Tangerine Money-Back Credit Card Review 2022: Top No-Fee Card

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This is a Tangerine Money-Back Credit Card Review covering the top benefits and features of the cash back credit card.

If you’re in the market for a no-fee cash back credit card in Canada, the Tangerine Money-Back Credit Card is one of the top options you will come across.

The reason is that the credit card has no annual fee and offers a standard 2% cashback on up to three category purchases.

In addition to a 15% promotional cashback rate and 1.95% introductory interest on balance transfers, the Tangerine Money-Back also sets itself apart with some unique features.

But is this the perfect credit card for you? What are the pros and cons of using the Tangerine Money-Back Credit Card?

In this Tangerine Money-Back Credit Card review, I go over everything you need to know about the credit card including how it compares. 

In the end, you should be able to make an informed decision on whether to go with the Tangerine Money-Back or its alternative.

What is a Tangerine Money-Back Credit Card?

The Tangerine Money-Back Credit Card is one of the two Mastercard branded credit cards fro- Tangerine, with the other being Tangerine World Mastercard. 

Tangerine Money-Back Credit Card

Welcome Offer: $150 cash back. That is, 15% additional cash back when you make at least $1,000 in 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

It is the first credit card offering from Tangerine that was introduced in 2016 to offer Canadians competitive cashback with no annual fees.

Currently, new Tangerine Money-Back Credit Card holders can enjoy a 15% promotional cashback after spending $1,000 within their first two months of membership. This is one of the highest promotional cash back rewards you will find in Canada. 

The promotional cashback is 7.5 better than the card’s standard 2% cashback on 2-3 category purchases and 30x better than the standard interest of 0.5% on every other purchase.

Besides the promotional cashback, new Tangerine Money-Back Credit Card holders can also enjoy an extremely low introductory interest on balance transfers of 1.95% for up to 6 months.

In addition, the Tangerine Money-Back Credit Card has comprehensive insurance with Mastercard Zero Liability, Purchase Assurance and Extended Warranty.

Unlike other cashback credit cards, the Tangerine Money-Back helps you earn competitive cashback while controlling your finances with dedicated spending trackers.

How Does Tangerine Money-Back Work?

The Tangerine Money-Back works like any other cash back credit card. Since it operates on the Mastercard network, you can use it to make domestic and international transactions anywhere they accept Mastercard. 

One thing that distinguishes the Tangerine Money-Back from other credit cards is that it doesn’t have an annual fee. This helps you save more from your expenses while taking full control of your cashback earnings. 

When you sign-up for the card by September 30, 2022, you will earn a competitive promotional cashback of 15% after you spend at least $1,000 within your first two months of membership. 

After the promo period expires, you will also receive a special cashback of 2% on two shopping categories. 

However, you can earn 2% on an extra category if you choose to receive your cashback earnings in a Tangerine savings account.

Besides this special cashback, every other purchase with the Tangerine Money-Back Credit Card will earn you a 0.5% cashback.

Key Features of Tangerine Money-Back Credit Card

Let’s go over each of the key features of the Tangerine Money-Back Credit Card for a better understanding of how it works and differs from other credit cards in Canada.

1. No annual fee

Some cashback credit cards charge $100+ annual fee in Canada. However, the Tangerine Money-Back Credit Card has no annual fee. This saves cost and helps you make the most of your rewards with the card. 

2.  Unlimited cashback

Unlimited cash back earnings is what makes the Tangerine Money-Back Credit Card more popular since its inception in 2016.

You will automatically earn a special cashback of 2% on two shopping categories or three categories by saving your earnings in a Tangerine savings account. You can choose from the following categories:

  • Gas
  • Drug store
  • Grocery
  • Furniture
  • Entertainment
  • Hotel-Motel
  • Restaurants 
  • Home Improvements
  • Recurring bill payments
  • Public transportation and parking

Beyond these, every other shopping with the Tangerine Money-Back Credit Card will earn you a 0.5% cashback.

3. Promotional interest

Having promotional interest on a no-fee cash back credit card is a triple reward. This is exactly the experience with the Tangerine Money-Back Credit Card. 

In addition to competitive promotional cashback, this no-fee cash back credit card also offers a low introductory rate on balance transfers.

You will get a 1.95% introductory interest on balance transfer which is a big bargain compared to the standard rate of 19.95%.

Notably, the 19.95% balance transfer rate is also the same as the Tangerine Money-Back purchase and cash advance interest. 

Related: Best Credit Card Offers in Canada

4.  Spending tracker

The Tangerine Money-Back Credit Card features a dedicated spending tracker to guide you through.

It examines your account activities and other information to help you with customized solutions on how best to spend and manage your money.

With this tool, you can easily cut costs and design an efficient budget without the usual hassle and inconvenience of most budgeting tools..

5. Insurance

Unlike other cashback credit cards, the Tangerine Money-Back Credit Card gives you the best of both worlds by covering your purchases with comprehensive insurance.

The credit card comes with a Mastercard Zero Liability that protects you from unauthorized purchases with your card.

It also comes with a Purchase Assurance and Extended Warranty that reduces your liability on loss, theft and damage. 

6.  Free addition of authorized users

Finally, you can add up to five authorized users to your Tangerine Money-Back Credit Card account for free. 

With this, you can reduce credit card costs and take full control of your earnings. 


Tangerine Money-Back Credit Card Fees

While Tangerine Money-Back Credit Card doesn’t have an annual fee and fees for additional users, it has the following fees:

ServiceFee
Cash advance $3.50 within Canada and $5 outside Canada
Balance transfer3% (minimum of $5)
Foreign currency conversion 2.50%
Over-limit$25 per month
Past statement reprint$5 per reprint
Dishonoured payment$25
Rush card$25

Pros and Cons of Tangerine Money-Back Credit Card

Below is an overview of the major pros and cons of the Tangerine Money-Back Credit Card you should consider before signing: 

Pros

  • No annual fee
  • Competitive promotional cashback and introductory rate on balance transfers
  • Unlimited cashback on purchases
  • Comprehensive insurance 
  • A dedicated spending tracker
  • Free cards for authorized users

Cons

  • Standard rewards are relatively low
  • Income requirements

How to Apply For a Tangerine Money-Back Credit Card

Before you can apply for the Tangerine Money-Back Credit Card, you must meet the requirements below: 

Once you meet the application process, click here to visit the application page if you are already a Tangerine client.

But if you’re not an existing Tangerine client, you need to first open a Tangerine chequing or savings account through this link

After that, you can apply for the Tangerine Money-Back Credit Card directly from your account. 

In the next sections of this Tangerine money-Back credit card review, we’ll take a look at how it compares to some other cash back credit card offerings in Canada.

How to change categories for the Tangerine Credit Card

One of the best features of both Tangerine credit cards is the option to choose the 2 categories you want to earn 2% cash back on.

You’ll have the option to choose the 2 categories when you apply for the card. If you don’t, Tangerine will automatically choose any 2 categories for you.

But you change these categories any time you like after the credit card account has been opened. Any subsequent change after the first one requires a 90 days waiting period.

To change the 2% categories for your tangerine credit card, simply login to your account, navigate to “manage rewards” and choose the new categories you want.


Tangerine Money-Back vs Tangerine World Mastercard

The Tangerine World Mastercard is the other cash back credit card from Tangerine that was introduced in November 2019. 

Tangerine World Mastercard®

Welcome Offer: $150 cash back. That is, 15% additional cash back when you make at least $1,000 in 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

As a World Mastercard credit card, the Tangerine World Mastercard was created to offer advanced and exclusive features than the Tangerine Money back credit card.

In other words, the Tangerine World Mastercard is a premium offering compared to the Money back card.

Notwithstanding, both the Tangerine Money-Back and Tangerine World share many similarities.  For example, they are both no-fee cash back credit cards with the same promotional cashback reward and introductory interest on balance transfers. 

Like the Tangerine Money-Back, the Tangerine World Mastercard also has Mastercard Zero Liability, Purchase Assurance and Extended Warranty. 

However, Tangerine World Mastercard also has Rental Car Collision/Loss Damage Insurance and Mobile Device Insurance.

Besides having the same fee structure, the two credit cards allow you to add authorized users for free. 

That being said, the Tangerine credit cards differ in terms of income eligibility. For the Tangerine Money-Back Credit Card, a minimum personal gross income of $12,000 is required. 

On the other hand, a minimum of $60,000 personal or $100,000 family gross annual income is required for the Tangerine World Mastercard. However, you can also qualify for the Tangerine World Mastercard if you have a minimum of $250,000 in a Tangerine account.

While the Tangerine World Mastercard income eligibility is relatively high, you will enjoy advanced and exclusive benefits such as free Wi-Fi access at over 1 million Wi-Fi hotspots, discounts on purchases and extra insurance coverage.  

Frankly speaking, you can’t make the wrong choice with either of the two credit cards. But I recommend you read this detailed Tangerine World Mastercard vs Money-Back Credit Card comparison before making a final decision. 

Tangerine Money-Back Credit Card vs Neo Financial Credit Card

Neo Financial credit card is a three-tier credit card offered by Neo Financial, one of the leading Canadian online banks based in Calgary.

The Neo Financial credit card differs considerably from the Tangerine Money-Back Credit Card. For example, the Tangerine Money-Back has no annual fee but the Neo Financial credit card has an optional monthly fee for higher rewards.

Neo Financial Credit Card

Welcome Offer: 15% cash back on first purchases at most partner locations.

Cash back Rate: Average of 5% at partner merchants; 1% on every other purchases.

Annual Fees: $0

Purchase Credit Rate: 19.99% – 24.99%

Income Eligibility: N/A

On Neo Financial’s website

The Neo Financial credit card has no monthly or annual fee. Before now, Neo has the following reward programs.

Neo Credit CardAve. cash back at Partner StoresMonthly Fee
Standard4% $0
Plus5%$2.99
Ultra6%$8.99

Compared to Tangerine Money-Back’s 2% cash back on select shopping categories, you can see that the Neo Financial credit card rate on purchase at partner stores is way higher.

Also, Tangerine Money-Back offers 0.5% cashback on every other purchase while the Neo credit card offers 1%.

However, both Neo and Tangerine credit cards offer 15% promotional cashback. 

That being said, if you’re looking for a cashback credit card with insurance, you have to consider the Tangerine Money-Back as  Neo Financial credit card has none.

On the other hand, the Neo Financial credit card doesn’t have a minimum income requirement, so anyone can qualify irrespective of their income level. 

Overall, the Neo credit card has higher earnings potential than the Tangerine Money-Back Credit Card. 

However, I recommend you also read this Neo Financial Credit Card review to have a better perspective on how the two credit cards differ.


How to Choose the Best Cashback Credit Card in Canada

The common temptation of choosing a cashback credit card is going with the one with the highest rate. While this could be the smart move, it may not always yield the best result.

When choosing the best cashback credit card in Canada, you need to reflect on your needs and how they relate to each prospective credit card. 

The following factors will help you narrow your selection from the pool of cashback credit cards in Canada. 

  • Annual fees: Some no-fee cash back credit cards have limited features and perks compared to those with annual fees. Consider the overall value of the card before deciding whether to go with a no-fee card or the one with an annual fee. 
  • Rewards: Choose the credit card that has the rewards that you’ll be able to enjoy and one with competitive rewards both for signing up and on your purchases. 
  • Interest rate: Go with a cashback credit card that has low interest on balance transfers, purchases and cash advances. .  
  • Eligibility: Save yourself the stress and disappointment of disapproval by making sure you meet the eligibility for the credit card before applying. Thus, consider the income and credit score requirements when comparing your options. 

FAQs: Tangerine Money-Back Credit Card

What credit score is needed for a Tangerine credit card?

You can apply for the Tangerine money-back credit card with a credit score as low as 600. And with its small income requirement of just $12,000, the card is very accessible for many Canadians.

Can I get approved for the Tangerine credit card with a bankruptcy record?

Yes, you can get approved for the Tangerine credit cards if you’ve had a bankruptcy in the past. However, you can not have a bankruptcies in the past 7 years.

Can I change the Tangerine categories for the 2% cash back

Yes, you’re free to change the categories to suit your spending patterns. Simply login to your Tangerine account and go to “Manage rewards” under credit cards to make the change. However, you’re only allowed one change every 90 days.

Verdict on Tangerine Money-Back Credit Card Review

The Tangerine Money-Back Credit Card is an above-average cashback credit card in Canada. 

While you can’t make the wrong choice with it, it’s essential to compare it with other cashback credit cards before making a final decision.

Overall, this Tangerine Money-Back Credit Card review is positive. The credit card is suitable for Canadians looking for a no-fee cash back card with decent cash back earning on their purchases. 

If you have any questions, please let me know in the comment below.

Related: Tangerine Credit Card Promotions

Tangerine Money-Back Credit Card Review
4.5

Summary

The Tangerine Money-Back credit card offers a high introductory cash back rate of 10% and 1.95% interest on balance transfers for 6 months.

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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