangerine Money-Back Credit Card by July 5th, 2023. If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*

• Earn 2% cash back on two Tangerine spending categories
• Earn 2% cash back on any additional spending category when you automatically have a credit applied to your Tangerine savings account
• Earn 0.5% cash back on everything else
• Automatic, monthly reimbursement to your credit card balance or savings account
• No annual fee: Signing up for this card is virtually risk-free because it costs $0 to keep in your wallet. You’re essentially earning money by having it.
• Purchase Assurance and Extended Warranty: Applicable to most new purchases made with this card, with a lifetime maximum of $60,000. Purchase Assurance may cover loss, damage, or theft, in excess of insurance, for 90 days. An extended warranty can double the period for repairs for up to an additional year.
• Free additional cards for up to five authorized users.
• This is a Mastercard® product, so it’s widely accepted worldwide.
• No limit on the amount of Money-Back Rewards you can earn.
• You can change your categories any time after you activate your card — you’re never locked in!

Pro-tip: With a little bit of planning and strategy, you can extend Tangerine’s 2% cash-back categories into unlikely territory. If, for example, you choose the grocery category, you can also get 2% back on purchases at The Gap, iTunes, IKEA, and more. Just buy gift cards for these retailers at your grocery store. It all qualifies.

Pros and Cons of the Tangerine Money-Back Credit Card

Unlike points or other rewards, you can use cash for anything — including paying down your Tangerine credit card or building a savings account. Sweetening the pot, if you choose the latter, you’ll get an additional rebate category. Just as attractive is the fully automatic monthly reimbursement. This means cardholders have no points to keep track of, no extra paperwork or planning to do—their monthly earnings are simply applied to their Tangerine Savings Account. No annual fee and no earning caps make this a terrifically attractive card.

Plus, there’s a sign-up bonus for a limited time: Earn 2% Money-Back Rewards on your purchases in up to 3 categories of your choice, and 0.50% Money-Back Rewards on all other purchases.

To be honest, there aren’t a lot of drawbacks to the Tangerine Money-Back Credit Card. That’s unless you count a lack of extras like travel insurance or partnership points and the 2.50% foreign transaction fees aren’t as good as the best no foreign transaction fee credit cards. But if you don’t care about those things, it’s not a deal-breaker.

How the Tangerine Money-Back Credit Card Compares

Although there are a lot of no annual fee cash back cards on the market, the Tangerine Money-Back Credit Card is top of the class. The closest competition is arguably the SimplyCash® Card from American Express. Both have no annual fee, but the earn rate is slightly different.

SimplyCash® Card from American Express

In your first 10 months as a new SimplyCash® Card from American Express Cardmember, you can earn a $10 statement credit for each monthly billing period in which you spend $300 in purchases on your Card. This could add up to $100 in statement credits in the first 10 months. Terms and conditions apply.

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With the Tangerine Money-Back Credit Card, you can boost your earn rate in certain categories. Earn 2% Money-Back Rewards on your purchases in up to 3 categories of your choice, and 0.50% Money-Back Rewards on all other purchases. With the SimplyCash® Card from American Express: Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases.

You’ll also get purchase assurance and an extended warranty with both cards.

If you do most of your spending in three main categories, then go for the Tangerine card.

The Tangerine Money-Back Credit Card vs. the Tangerine World Mastercard®

While the two cards are quite similar in terms of earn rate, the Tangerine World Mastercard® offers some attractive additional perks, such as rental car collision damage insurance, mobile device insurance, and airport lounge access.

Tangerine World Mastercard®

Apply for a Tangerine World Mastercard® by July 5th, 2023. If you're approved, you’ll earn an extra 10% back on up to $1,000 in everyday purchases made within your first 2 months.*

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To upgrade, you’ll have to meet the annual income threshold of $60,000 individual or $100,000 household annual income or total balances of $250,000 or more in Tangerine Savings Account(s) and/or Investment Fund Account(s).

Since there’s no fee to upgrade, it makes sense to get the Tangerine World Mastercard® if you’re eligible! Read our full review of the Tangerine World Mastercard® to learn more.

The Verdict: Is the Tangerine Money-Back Credit Card Worth It?

The Tangerine Money-Back Credit Card costs you nothing, earns you money on all spends with no caps, and automatically reimburses you. All things considered, this card is clearly a winner, and you’re actually earning a few bucks by putting this plastic in your wallet.

*Terms and conditions apply

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.