Tangerine World Mastercard Review For 2022: Best No-fee Cash Back Card?

This post may contain affiliate links. Please read this disclosure for more info.

If you’re thinking of getting a new credit card and have the Tangerine World Mastercard on your shortlist, then this Tangerine World Mastercard review is for you.

A World Mastercard is a mid-tier credit card category from Mastercard that has all the features of standard credit cards but with some exclusive perks.

In Canada, Tangerine World Mastercard stands out among other World Mastercard offerings due to its competitive cashback and advanced benefits. 

The credit card is one of the two Tangerine Mastercard offerings with the Tangerine Money-Back Credit Card being the second.

Though are they different, it is easy to get confused about both credit cards because they share a lot in common with one another. 

This Tangerine World Mastercard review covers everything you need to know, including how it compares with the Tangerine Money-Back Credit Card and other credit cards in Canada.

 

Tangerine World Mastercard®

Welcome Offer: $100 cash back. That is, 10% 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


What is Tangerine World Mastercard?

The Tangerine World Mastercard is a no-fee mid-tier premium credit card offered by Tangerine, one of the leading online-only banks in Canada. 

Tangerine World Mastercard functions like the typical standard Mastercard and it’s accepted in over 24 million locations across more than 210 countries.

The major difference between Tangerine World and other Mastercard branded credit cards lies in its competitive rewards, $0 annual fee, comprehensive insurance and promotional rates. 

Accordingly, you can earn 2% cash back at 2-3 selected shopping categories and up to 10% promotional cashback within your two months of sign up.

In addition to a zero liability policy, car and mobile device insurance, the credit card has Purchase Assurance and Extended Warranty. 

This gives you a luxurious feeling and peace of mind, knowing that your credit card is comprehensively covered.

Tangerine World Mastercard Pros

  • 2% unlimited cashback on 2-3 shopping categories.
  • Competitive welcome bonus.
  • $0 annual fee
  • Multiple perks
  • Comprehensive insurance
  • Mastercard Zero Liability
  • Protection Assurance and Extended Warranty
  • Free cards for authorized users 

Tangerine World Mastercard Cons

  • Low rewards on every other purchase (0.05%).
  • Multiple services feesHigh-income eligibility

How Tangerine World Mastercard Works

Tangerine World Mastercard works like a regular credit card with the only difference of having competitive rewards, comprehensive insurance perks and a $0 annual fee.

Once you sign up for this card, you can use it to make transactions in over 24 million locations across more than 210 countries. 

The interesting part is that you will earn a 10% welcome bonus within your first two months of membership if you make at least $1,000 in purchase. 

After that, you will earn 2% cashback for purchases in two shopping categories. The following are the available categories you can select to earn 2% cash back with the card:

  • Drug store
  • Entertainment
  • Furniture
  • Gas
  • Grocery
  • Home improvements
  • Hotel-Motel
  • Public transportation and parking
  • Recurring bill payments
  • Restaurants
Tangerine World Mastercard categories

And as an added perk, you can select another shopping category when you choose to deposit your rewards in a Tangerine savings account, one of the best high-interest savings accounts in Canada.

This means you’ll be earning 2% cash back in three shopping categories. 

Earn 2% on up to 3 categories with Tangerine World Mastercard

That said, Tangerine World offers a flat 0.5% cashback on every other purchase.  


Tangerine World Mastercard Eligibility

Like other World Mastercard products in Canada, Tangerine World has income and general eligibility.

Once you apply for the card, you’ll be assessed against these requirements before you’re approved for the card.

The Tangerine World Mastercard eligibility are: 

Income EligibilityGeneral Eligibility
Have $60,000 or more gross annual incomeBe at the age of majority in your province or territory
Your family’s gross income should be $100,000 or moreBe a Canadian permanent resident
Your savings in a Tangerine Bank account should be $250,000 or moreYour credit profile should have no bankruptcy history in the last 7 years

You only need to meet one of the income eligibility options to qualify. But you must meet all the general eligibility to qualify for the card. 


Tangerine World Mastercard Features

The Tangerine World Mastercard distinguishes itself from other World Mastercard credit cards in Canada with the following features:

Competitive Rewards

The competitive rewards of Tangerine World make it more popular than other World Mastercards in Canada. 

Earning up to 10% promotional cashback without annual fees is rare among most credit card providers in Canada. 

Even though the welcome offer lasts for only two months, you can earn hundreds of thousands if you make frequent purchases with it.

Learn more about Tangerine credit card promotions here.

After the promotional period is over, you get to earn 2% cash back on up to 3 spending categories you choose.

This 2% standard cashback is also quite competitive compared to the standard rewards of other World Mastercard offerings by other credit card issuers in Canada.

Mastercard Travel Rewards and Airport Experience

If you travel frequently, you will enjoy the exclusive Mastercard travel rewards that come with the Tangerine World card.

These rewards are administered directly to your statement by selected Mastercard merchants around the world. 

In addition, the Mastercard Airport Experiences from LoungeKey offers you exclusive discounts on retail, spa, lounges and dining expenses. 

Special Perks

Tangerine World offers special perks that you can’t easily find elsewhere.

For example, the Boingo Wi-Fi connects you to over 1 million Wi-Fi hotspots globally. This will save you data costs while at coffee shops, hotels, airports, etc. 

Also, the Tangerine on-demand and subscription services save you some dollars on your regular apps and subscription services. 

Mastercard Zero Liability

You don’t have to worry about any unauthorized purchases with your Tangerine World card. This is because it has a zero liability policy that protects you against any purchases that you didn’t authorize.

And if you misplaced or lost your card, you can easily suspend it directly on your Tangerine account. 

Comprehensive Insurance

The Tangerine World Mastercard also sets itself apart from the competition with comprehensive insurance for your mobile device and rental car collision or damage.

If you buy a new smartphone, cell phone, or tablet with your Tangerine World card, you will get up to $1,000 coverage when it is stolen, lost, spoiled or damaged.

Also, your car rental is covered for theft and damage if you rent it for 31 consecutive days and charge the rental to your Tangerine World Mastercard.

Purchase Assurance and Extended Warranty

Finally, Tangerine World Mastercard offers protection assurance and extended warranty up to a $60,000-lifetime maximum. 

You can claim the purchase assurance when your item is lost, stolen or damaged within 90 days of purchase.

With the extended warranty, you will get up to a year maximum coverage of repair services on insured items..


Tangerine World Mastercard Fees and Rates

While the Tangerine World Mastercard has a $0 annual fee, there are some other fees and rates you should be aware of.

The fees and rates are:  

ServiceFees/Rates
APR on purchase19.95%
Balance transfer fees3% of transferred amount ($5 minimum)
Cash advance$3.50 (Canada); $5 (international)
Over-limit $25 (one per month)
Rush card$25
Dishonoured payment$25
Reprint of past statement $5/past statement
Foreign currency conversion2.50%

How to Apply For a Tangerine World Mastercard

The application process is easy and it’s completely online. But you must have a Tangerine account to apply for the World Mastercard. 

This could be either the Tangerine savings or chequing account. If you don’t have one, you can sign up using this link

In addition to your personal details, the minimum requirements to open a Tangerine Bank account include SIN, employment information and any government-issued ID. 

However, you only need to click here to apply for Tangerine World Mastercard if you already have a Tangerine Bank account. 

Once you visit the page, click on the “Apply Now” button”. You will then be directed to the page where you will log in to your Tangerine account to apply for the credit card. 


Tangerine World Mastercard Promotions

The Tangerine World Mastercard offers a special rate promotion to new clients that apply for the card and an on-going promotion to existing cardholders.

Special Rate Promotion – $100

You can earn up to an extra 10% cash back on your everyday purchases within your first 2 months of getting the card if you make purchases of at least $1,000 with the card.

The extra 10% cash back is however limited to the first $1,000 – an effective cash back bonus of $100.

To qualify, you must apply for the Tangerine World Mastercard by March 31st, 2022.

Standard On-going Promotion – extra 2%

In addition to the special rate promotion for new Tangerine World Mastercard cardholders, existing clients also get to earn an extra 2% on a 3rd spending category if they deposit their rewards into a Tangerine Savings account.

There is no limit on this promotion and you can choose which category to earn the cash back on.

Balance Transfer Promo – 1.95%

Get an introductory balance transfer rate of 1.95% for the first 6 months when you move your balance from another credit card issuer within 30 days of account opening.

But note that a balance transfer fee of 1% on the amount transferred applies. The rate reverts to 19.95% after the promotional period.


Tangerine World Mastercard Review Rating

We rate Tangerine World Mastercard 4.6 out of 5 stars based on its key features and how it compares with other World Mastercards in Canada.

Key FeatureRating
Rewards⭐⭐⭐⭐⭐
Fees⭐⭐⭐⭐
APR⭐⭐⭐
Promotional rates⭐⭐⭐⭐⭐
Perks ⭐⭐⭐⭐⭐
Income eligibility⭐⭐
Insurance coverage⭐⭐⭐⭐⭐

While the World Mastercard scores high on most aspects, its income eligibility weighs it down significantly. Nevertheless, our Tangerine World Mastercard review is positive.


Tangerine World Mastercard vs Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is the other cash back credit card offering from Tangerine, and the older of the 2 cards.. 

Both cards have several similarities and similar features.

The Tangerine Money-Back Credit Card features are as follows:

  • $0 annual fees
  • 2% unlimited rewards on 2-3 shopping categories 
  • 0.50% rewards every other purchase.
  • 10% welcome bonus
  • 19.95% APR on purchase 
  • Purchase Assurance and Extended Warranty
  • Free cards for authorized users 
  • Mastercard Zero Liability

The major difference between the two cards lies in their income eligibility. The Money-Back requires a $12,000 minimum gross annual income.

Tangerine Money-Back Credit Card

Welcome Offer: $100 cash back. That is, 10% 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

On the other hand, the World Mastercard requires $60,000 to $100,000 minimum gross annual income or $250,000 in a Tangerine account. 

Except for the luxury and exclusive benefits of World Mastercard, you can’t make the wrong choice with the Tangerine Money-Back Credit Card especially if you don’t meet the income requirement for the higher end card.

Whether you choose the Tangerine World Mastercard or Tangerine Money-back Credit Card, you get to enjoy 2% cash back on up to 3 spending categories, zero annual fees and other great benefits.

Learn more about the Tangerine World Mastercard vs Tangerine Money-back Credit Card here.


Tangerine World Mastercard vs Neo Financial Credit Card 

Neo Financial credit card could be your ideal option if you’re looking for a competitive cashback Mastercard with no annual fee and income requirement.

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 – $8.99 per month

Purchase Credit Rate: 19.99% – 24.99%

Income Eligibility: N/A

On Neo Financial’s website

The Neo Financial credit card comes in 3 variants namely a Standard, Plus and Ultra account. The standard account has a $0 annual fee with an average of 4% average cash back for purchases at partner stores.

Both the Neo Plus and Neo Ultra accounts have a monthly fee in exchange for higher rewards as follows:

  • Plus account ($2.99): 5% average cashback at partner stores
  • Ultra account ($8.99): 6% average cashback at partner stores

However, all the three Neo accounts offer 1% cashback for every other purchase. 

Unlike Tangerine World, Neo Financial Mastercard holders earn a 15% welcome bonus on their first purchases at partner stores. On the other hand, the Tangerine World Mastercard’s 10% welcome bonus is capped on $1,000 purchase in the first two months. 

In addition, Tangerine World has a 19.95% interest rate on purchases while the Neo Financial credit card has 19.99%.

Notwithstanding, you will likely earn more rewards with the Neo Mastercard than with the Tangerine World Mastercard since Neo’s partner store/merchant lists keep growing .

Check here for a full Neo Financial Credit Card Review or this Neo Financial Review to learn more about its other products.


How to Choose the Best Mastercard in Canada

No doubt, Tangerine World Mastercard is a top cash back credit card but there are other cards that offer more exclusive benefits in Canada.

Whether you want to go with the Tangerine World Mastercard or another credit card, it’s important to know how to make the perfect selection.

Here are six factors to consider when narrowing your selection of the best cashback Mastercard in Canada.

  • Rewards: Choosing a Mastercard with a competitive reward will save or earn you hundreds of dollars from your everyday purchases. You want to also ensure that the reward is unlimited and perfect for your regular expenses.
  • Annual fees: You are likely to save more from a no-fee Mastercard with a competitive cashback structure. 
  • Annual percentage rate (APR): Consider a Mastercard with a below-average interest on purchase to save more money in your account. 19.99% is the average APR for most credit cards in Canada. 
  • Welcome offers: You can save 10x with a Mastercard that has welcome offers or APR and rewards. Since different cards have different welcome offers, consider the one with the competitive rates.
  • Eligibility: Some credit cards have income and credit score requirements that may limit your access. For example, Neo Financial’s credit card has no income requirements and accepts people with poor credit scores. However, Tangerine credit cards have income requirements and require a 660+ credit score. 
  • Perks: If you want a credit card with a more luxurious feeling, consider a Mastercard with comprehensive insurance, purchase assurance and extended warranty.

FAQs on Tangerine World Mastercard Review

Is Tangerine a good bank?

Absolutely. Tangerine is a good bank compared to traditional banks and other neobanks in Canada. This is because the bank offers several banking products, competitive promotions and low-cost banking solutions.

What credit score is needed for Tangerine Mastercard?

You need a minimum of 660 credit scores to qualify for the Tangerine Money-Back. On the other hand, you need a minimum of 725+ to qualify for Tangerine World Mastercard.

Does Tangerine do a hard credit check?

No. Tangerine only conducts a soft credit check when evaluating your application. Unlike a hard check, a soft credit check doesn’t harm your credit score.

Which is better Tangerine Money-Back or Tangerine World Mastercard?  

You can’t make the wrong choice with either Mastercard because they have the same cashback structure, $0 annual fee and many similar features. 
The major difference between the two Mastercards lies in their income eligibility. The Money-Back income eligibility is low while the World Mastercard income eligibility is high.  
However, the World Mastercard has exclusive benefits and a luxurious feeling than the Money-Back Credit Card.


Final Thoughts 

That brings us to the end of this Tangerine World Mastercard review. Hopefully, you can now tell if the card is perfect for you or not. 

But if you need more help in determining the best Mastercard for you in Canada, please leave a comment below.

If you like this article, kindly explore our existing blog posts to learn more about the best financial products and services in Canada.

Tangerine World Mastercard
4.6

Summary

tangerine World Mastercard is a no-fee cash-back credit card with competitive rewards and perks.

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.

Leave a Comment