Tangerine Credit Card Promotions Aug 2022: 10% CashBack + 1.95% Rate

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Looking to get a new Tangerine Credit Card? This post covers the current Tangerine Credit Card Promotions.

When you sign up for Tangerine Money-Back Credit Card and Tangerine World MasterCard with the link, you get a welcome offer of $100 cash back. That is a 10% bonus on up to $1,000 purchases within the first 2 months and 1.95% balance transfer rate for the first 6 months. Also, 2% on up to 3 spending categories.

Tangerine, formerly ING Direct, got its fame from being the first branchless online banking service in Canada.

Though it is an online bank, it offers similar products and services as traditional banks. In fact, their credit cards, Tangerine Money-Back Credit Card and Tangerine World MasterCard, rank among the most reputable in Canada.

In this post, I’ll review these credit cards, discussing their ongoing promotional offer, features, and how you can benefit from the promo.

Let’s get started…

Tangerine Money-Back Credit Card Promotion

Tangerine Money-Back Credit Card

Welcome Offer: $100 cash back. That is, 10% additional cash back on up to $1,000 purchases within the first 2 months. Plus, 1.95% balance transfer rate for the first 6 months.

Cash back Rate: 2% on up to 3 spending categories such as Entertainment, Grocery, Restaurant and more.

Annual Fees: $0

Income Eligibility: $12,000

On Tangerine’s website

The Tangerine Money-Back Credit Card charges zero annual fee and gives its holders 2% cashback for purchases in 2 out of its available 10 spending categories.

These categories include:

  • Restaurant
  • Grocery
  • Drug Store
  • Motel-Hotel
  • Gas
  • Entertainment
  • Furniture
  • Recurring Bill Payments
  • Home Improvement, and
  • Public Transportation and Parking.
Spending categories that qualify for Tangerine credit card promotions

You get 0.5% money back for spending outside of your selected 2 categories.

One outstanding feature of this card is the freedom it gives you to select your bonus categories.

You can exploit this feature to increase your cash rewards by selecting two categories where you make most of your purchases.

This is unlike other cards that restrict you to pre-selected categories, where, too often, you’re given cashback bonuses on categories you hardly spend on.

The Tangerine app makes the user experience even more remarkable, as it allows you to monitor your spending and rewards category-by-category.

This way, you can check your spending and ensure you’re making the best use of your rewards.

Tangerine Money-Back Credit Card Key Features

  • 2% cashback on spending in 3 purchase categories and 0.5% on all other purchases.
  • Zero annual charges
  • Free supplementary cards
  • Automatic money-back rewards on daily expenses
  • Unlimited money-back rewards
  • Get an additional 2% money-back category (if you open a saving account)
  • Monitor your spending by categories
  • Global acceptance across over 210 countries

Promotional Offer

In addition to the 2% earn rate, Tangerine Money-Back Credit Card is offering a 15% cashback promo!

It offers new cardholders 15% when you spend at least $1,000 on all purchases within the first two months. This offer is open to those who apply for the card before March 31st, 2022.

Upon approval of your Tangerine Money-Back Credit Card, you can move in your funds from other cards at a discounted balance transfer interest rate of 1.95%.

This interest rate slash spans six months, after which you revert to the standard 19.95% interest rate.

In summary, here is what you get with the Tangerine Moneyback Credit Card Promotion:

  • 10% cash back on purchases in the first 2 months (capped at $100 cash back)
  • Low promotional interest rate of 1.95%

Tangerine Money-Back Credit Card Eligibility

To apply for the Tangerine Money-Back Credit Card, you must meet the following criteria:

  • Earn at least $12,000 in gross annual income
  • Have attained majority age in their territory or province
  • Be a permanent Canadian resident
  • No recorded bankruptcies for the past 7 years
  • Credit Score: 600+

Tangerine World MasterCard Promotion

The Tangerine Money-Back Credit Card and World MasterCard offer their holders many similar features. 

But the Tangerine World MasterCard is a premium credit card offering – compared to the entry-level Tangerine Money-Back Credit Card.

Tangerine World Mastercard®

Welcome Offer: $100 cash back. That is, 10% additional cash back on up to $1,000 purchases within the first 2 months. Plus, 1.95% balance transfer rate.

Cash back Rate: 2% on up to 3 spending categories such as Entertainment, Grocery, Restaurant and more.

Annual Fees: $0

Income Eligibility: $60,000 for individuals or $100,000 family gross income.

On Tangerine’s website

It also has no annual fees and offers 2% cash back on spending in 3 categories that can be personalized.

But being a premium version, World MasterCard offers some extra VIP features. 

Promotional Offer

For new clients that sign up by February 28, 2022, here are the Tangerine World MasterCard promotional offers:

  • Additional 10% cash back on purchases within the first 60 days – capped at $1,000 purchases or $100 cash back
  • Introductory interest rate of 1.95% for 6 months

After the promo period, the interest rate reverts to 19.95%

Tangerine World Mastercard Key Features 

  • 2% cashback on expenses in 3 categories and 0.50% on all other purchases.
  • Select your preferred bonus categories
  • Unlimited monthly cash backs deposited directly to your account
  • On-demand and subscription services
  • Boingo Wi-Fi for MasterCard connected to over a million hotspots globally
  • Mobile device insurance
  • Rental Car Collision Insurance
  • Airport lounge access

Tangerine World MasterCard Eligibility

Prospective Tangerine World MasterCard holders must meet at least ONE of these:

  • A gross annual income of at least $60,000 (for individuals and not less than $100,000 for households)
  • No less than $250,000 as total balance in your Investment Fund Account and/or Tangerine Savings Account.

Prospects must also:

  • Have attained age of majority in their territory or province
  • Be a permanent Canadian resident
  • Have no recorded bankruptcies for the past seven years

The minimum credit score required for the Tangerine World MasterCard and Money-back Credit Card is 600.

Read my full Tangerine World Mastercard Review.


Which Tangerine Credit Card Should You Choose?

Although they have the same earn rate, the premium Tangerine World MasterCard trumps Tangerine Money-Back Credit Card.

This is because of its advanced and more attractive features, including mobile device insurance, rental car damage insurance, Boingo Wi-Fi, lounge access., and other premium benefits.

One major difference between the cards is that Tangerine World MasterCard’s minimum eligibility income benchmark is about five times higher.

Of course, the Tangerine Money-Back Credit Card has great offers and it is a great entry level cash back credit card for most people.

But an upgrade to the World MasterCard will be well worth it if you meet all the requirements and you’re a frequent traveler – after all, it won’t cost you a dime.

Learn more: Tangerine World Mastercard vs Money-Back Credit Card

Tangerine New Account Promotion

You can earn a bonus of $300 and introductory savings rate of 2.25% for the first 5 month as a new Tangerine client.

Simply sign-up using the Tangerine promo code EARNMORE.

Deadline: March 8, 2022

To qualify for the higher savings rate, you need to open a chequing and savings account within 30 days of becoming a client.

The promotional rate of 2.25% is automatically applied to your account balance up to $1,000,000.

To earn the $300 bonus, you need to setup your payroll deposit to your new Tangerine account. The bonus will be deposited after you receive your payroll for 3 consecutive months.

Some FAQs: Tangerine Credit Card Promotions

What credit score is needed for Tangerine Credit Card?

The minimum credit score needed to apply for the Tangerine Credit Score is 600. This makes it accessible to most Canadians.

What is the purchase interest on Tangerine Credit Card?

The interest rate on the Tangerine Credit cards are 19.95%, but you get a lower promotional interest rate of 1.95% for the first 6 months as a new client.

Can I change categories on tangerine credit card?

Yes! You can easily switch between one of the 10 available spending categories to maximize your cash back earn rate.

Final Thoughts

If you’re in the market for a credit card with some great perks especially cash back on your purchases, the Tangerine credit cards are definitely worth checking out.

And you can take advantage of the current Tangerine Credit Card promotions to maximize the benefits of the cards.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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