Best Tangerine Credit Cards in Canada for 2024

This article delves deep into the offerings of Tangerine’s latest credit cards, comparing their features, benefits, and potential drawbacks, helping Canadian consumers make an informed decision about which card best aligns with their financial goals and lifestyle preferences.

Benefits and drawbacks of Tangerine credit cards

Benefits:

1. No Annual Fees: One of the primary advantages of Tangerine credit cards is that they typically come without annual fees. This can result in significant savings over time when compared to other cards that charge yearly fees.
2. Cash Back Rewards: Tangerine credit cards offer a cash back reward system. Depending on the card and the type of purchase, users can earn back a percentage of what they spend.
3. Flexibility in Rewards: Users can choose which categories they earn the most cash back on, such as groceries, gas, or entertainment. This allows for personalized savings based on individual spending habits.
4. No Foreign Transaction Fees: Some Tangerine cards come with no foreign transaction fees, making them ideal for travelers or those making online purchases from international vendors.
5. Mobile Banking: Tangerine offers a user-friendly mobile banking app, allowing cardholders to monitor their spending, check balances, and make payments on the go.

Drawbacks:

1. Limited to Certain Categories: While the flexibility in choosing cash back categories is a benefit, it’s also limited. Users can only select a few categories to earn the higher cash back percentage, while other purchases might earn a lower rate.
2. Potential for High Interest: If not paid in full every month, Tangerine credit cards can accrue interest at rates comparable to other credit cards. This can quickly negate any rewards or benefits if balances are carried over.
3. Availability: Tangerine credit cards are primarily available in Canada. This limited geographical availability might not be suitable for individuals outside of this region.
4. No Premium Options: Unlike some other banks, Tangerine doesn’t offer a line of premium credit cards with additional perks such as lounge access or premium insurance coverage.
5. Customer Service Concerns: Some users have reported challenges with Tangerine’s customer service, especially when trying to resolve disputes or issues.

Tangerine credit card cashback categories

Tangerine offers a unique approach to cashback rewards with its credit card. Here’s a comprehensive breakdown of how the system works:

1. Selection of Categories: At the time of signing up, cardholders can choose two categories from Tangerine’s list of ten money-back options.
2. Earning Rate: Purchases made in the selected categories will earn a 2% cashback. Meanwhile, all other non-category purchases will earn a standard 0.5% cashback.
3. Bonus Category: There’s an opportunity for cardholders to benefit from an additional (third) 2% cashback category. To avail this, they simply need to deposit their cashback rewards into a Tangerine savings account.

Here are Tangerine’s ten money-back categories:

• Groceries: This covers your day-to-day food and household items.
• Furniture: Purchases made at furniture stores.
• Restaurants: Both dine-in and takeout options are included.
• Hotel/Motel: Stays at hotels and motels, be it for leisure or work.
• Gas: Fuel expenses at gas stations.
• Recurring Bill Payments: Regular monthly bills such as utilities or subscription services.
• Drug Store: Medicines, cosmetics, and other pharmacy purchases.
• Home Improvement: Expenses at home hardware and decor stores.
• Entertainment: Expenses related to movies, theater, concerts, and other recreational activities.
• Public Transportation and Parking: This includes buses, trains, trams, and parking fees.

By strategically selecting the categories where they spend the most, cardholders can maximize their cashback rewards with Tangerine.

Choosing cashback categories

When you’re on the verge of submitting your Tangerine credit card application, you’ll come across an enticing feature: the ability to choose your 2% money-back categories. Essentially, this means that for every dollar you spend in the categories you pick, you get two cents back! But how do you decide which categories to choose?

1. Groceries: Let’s be real, everyone needs to eat. If you find yourself regularly hitting up the grocery store for food and household essentials, this is a solid pick.

2. Furniture: Redecorating or moving into a new place? If you foresee big expenses at furniture outlets, this category will have your back.

3. Restaurants: For those who love to eat out or grab takeout after a busy day, this category can offer great returns.

4. Hotel/Motel: If you frequently travel, whether it’s for fun getaways or business trips, opting for this category can be rewarding.

5. Gas: Regular commuters and road trippers should consider this category. Every time you fuel up, you’ll be pocketing more savings.

6. Recurring Bill Payments: Got monthly bills? Who doesn’t? From your Netflix subscription to utility bills, you can earn back from what you’re already spending.

7. Drug Store: For those who have regular pharmacy visits, be it for medicines or cosmetics, this category makes sense.

8. Home Improvement: If you’re planning to give your home a facelift or dive into DIY projects, the expenses can add up. Why not get some cash back in the process?

9. Entertainment: Movie buffs, concert-goers, and theater enthusiasts can benefit from selecting this category.

10. Public Transportation and Parking: If you rely on public transport or often pay for parking, this can be a strategic pick.

Tips for Maximizing Your Cashback:

• Assess Your Spending: Look over your past few months of spending. Which categories do you spend the most in?
• Stay Updated: Tangerine might introduce new categories or make changes. Keep an eye out for updates to maximize your benefits.
• Remember the Basics: All other purchases, outside of your chosen categories, still earn you 0.5% cash back.

How to redeem cash back

Redeeming your cash back with Tangerine is straightforward. Follow these steps to make the most of your rewards:

1. Check Your Statement: Every month, take a look at your Tangerine credit card statement. Here, you’ll see all the cash back rewards you’ve earned alongside the transactions that earned them.
2. Choose Your Redemption Option: Tangerine offers two ways to use your cash back:
   • Tangerine Savings Account: Transfer and deposit the rewards directly into your Tangerine savings account. This way, you can save or spend the rewards as you please.
   • Credit Card Account: Apply the cash back directly to your credit card balance. This reduces the amount you owe on your card, helping you save on interest and pay off your balance faster.
3. Follow On-Screen Instructions: Log into your Tangerine account. Navigate to the rewards section. From there, you’ll be guided on how to redeem your cash back based on the option you choose.

How to change Tangerine credit card categories

Changing your Tangerine credit card categories is a straightforward process. Here’s a step-by-step guide to help you make those adjustments:

1. Log into Your Account: First and foremost, access your Tangerine account. This is where all the magic happens.
2. Navigate to Manage Rewards: Once logged in, find and select the “Manage Rewards” option. This section is dedicated to all things related to your money-back rewards.
3. Choose Your Desired Category: Here, you can select the categories where you’d like to earn money back.
4. Understand the Timing:
   • First Change: If it’s your first time changing a category, rejoice! Your change will be applied immediately. This means that any purchases you make in this category after the change will earn you rewards.
   • Subsequent Changes: If you’ve made changes before, it’s a bit different. Any changes after the first one won’t take effect right away. Instead, they’ll kick in on the first billing date after a 90-day hold period. So, some patience is required.
5. Multiple Requests: Here’s something to keep in mind. During the 90-day hold period, you’re free to make as many category change requests as you wish. However, only the most recent change request will be implemented when the hold period concludes.

Tangerine credit card interest rates

Tangerine credit cards offer a range of interest rates depending on the type of transaction. Here’s a straightforward breakdown:

1. Purchase Interest Rate: When you buy something using your Tangerine credit card, you’re charged an interest rate of 19.95%. This means if you carry a balance on your card (i.e., don’t pay off the full amount by the due date), you’ll be charged this rate on the outstanding amount.
2. Cash Advance Rate: If you withdraw cash from an ATM or make any cash-like transactions using your Tangerine card, the interest rate is also 19.95%. It’s crucial to note that interest on cash advances usually starts accruing immediately, without the grace period you get for purchases.
3. Balance Transfer Rate: Tangerine offers a promotional rate for balance transfers. If you move debt from another credit card to your Tangerine card, you’ll be charged a reduced rate of 1.95% for the initial six months. After this period, the rate jumps to 19.95%. It’s a chance to pay off debt at a lower interest rate, but you must be mindful of the timeframe.
4. Penalty Rate: There’s a higher rate if you miss payments. If you fail to make the minimum payment on your card for two consecutive months, your interest rate will be increased to 24.95%. It’s a significant jump, so it’s essential to ensure timely payments to avoid this rate.

Tangerine credit card fees

When you’re a Tangerine cardholder, it’s essential to be aware of the various fees associated with the card. As of now, here’s a breakdown of the fees you can expect:

1. Annual Fee: The good news is that there’s no annual fee. That’s right; it’s $0. This means you won’t be charged every year just for holding the card.
2. Balance Transfer Fee: If you decide to move a balance from one card to your Tangerine card, you’ll incur a fee. This fee is 3% of the total amount you’re transferring. However, even if you’re transferring a small amount, the fee won’t be less than $5.00.
3. Cash Advance Fee: Sometimes, you might need cash urgently and consider using your Tangerine card to withdraw some. But remember, every time you do this, there’s a fee involved. It can range from $3.50 to $5, depending on the transaction.
4. Foreign Transaction Fee: Planning on using your card overseas or buying something online from a foreign website? Keep in mind that there’s a 2.5% fee on the total transaction amount for foreign transactions.
5. Dishonoured Payment Fee: Mistakes happen. If a payment you make with your Tangerine card doesn’t go through for any reason, there’s a $25 fee.
6. Over-limit Fee: Lastly, always keep an eye on your credit limit. If your card charges go over the limit, you’ll be charged a $25 fee.

Tangerine credit card insurance

When you use your Tangerine World Mastercard, you’re not just making a purchase; you’re also securing a range of insurance benefits that safeguard you and your belongings.

Rental car theft and damage

One of these is the rental car theft and damage coverage. By simply booking your rental vehicle with the card, you gain collision damage waiver protection that lasts up to a month, specifically 31 days. However, to enjoy this, remember to decline any offers from the rental company for Collision Damage Waiver (CDW) or Loss Damage Waiver (LDW). If you opt for the rental company’s coverage, Tangerine’s insurance won’t apply.

Mobile device protection

Your mobile device is also under the Tangerine protective umbrella. In the unfortunate event that your phone is lost, stolen, or even if it just stops working due to accidental damage or mechanical failure, you’re covered. The coverage amount reaches up to $1,000. But, there’s a key step to remember: you need to have charged both the full price of the device and its ongoing wireless bill payments to your Tangerine World Mastercard.

Extended warranty

Have you ever bought something, only to find it stops working shortly after the manufacturer’s warranty expires? With the Tangerine credit card, such worries are minimized. The card automatically adds up to an additional year to the warranty of eligible new items you buy. Make sure you charge these purchases to the card, and you’re good to go.

Purchase protection

Lastly, there’s an added layer of security when shopping. Imagine buying a prized possession and then facing the heartbreak of it being damaged or stolen within three months. With the Tangerine credit card, such items are protected. If an item you bought using the card faces such a fate within 90 days of purchase, you’ll receive coverage, up to a limit of $1,000 per incident.

How to choose the best Tangerine card for you

When diving into the pool of Tangerine card options, it’s essential to swim through the details to find the one that best matches your financial landscape. This means looking beyond the vibrant designs and delving into what truly matters.

Welcome bonus

First off, keep an eye out for the welcome bonus. It’s that initial sparkle that many cards throw your way. These bonuses can range from an offer of faster cash back accumulation to a boost in reward points. But remember, the dazzle isn’t always as bright as it seems. Always go through the conditions tied to these offers. It’s not about just grabbing the bonus; it’s about understanding if you can genuinely benefit from it.

Annual fee

Next, the annual fee is something you can’t afford to overlook. While some cards come without any yearly charges, others might ask for a fee. At times, this fee brings along a set of premium benefits. The key here is to weigh the perks against the price. If you find that the advantages don’t justify the cost, it might be time to look elsewhere.

Earn rates

The heart of any credit card is its rewards program. Whether you’re a traveler looking for miles, a shopper eyeing those reward points, or someone who simply loves cash back, there’s a card out there tailored for you. Understand what you value the most and find a card that aligns with those preferences. If you’re spending a lot each month, you’ll want to pick the Tangerine card that has the higher earn rate, because the extra cashback will outweigh any other benefits.

Eligibility criteria

Of course, before dreaming of luxurious perks or imagining your next vacation funded by reward miles, it’s crucial to see if you fit the card’s eligibility criteria. High-end cards often come with stringent requirements, including a certain annual income bracket or a specific credit score. Always ensure you tick these boxes before setting your heart on a particular card.

Interest rates

Lastly, but by no means least, is the interest rate. This number will decide how much more you might owe if you don’t clear your monthly dues. A card might offer fantastic rewards, but if its interest rate is sky-high, you could end up paying a lot more than you anticipated. Always review this rate and make an informed decision.

Tangerine World Mastercard vs. Tangerine Money-Back Credit Card

When it comes to choosing a credit card, the Tangerine World Mastercard and the Tangerine Money-Back Credit Card are often compared because of their similarities. Both cards come with no annual fees and offer up to 2% cash back in up to three spending categories, along with the promise of unlimited rewards. Additionally, users of both cards can enjoy benefits such as free cards for authorized users and compatibility with mobile wallets like Apple Pay, Google Pay, and Samsung Pay.

However, a closer look reveals some distinctions between the two, primarily in the areas of travel perks and insurance coverage.

The Tangerine World Mastercard offers a broader range of benefits tailored for frequent travelers. Cardholders can access Boingo Wi-Fi worldwide, giving them the advantage of staying connected on the go.

Furthermore, they can utilize Mastercard Travel Rewards cash-back offers and rebates, making travel more affordable.

One of the standout features is the complimentary membership to Mastercard® Travel Pass Provided By DragonPass. While the membership is complimentary, accessing airport lounges comes at a cost of $32 USD per visit, but it’s a valuable perk for those who travel often. On top of that, they also get exclusive offers at airport dining, retail, and spa establishments.

On the insurance front, the Tangerine World Mastercard offers more comprehensive coverage. Beyond the purchase protection and extended warranty available on both cards, World Mastercard users also benefit from rental car and mobile device insurance.

When it comes to eligibility, the World Mastercard is targeted towards individuals with a higher financial standing.

To qualify, one needs a gross annual income of $60,000 or more, a household income of $100,000 or more, or have $250,000 or more in Tangerine Savings Account(s) and/or Investment Fund Account(s). On the other hand, the Tangerine Money-Back Credit Card has a more accessible threshold, requiring a gross annual income of just $12,000 or more.

In conclusion, while both cards offer compelling features, the choice boils down to individual needs. The Tangerine World Mastercard is a clear winner for frequent travelers and those looking for extensive insurance coverage, whereas the Tangerine Money-Back Credit Card is a solid choice for individuals with a lower income bracket who still want to enjoy cash-back rewards.

Eligibility requirements

To qualify for a Tangerine credit card, you need to meet several specific criteria. First and foremost, you should be a resident of Canada. Moreover, the age factor plays a crucial role: you need to have reached the age of majority in your specific province or territory. The age of majority varies across Canada, so it’s essential to be aware of the threshold in your locality.

Another critical aspect to consider is your financial history. If you have declared bankruptcy in the recent past—specifically, within the last 7 years—it will unfortunately disqualify you from being eligible.

Now, when it comes to credit scores and income, Tangerine has set particular benchmarks. However, these exact numbers are not publicly shared on their online platforms. This lack of transparency can make it slightly challenging to gauge your odds of securing a credit card from them. But remember, as a general rule in the financial world, the higher your credit score, the better your chances of approval. This principle applies universally, regardless of which credit product you’re seeking.

Steps to apply

To get started with your credit card application at Tangerine, remember that Tangerine operates as a digital bank. This means the entire process is online, so there’s no need to visit any physical location.

Head straight to Tangerine’s website.

Once there, you’ll find the application section where you’ll be asked to fill in some details. This will include personal information, like your name and address, and also more specific details related to your job and finances. It’s essential to have all this information handy and accurate, as it plays a crucial role in the decision-making process for your application.

Another crucial step before you finalize your application is to go through the card’s terms and conditions. It might seem like a lot to read, but it’s vital.

These terms lay out all the specifics about the card you’re applying for, including any fees, interest rates, and other important details. Taking a little time to understand these now can save you from surprises later on.

Once you’ve filled in all the necessary details and reviewed the terms, you can submit your application. Tangerine will then process your information and get back to you about the status of your application. It’s a straightforward process, but always be thorough and attentive to ensure a smooth experience.

Can you get a Tangerine credit card with bad credit?

Tangerine is one of the financial institutions that doesn’t make its credit score requirements public. This means that even if you have a lower credit score, there’s still a chance you might be approved for a Tangerine credit card.

However, it’s essential to keep in mind that while approval is possible, the credit limit offered might be on the lower side. This is because institutions often adjust the credit limit based on the perceived risk associated with an applicant’s credit history.

If for some reason your application for the Tangerine credit card isn’t successful, don’t be disheartened. There are other paths you can consider, like secured and prepaid cards. These are excellent alternatives specifically designed for those with limited or no credit history, helping them build or rebuild their financial reputation over time. So, while Tangerine might be an option for those with bad credit, it’s always good to have a backup plan in mind.

How long does it take to receive a Tangerine credit card?

When you apply for a Tangerine credit card and get the green light, you’ll have to wait a bit before it lands in your mailbox. On average, most people receive their Tangerine credit card in five to ten business days after their application gets approved.

How did we rank these Tangerine cards?

We collected an enormous amount of data for every credit card in our system, with 100+ pieces of data for each card.

Using this data, and what we believe is an average breakdown of monthly spending habits, we’re able to predict the rewards that you would earn using each credit card. We then consider other reviews, our personal experience and the commission that we earn on referrals to decide how to rank them.

Factors in our data include:

• rewards
• annual fees
• welcome bonuses
• interest rates
• perks
• insurance

Our goal is to be as impartial as possible and as a business the referral fees we earn do play a small role in our rankings, or whether a card is included on the site at all.