Tangerine World Mastercard vs Tangerine Money-Back Comparison 2022

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The Tangerine World Mastercard and Tangerine Money-Back Credit Card are the only credit cards currently offered by Tangerine Bank.

Though they are distinct with offerings catered to different customer groups, choosing between the 2 can be quite confusing because of their multiple similarities. 

In addition to having the same $0 annual fee, both Tangerine World and Money-Back credit cards have similar interest rates, reward structure and more.

And both cards have some of the best credit cards offers for new cardholders in Canada.

This Tangerine World Mastercard vs Tangerine Money-back article compares the key similarities and differences between the two credit cards to help make an informed decision between the two cash back cards.


Overview of Tangerine World Mastercard vs Tangerine Money Back 

The following is a highlight of the key similarities and differences between Tangerine World and Tangerine Money-Back:

Key FeaturesTangerine World MastercardTangerine Money-Back
Annual fee$0$0
Interest on purchase and cash advance19.95%19.95%
Rewards2% cashback in 2-3 spending categories2% cashback in 2-3 spending categories
Welcome bonus15% cash back on $1,000 spending15% cash back on $1,000 spending
InsuranceMobile Device Insurance, Mastercard Zero Liability, Purchase Assurance and Extended Warranty and Rental Car Collision/Loss Damage Insurance.Mastercard Zero Liability and  Purchase Assurance and Extended Warranty
Special featuresOn-demand and subscription services, Boingo Wi-Fi for Mastercard, Mastercard Airport Experiences, Mastercard Travel Rewards and Pause My Card feature.N/A
Minimum income eligibility$60,000 personal/$100,000 household gross annual income or $250,000 in any Tangerine account.$12,000 personal gross annual income
VisitApply HereApply Here

Tangerine World Mastercard vs Tangerine Money-Back: Highlights

Tangerine World and Tangerine Money-Back are both Mastercard-branded cards with a $0 annual fee and competitive cashback structure.

You can use them to make both local and international transactions like other Mastercard credit cards. 

For a start, both cards offer a 15% welcome bonus on your purchases up to $1,000 within your initial two months of membership – a $150 value.

They both offer you 2% cashback for 2 category purchases on restaurants, grocery, entertainment, home improvements, gas, furniture and so on. 

You also get one extra 2% cashback category when you deposit your rewards into the Tangerine Savings Accounts.

Cash-back categories for Tangerine Money-back and Tangerine world mastercard

Another similarity between the 2 cards is that they have Mastercard Zero Liability and Purchase Assurance and Extended Warranty.

With these and lots of other similarities, you may be wondering which to choose between the two.

The key difference between the Tangerine World Mastercard and Tangerine Money-Back Credit Card is the income requirements and extra perks and benefits that come with either card.

Tangerine World Mastercard is a mid-tier premium card that has more perks and exclusive benefits compared to the Tangerine Money-Back Credit Card. 

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

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

Let’s take a closer look at the key differences and similarities between the two credit cards below.

Related:


Tangerine World Mastercard vs. Tangerine Money Back: Differences

As mentioned earlier, the major differences between Tangerine World vs Tangerine Money-Back Credit Card lie in their income eligibility and extra features. 

You only need a minimum personal gross annual income of $12,000 to qualify for the Tangerine Money-Back Credit Card. 

For Tangerine World, you need an individual income of $60,000, household gross annual income of $100,000 or $250,000 in any Tangerine account.

The low-income eligibility of the Tangerine Money-Back Credit Card makes it more accessible to individuals with low-medium income earners than the World Mastercard.

But while Tangerine World has high-income requirements, it has extra features than the Money-Back Credit Card. This includes: 

  • Access to over 1 million Wi-Fi hotspots through the Boingo Wi-Fi for Mastercard.
  • Exclusive on-demand apps and subscription services.
  • Exclusive access to retail, dining, spa, and retail across more than 400 airports globally through the Mastercard Airport Experiences.
  • Special cashback offers on international trips with the Mastercard Travel Rewards.
  • Easy account suspension with the Pause My Card feature.
  • Extra insurance coverage (Mobile Device Insurance and Rental Car Collision/Loss Damage Insurance).

With these extra features, you will likely save more and earn more with the Tangerine World Mastercard than the Money-Back Credit Card, especially as a frequent traveler.


Tangerine World Mastercard vs Money Back: Similarities

Despite their differences, the two Mastercard credit cards from Tangerine have several similar features and benefits. 

The following are the common features of Tangerine World Mastercard vs Money-Back credit card:

  • No annual fee
  • 15% cashback promo
  • 2% cashback on selected categories 
  • 0.50% cashback for every other purchase
  • Mastercard Zero Liability
  • Purchase Assurance and Extended Warranty
  • $0 fee for additional authorized users 

In addition to these, they both have the same fee and rate structure shown below: 

Cash advance fee$3.50/$5 (Canada/international)
Interest rate on purchase and cash advance19.95%
Balance transfer fee3% or $5 minimum
Rush card$25
Monthly over-limit$25
Dishonoured payment$25
Foreign currency conversion fee2.50%
1 past statement reprint$5

Ignoring the income requirement, both Tangerine credits cards are also similar in terms of their eligibility requirements. 

Specifically, both Tangerine World Mastercard and Tangerine Money-Back Credit Cards require you to meet the following eligibility to qualify: 


Which One Should You Choose?

Now that the differences and similarities of the Tangerine World Mastercard vs Tangerine Money-Back credit card are clearer, you should hopefully have enough information to make a decision.

But if you are still confused about which one to choose, it’s important to have a self-evaluation and consider your personal situation such as:

  • Income level
  • Credit card needs 

Tangerine World Mastercard is suitable for high-income individuals with $60,000 personal/$100,000 household gross annual income or $250,000 in any Tangerine account. 

If you meet this requirement, you can benefit from the multiple extra perks that come with the Tangerine World Mastercard.

But if you’re a low-mid income earner, the Money-Back Credit Card may be ideal for you since it has a low-income requirement of $12,000.

Regardless of the card you choose, you will earn the same 2% cashback on up to 3 categories and 0.5% on every other purchase. 


Tangerine World Mastercard vs Tangerine Money-Back vs Neo Financial Credit Card

Neo Financial is an online bank/FINTECH with a great cash back/rewards credit card offering.

The table below shows how the Neo FInancial Credit Card compares to the 2 Tangerine cash back cards.

FeatureTangerine World MastercardTangerine Money-Back Credit CardNeo Financial Credit Card
Annual fee$0$0$0
Interest on purchase 19.95%19.95%19.99%
Standard cashback structure0.5% to 2% 0.5% to 2%1% to 5%
Welcome bonus15%15%15%
InsuranceYesYesN/A
Minimum income eligibility$60,000 personal, $100,000 household gross annual income or $250,000 in any Tangerine account.$12,000 personal gross annual incomeN/A
VisitApply HereApply HereApply Here

If you’re not comfortable with the income eligibility of Tangerine World and Money-Back Credit Cards, a Neo Financial credit card could be your perfect option. 

Despite having no income eligibility, the Neo Financial credit card offers more competitive cashback rewards at partner locations than what you get with the Tangerine credit cards. 

In addition to a 15% welcome bonus, the Neo Financial credit card offers 5% average cashback for purchases at partner stores and a minimum of 1% for every other purchase.

You can earn up to 5 or 6% average cashback with the Neo credit card if you decide to pay a monthly fee of $2.99 or $8.99.

However, the Neo Financial credit card has no insurance coverage, unlike Tangerine credit cards. It also has a relatively higher interest rate on purchases (19.99%) than Tangerine credit cards (19.95%).

Nevertheless, the Neo Financial credit card is more accessible and has a high reward structure that will save you more from your everyday expenses. 

But if you want to make a critical comparison of these credit cards, you should also read this comprehensive Neo Financial Credit Card Review.

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

Learn more: Neo Financial Review


FAQs:

What credit score is needed for a Tangerine Mastercard?

The minimum credit score to qualify for the Tangerine World Mastercard and Tangerine Money-Back Credit Card is 600. That means you don’t need to have a good to excellent credit score to qualify for Tangerine credit cards.

Does Tangerine do a hard credit check?

No. Tangerine runs a soft credit check that doesn’t impact your credit score. 

Is Tangerine MasterCard instant approval?

Yes. Tangerine offers instant approval after accessing your application to its World Mastercard or Money-Back Credit Card. 

Is Tangerine worldwide?

Yes, Tangerine Mastercards are accepted worldwide across over 24 million locations or anywhere Mastercard is accepted.
The Tangerine World Mastercard gives you exclusive benefits on international transactions including free Wi-Fi access, discounts on selected purchases and a special cashback structure. 

Can I change my money-back categories on Tangerine?

You can change your Tangerine Mastercard 2% cash back categories anytime you wish. However, it may take up to 90 days for the change to reflect or immediately if its your first change.

How often can I change my 2% cash back categories on Tangerine?

You can change the 2 spending categories that earn 2% once every 90 days. 

How do I cancel my Tangerine credit card?

The fastest way to cancel your Tangerine credit card is by calling the Tangerine customer team at +18888264374 or +14167583139 while in Canada or outside Canada.
Also, you can contact the customer support through the chatbot on the Tangerine website. If that doesn’t work for you, send a mail to:
Tangerine
3389 Steeles Avenue East
Toronto, Ontario
M2H 0A1


Final Thoughts

At first, it may seem challenging determining which to choose between Tangerine World vs Money-Back credit cards. But with the above comparison, you can now easily choose the one that suits your needs.

You really can’t go wrong with either cards from Tangerine but you should consider their alternatives if you’re not comfortable with their income eligibility and features. 

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

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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