New Tangerine World Mastercard® cardholders can enjoy unlimited money-back rewards at a post-promotional rate of 2% across three categories of their choice as well as exclusive Mastercard experiences, all for a $0 annual fee!
Overview: Tangerine World Mastercard®
The Tangerine World Mastercard® is the newest credit card from digital bank Tangerine, and it’s worth a closer look. Standout features include a $0 annual fee and an ongoing unlimited money-back rewards rate of 2% in your chosen three categories, which you can choose from a list of 10 different categories when you apply for the card.
The “World” part of the credit card refers to exclusive travel benefits and experiences that Tangerine World Mastercard® cardholders can enjoy.
Welcome offer
The Tangerine World Mastercard® currently has a few different welcome offers for new cardholders.
There's a 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.*
The card also has a balance transfer promo, which is great for those who have outstanding debts they would like to consolidate and pay off at a low rate. If you do a balance transfer within the first 30 days of being a new cardholder, your interest rate on the transferred balance will be 1.95% for the first 6 months (it will go back to 19.95% after this promotional period). A 1% transfer fee applies*. The card is often included on our list of the best balance transfer cards in Canada.
Main benefits and features
Unlimited money-back rewards
Unlike many money-back credit cards with a high earn rate, there’s absolutely no limit to the amount of money-back rewards you can earn with the Tangerine World Mastercard®. That’s right; there’s no monthly earn limits or caps on the amount of rewards you can get. As long as you keep spending, you’ll keep on earning money-back rewards.
High earn rate
With the Tangerine World Mastercard®, you can rack up impressive amounts of cash back. The standard earn rate of 2% applies to all eligible purchases in up to three categories of your choice, which include parking and public transportation, groceries, gas, restaurants, and more.
There’s a total of 10 different categories, so you can personalize your cashback rewards according to your spending patterns when you apply.
There are some stipulations to choosing categories so make sure you are aware of them:
- You can request one change to a category at any time
- After your first category change, any other requested change will cause a 90-day hold before you can start earning on the new category
- If you request multiple changes, Tangerine will take the most recent one and apply it to your card, so try to send one request at a time.
- If you forget to choose your categories when you apply, Tangerine will choose them for you, so make sure you don’t skip that important step!
Purchases made in other categories aren’t left out in the cold; you’ll still earn 0.5% rewards on those transactions.
How to earn money-back rewards
Earning money-back rewards with Tangerine World Mastercard® is simple. Just pick up to three categories from the 10 different options that offer something to everyone. These include gas, groceries, recurring bill payments, restaurants, parking and public transportation, entertainment, home improvement, and more.
Now, all you need to do is start using your Tangerine World Mastercard® for your transactions. You’ll automatically earn the rewards that you deserve. You can pick new categories every month, or continue with the existing ones.
How to redeem money-back rewards
Redeeming your Tangerine World Mastercard® money-back rewards is effortless. Every month, you’ll automatically receive your cashback, either paid into your Tangerine savings account or applied as statement credit towards your credit card balance.
More valuable features
Extended warranty and purchase protection
When you buy valuable items with your Tangerine World Mastercard®, you’ll get double the original manufacturer’s warranty for up to one year. What’s more, most purchases that you make are covered by Mastercard purchase protection, giving you reassurance in case your items are stolen or damaged within 90 days of purchase.
MasterCard exclusive experiences
Your Tangerine World Mastercard® is your passport to a range of exclusive MasterCard experiences. These include preferred access to valuable offers, events, activities, and upgrades, as well as unique experiences around the world with the Priceless Cities program.
Additionally, Tangerine World Mastercard® cardholders can make the most of their travels with Mastercard® Travel Pass Provided by DragonPass. Your complimentary membership gives you exclusive dining, retail and spa offers in over 650 airports worldwide, along with access to over 1,300 airport lounges at $32 USD per visit.
Mobile device insurance
Cell phones seem to break far more frequently these days, and with all of your important personal and business information stored there, no one can really afford these mishaps. Tangerine World Mastercard® gives you peace of mind by protecting all new cell phones, smartphones, and tablets that you buy using your card. The insurance plan provides for up to $1,000 of coverage if your device is accidentally damaged, gets stolen or lost, or stops working.
Rental car collision
Enjoy up to 31 consecutive days of rental car collision and loss damage insurance when you pay the full cost with your Tangerine World Mastercard®.
Rates and fees
Want to know the best part of the new Tangerine World Mastercard®?
There’s no annual fee.
That means all the monthly cashback rewards that you earn come absolutely free of charge.
Other standard fees apply, like $25 for late or canceled payment fees, and 19.95% interest on purchases and a Cash Advance APR of 19.95%, which is all pretty much what you’d expect from a credit card company. However, there is another special offer to mark the launch of this new card – you’ll only be charged 1.95% on balance transfers for 6 months when you make a balance transfer within the first 30 days of card ownership (1% transfer fee applies)*.
Keep in mind that after this promotional period, your balance transfer amount will become subject to the cash advance rates.
Who is eligible for the Tangerine World Mastercard®?
Tangerine does not require an excellent credit score, however, you must meet one of the following requirements:
- A minimum personal income of $60,000
- A minimum household income of $100,000
- Total balances of $250,000 or more in Tangerine savings accounts and/or investment fund accounts.
In addition to those requirements, you must be a permanent resident in Canada at the age of majority in your province or territory and be cleared of bankruptcies for seven years in order to be approved for this card.
Tangerine World pros and cons
Pros
-
No annual fee
-
Unlimited money-back rewards
-
High 2% earn rate
-
Exclusive experiences through MasterCard
Cons
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High minimum income requirement
-
Travel insurance would be a welcome addition to the travel-related benefits
How does the Tangerine World Mastercard® compare?
| Category | Tangerine World Mastercard® | Rogers World Elite Mastercard |
|---|---|---|
| Annual fee | $0 | $0 |
| Interest rates | 19.95% on Purchases, 19.95% on Balance Transfers, and 19.95% on Cash Advances | 19.99% on Purchases, 22.99% on Balance Transfers and Cash Advances |
| Minimum income | $60,000 / $100,000 | $80,000 |
| Regular cash back earn rates | 2% in up to 3 categories, 0.5% everywhere else | 3% on USD purchases; 1.5% on all other purchases |
| Welcome bonus | Apply by October 31, 2023 and earn an extra 10% back on up to $1,0000 in everyday purchases made within your first 2 months.* | $25 in cashback rewards |
| Other perks | Exclusive travel experiences, mobile device insurance | Complimentary membership in Mastercard Airport Experiences provided by Loungekey |
Aside from Tangerine’s other credit card, which is aimed at those with an annual income between $12K–$60K, few other Canadian credit cards grant you the unique flexibility of choosing your own cash back categories. Nonetheless, before applying for the Tangerine World Mastercard it might be worth your while to take a look at a couple other competing cash back cards.
Another option is the Rogers World Elite Mastercard. Its base cash back rate on all purchases in CAD is a high 1.5%, making it a great fit for people who spend evenly across a number of different merchant types, or who make a lot of bulk purchases at big-box stores like Costco, Walmart, etc. Big-box stores are typically not categorized by Mastercard as grocery stores, and using the Tangerine World Mastercard at those stores will likely earn a comparatively low 0.5% in cash back. Like the Tangerine World Mastercard the Rogers World Elite Mastercard does not have an annual fee, though its higher minimum income requirements won’t be within reach for everyone.
Our verdict
Overall, we’re happy with the Tangerine World Mastercard®. The minimum income requirements are pretty high, and we’d expect that a World Mastercard would offer more travel insurance, but still, the $0 annual fee combined with the high regular earn rate makes it a very valuable and appealing card.
If you’re looking for a solid money-back card with rewards you can truly enjoy, which also offers exclusive experiences at home and abroad, the Tangerine World Mastercard® is a good choice.
*Terms and Conditions apply
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