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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.

The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you'd earn this per category:

Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that's a 10% earn rate on gas.

For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} of cards by the income required to qualify.

The Tangerine World MasterCard is a popular credit card option in Canada known for its versatile rewards program and no annual fee.

Having reviewed this card, we think it's a strong option for Canadian's who don't want to pay an annual fee.

Reasonable cashback rate with no annual fee

Most no-fee credit cards have zero or low rewards, with weak cashback offers or points programs that have little value. In comparison, the Tangerine World Mastercard offers up to 2% cashback on certain categories, meaning you would earn more cashback on your spend.

When reviewing this card we presumed a monthly spend of $2,000, split across the spend categories in what we believe is the most likely ratios. By doing this, we can get a more accurate estimation of the rewards that you'd earn with each credit card.

Our research suggests that you'd earn 1.43% on average, for each dollar that you spend on this card. That cashback rate is relatively high compared to other no-fee credit cards.

For example, the BMO Cashback Mastercard earns an estimated 1.35% in the same test, meaning that the Tangerine card comes out ahead in this measurement.

However, it's important to note that a 1.43% earn rate isn't the highest that's possible for a no-fee card and when compared to cards with annual fees, this earn rate is low.

That doesn't mean that the Tangerine World Mastercard isn't a great card - it's a good choice if you don't want to pay an annual fee, you spend a lot in one category and you already bank with Tangerine. If you spend primarily in two of the ten categories, you'll enjoy 2% cash back on spend in those categories.

For example, if you chose groceries and gas, you'd get 2% cash back on every dollar you spend on those items. So, it could make sense for you to use this credit card specifically for those expenses because you can get 2% cashback without having to pay an annual fee.

Complimentary insurance coverage

This card offers several complimentary insurances, including mobile device insurance of up to $1,000 and rental car collision/loss damage insurance. You'll also get 90-days purchase protection and a select 1-year extended warranty plan.

Given that this is a free card with no annual fee, having any insurance coverage is a nice benefit. Generally, no-fee cards offer little or no insurance and so these features are big positive for this card.

Designed as travel credit card, having mobile phone insurance through this card is fantastic because the likelihood of damage or loss increases while you're travelling. Similarly, rental car theft and damage insurance can save you money because most rental cars will charge you extra for this coverage.

High minimum income requirement

The Tangerine World MasterCard has a minimum personal annual income requirement of $60,000 or $100,000 household income. Given that this is a no-fee credit card, it's surprising that the income requirement is so high. Few credit cards have higher minimum income requirements, making this a significant drawback.

Most people who will qualify for this card will also qualify for credit cards that offer much higher earn rates, although they might charge annual fees. If you're willing to pay an annual fee for a card that you use for your daily spend, then the Tangerine World Mastercard probably isn't a good choice for your daily usage.

However, because it doesn't charge an annual fee, it might be a useful 2nd or 3rd card that you can use alongside another card, to take advantage of the 2% earn rates in two categories.

If you don't qualify for this card because your income is below $60,000, you might consider the Tangerine Moneyback Card which has no minimum income requirements and offers similar rewards.

Competitive promotional rates

Tangerine frequently offers promotions for new cardholders of the World Mastercard which can be highly competitive.

Recently, they've offered 1.95% interest rates on balance transfers. Compared to other no-fee cards, this rate is incredibly low because the transfer term is for 6-months. For those looking to consolidate their balances and pay off their debt, this rate could be helpful for reducing your interest payments.

Similarly, they have a 10% back rate on up to $1,000 in everyday purchases made within the first 2-months of owning the card. If you're planning to make a large purchase which falls into this spending category, you'll be able to earn 10% back without any annual fee.

Interested in other credit cards? Canadians that like the Tangerine World MasterCard credit card also like the Triangle World Elite Mastercard. If you’re looking for other options you should consider the KOHO Extra Mastercard, and the Triangle Mastercard.

Does the Tangerine World Mastercard have lounge access?

Yes, but you'll have to pay $32 USD for each visit to the lounge.

With this credit card you get access to the Mastercard Travel Pass, which includes over 1,000 airport lounges globally. However, this Pass only gives you eligibility, you'll still have to pay the $32 USD fee per visit.

This lounge access benefit isn't great. While most no-fee cards have no lounge benefits at all, many lounges cost around $32 anyways and so you don't get much savings from this membership.

World Mastercard benefits

As with all World Mastercard credit cards, you'll get access to special experiences and promotional rates on products and activities.

This access includes the Mastercard Priceless Cities program, which offers once-in-a-lifetime experiences. These could include special access to museums and buildings that are typically closed to the public, or dining at restaurants with year long waitlists.

Though, these experiences are not free. The prices aren't discounted significantly, but what you're getting is access to offers that you typically wouldn't be able to buy elsewhere.

Comparison to the Tangerine Money-Back Card

The Tangerine Money-Back Credit Card is the other option from Tangerine. It's very similar to this World Mastercard, but is aimed at those who earn and spend less each month.

Both of these cards have no fee and the same reward structure. The only differences are in the qualification requirements and the perks.

For those earning less, the Money-Back card has none of the perks that we just discussed, and only gets the standard extended warranty and purchase protection insurance. While the World Mastercard from Tangerine gives you the extra perks, mobile phone insurance and rental car coverage.

For most people, these extra perks and insurances aren't a huge benefit. But, they are free! There's no reason to get the Money-Back card if you qualify for the World Mastercard, because they are both free and the World Mastercard has extra benefits that the Money-Back card doesn't.

Who should get the Tangerine World Mastercard?

The Tangerine World Mastercard is a good choice for those who:

1. Spend Heavily in Two to Three Categories - If the majority of your monthly spending happens in a few categories, you can choose those spending categories to get the higher 2% cashback rate.
   
   Then, you'll continue to earn 0.5% on all other spend. If this is your spending habit, this card would be a good option because you can get 2% cashback rewards on that spend, which might be higher than your other cards.





2. Existing Tangerine Savings Account - If you already have a savings account with Tangerine, you'll get a third cash-back category to earn 2%, rather than only two. So, this credit card makes the most sense for people that already bank with Tangerine.





3. Upcoming Large Expense - The current promotional 10% cashback rate on up to $1,000 in everyday spending means that you can get a huge earn rate on an upcoming purchase. Remember, this promotional rate only lasts for 2-months before it expires.





4. Planning a Balance Transfer - If you're able to get the low balance transfer interest rate for 6-months, that could allow you to lower the interest that you're charged on your outstanding debt.





5. Want Perks without an Annual Fee - Most no-fee credit cards have very few perks or insurance benefits, while the Tangerine World Mastercard gives you relatively nice perks without any annual fee.

FAQ - Tangerine World Mastercard Credit Card

Key benefits

• Mastercard acceptance worldwide





• 2.5% surcharge reduction on foreign currency transactions





• Balance transfers and cash advances available





• Free supplementary cards





• Customizable autopay options





• Contactless payments via Mastercard Tap & Go





• Lock/unlock card feature through Tangerine app





• 24/7 customer service support





• Mastercard Airport Experiences provided by LoungeKey





• Access to exclusive Mastercard Priceless Cities experiences