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Published June 19, 2024
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Tangerine Money-Back Credit Card Review 2024: Is It Worth It?

The Tangerine Money-Back Credit Card earns cash back on each eligible dollar spent with accelerated rates in up to three spending categories — and has no annual fee.

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Best for anyone looking to earn unlimited cash-back rewards with no annual fee.

Those willing to spend strategically will be best positioned to maximize this Tangerine card’s customizable reward categories.

Learn more about how we evaluate cards.

    5.0

    NerdWallet Rating

    If you’re interested in earning cash-back rewards with no annual fee, consider the Tangerine Money-Back Credit Card. Earn 2% cash-back on up to three spending categories.

    Tangerine Money-Back Credit Card

    Tangerine Money-Back Credit Card
    • Annual Fee
      $0
    • Interest Rates
      19.95%
    • Rewards Rate
      0.5%-10%
    • Intro Offer
      Up to $100
    Card Details
    • 2% on two categories of your choice: grocery, furniture, restaurants, hotel-motel, gas, recurring bill payments, drug store, home improvement, entertainment, or public transportation and parking.
    • Get a third cash-back category by choosing to have your rewards deposited into a Tangerine Savings Account.
    • 0.50% on everything else.
    • Redeem cash back monthly as a statement credit or deposited into a Tangerine Savings Account.
    • No annual fee.
    • Transfer balances within your first 30 days and pay only 1.95% interest on the transferred balance for the first six months (19.95% after that). 1% balance transfer fee applies to the amount transferred.
    • Get free cards for any authorized users on your account.
    • It only includes purchase assurance and extended protection insurance. For more insurance, consider the Tangerine World Mastercard which requires a minimum personal income of $60,000. If you meet this requirement, you will automatically be considered for the World card if you apply for the Money-Back card.
    • Preferred rates: 19.95% for purchases and cash advances.
    • To be eligible, a $12,000 (individual) annual income is required. Also, you must have a Canadian credit file and be a Canadian resident of the age of majority in the province or territory where you live.

    Tangerine Money-Back Credit Card full review

    The Tangerine Money-Back Credit Card is a no-annual-fee cash-back credit card. that does not charge an annual fee. With this Mastercard, you earn cash back on each eligible dollar spent with an accelerated rate of 2% on spending in up to three categories.

    Benefits of the Tangerine Money-Back Credit Card

    Accelerated cash-back rewards and no annual fee are two of the Tangerine Money-Back Credit Card’s biggest selling points. The card also comes with a rock-bottom 1.95% introductory interest rate on balance transfers for the first six months of card membership (19.95% after that). Plus, extra cards for authorized users are free, too.

    Drawbacks of the Tangerine Money-Back Credit Card

    This card’s insurance coverage is limited to extended warranty and purchase protection. It also lacks many perks offered by its cash-back reward card competitors, like car rental discounts, complimentary Wi-Fi, and exclusive dining and retail offers. Plus, its 2% cash-back rewards don’t apply to all purchases. You select up to three money-back categories which will earn 2% back — and all other purchases earn just 0.5% cash back.

    Who should get the Tangerine Money-Back Credit Card?

    If you’re interested in earning cash-back rewards with no annual fee, you should consider the Tangerine Money-Back Credit Card. Just bear in mind that you’ll need to use your card strategically to make the most of its rewards.

    The card’s highest cash-back rate of 2% can only be earned on up to three cash-back categories. All cardholders can choose two of these 2% categories, and to unlock the third, you must opt to deposit your rewards into a Tangerine savings account. That’s one reason this card is best for people who already bank with Tangerine or who are already considering opening an account there — though it’s free, so there really isn’t a downside.

    Is the Tangerine Money-Back Credit Card worth it?

    Whether the Tangerine Money-Back Credit Card is worth it will depend on your spending habits. The card has no annual fee, so you don’t need to worry about recouping any costs. But you’ll want to consider the Tangerine Money-Back Mastercard’s interest rates and rewards to ensure it’s the best fit for your needs.

    Tangerine customer ratings

    Tangerine Money-Back Credit Card eligibility

    Who qualifies for the Tangerine Money-Back Credit Card?

    To be eligible for the Tangerine Money-Back Credit Card, you must:

    Approximate credit score needed for approval

    Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you apply for.

    Want to learn more? Visit our “What Credit Score Is Needed for a Credit Card?” page.

    Tangerine Money-Back Credit Card rewards

    If you’re approved for the Tangerine Money-Back Credit Card, you can earn an extra 10% cash back on up to $1,000 in purchases made within the first two months of card membership. This offer is good until Oct. 31, 2024.

    • 2% cash back in two money-back categories of your choice.
    • 0.5% cash back on all other purchases. 

    If you deposit cash-back rewards earned with the Tangerine Money-Back Credit Card into a Tangerine Savings Account, you can earn 2% cash back on a third category of your choice.

    Cash-back categories include typical rewards categories like groceries, restaurants and gas purchases, as well as less common ones such as home improvement, furniture, and public transportation and parking. Cash-back rewards are unlimited; there’s no monthly or annual cap on the amount you can earn.

    To earn the welcome offer, you need to spend $1,000 in the first two months. If you strategically do all that spending in your 2% earning categories, it’s possible to earn $120 in cash-back rewards and make the most of your introductory period. 

    The Tangerine Money-Back Credit Card’s low promotional interest rate might also have value for you. New cardholders with existing credit card debt can take advantage of a 1.95% interest rate on balance transfers for the first six months. Paying less interest, even temporarily, can help you pay down debt faster, as more of each payment is applied to the principal balance. To take advantage of the promotional rate, a balance transfer must be completed within the first 30 days of card membership. Balance transfers are also subject to a fee of 1% of the amount.

    In addition to its welcome offer, the Tangerine Mastercard comes with extended warranty and purchase protection insurance, which could provide additional value should you ever need to use it.

    How to apply for the Tangerine Money-Back Credit Card

    You must complete the application for the Tangerine Money-Back Credit Card from Tangerine’s website. You’ll need to log into your account if you’re a current Tangerine customer, or create a new account if you’re not. Enter any personal, employment or financial information requested, and create a banking PIN. Review the card’s terms and conditions before submitting your application.

    Tangerine Money-Back Credit Card vs BMO CashBack® Mastercard®*:

    Want an annual fee card but aren’t interested in what Tangerine has to offer? You might consider this cash-back alternative from BMO.

    Tangerine Money-Back Credit CardBMO CashBack® Mastercard®*
    Annual fee$0.$0.
    Reward type2% cash back in up to 3 categories of your choice; 0.5% on everything else.3% cash back on groceries; 1% on recurring bill payments; 0.5% on everything else.
    BenefitsFree cards for authorized users.

    Mobile wallet compatible.

    Up-to-date transaction alerts.

    1.95% promotional rate on balance transfers for 6 months (1% fee).
    Save up to 20% on rentals with National Car Rental and Alamo Rent a Car.

    Save up to 20% on Cirque du Soleil shows touring Canada and 15% off resident shows in Las Vegas.

    Free additional card for an authorized cardholder.

    Detailed transaction view.

    0.99% promotional rate on balance transfers for 9 months (2% fee).
    Insurance coverageExtended warranty and purchase protection.Extended warranty and purchase protection.

    Reasons you might want a different card

    There are a few circumstances in which the Tangerine Money-Back Credit Card won’t be an ideal fit: 

    If you’re set on a Tangerine card with no annual fee and cash back rewards, but the Money-Back card doesn’t fit the bill, you could consider the Tangerine World Mastercard. It has a steeper income requirement, but it also has more perks and benefits.

    Check out NerdWallet’s Tangerine Money-Back Credit Card versus Tangerine World Mastercard® comparison for a quick head-to-head look.

    Tangerine Money-Back Credit Card Facts

    Tangerine Money-Back Credit Card
    Card TypeCash-back credit card.
    Interest Rates
    Regular/purchase APR19.95%.
    Cash advance APR19.95%.
    Penalty APR24.95% if you miss two consecutive payments, as of March 2023.
    Fees
    Annual fee$0.
    Balance transfer3% of the transaction amount, minimum of $5.
    Cash advance$3.50 to $5 per transaction.
    Foreign transaction2.5% of the transaction amount.
    Reward Earn Rates
    Signup Bonus or Welcome OfferNew cardholders can earn an extra 10% cash back on up to $1,000 in purchases made within the first two months of card membership (limited time offer, terms and conditions apply).
    Rewards and benefitsTangerine Money-Back Credit Card earns 2% cash back in two money-back categories of the cardholder's choice and 0.50% cash back on all other purchases. If cardholders deposit their cash-back rewards into a Tangerine Savings Account, they can earn 2% cash back on a third money-back category. Categories include groceries, furniture, restaurants, hotel and motel, gas, recurring bill payments, drug stores, home improvement, entertainment, and public transportation and parking.
    Other perks
    Free cards. Receive a free card for any authorized users you add to your account.
    Mobile wallet compatible. Pay by Google Pay, Samsung Pay or Apple Pay.
    Track your spending. Stay on top of your finances with up-to-date data on your spending habits.
    Insurance coverage
    Extended warrantyUp to one year.
    Purchase protection90 days.

    Rating Methodology

    NerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation methodology include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.

      Frequently asked questions about Tangerine Money-Back Credit Card

      Does the Tangerine Money-Back Credit Card work in Costco?

      Yes, you can use your Tangerine Money-Back Credit Card to make transactions at Costco and Costco.ca. 

      What are the Tangerine Money-Back Credit Card money-back categories?

      Tangerine cash-back categories include groceries, furniture, restaurants, hotels and motels, gas, recurring bill payments, drug stores, home improvement, entertainment, and public transportation and parking.

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