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Published March 10, 2023

Tangerine Money-Back Credit Card Review

The Tangerine Money-Back Credit Card earns cash back on each eligible dollar spent with accelerated rates in up to three money-back categories.

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Tangerine Money-Back Credit Card

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

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

    4.5

    NerdWallet Rating

    Tangerine Money-Back Credit Card

    Tangerine Money-Back Credit Card
    • Annual Fee
      $0
    • Interest Rates
      19.95%
    • Rewards Rate
      0.5%-15%
    • Intro Offer
      Up to $150
    Product 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 pros and cons

    Pros

    Cons

    Tangerine Money-Back Credit Card full review

    The Tangerine Money-Back Credit Card is a cash-back credit card that does not charge an annual fee. Cardholders earn cash back on each eligible dollar spent with accelerated rates on up to three money-back categories.

    Benefits of the Tangerine Money-Back Credit Card

    Cash-back rewards with 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 for the first six months of card membership.

    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. Cardholders select up to three money-back categories to earn 2% back — all other purchases earn just 0.5% money back.

    Is Tangerine reliable and secure?

    Digital bank Tangerine was launched in 1997 and acquired by Scotiabank in 2012. Customer deposits are protected by coverage purchased through Canada Deposit Insurance Corporation (CDIC)

    The Tangerine Money-Back Credit Card carries Mastercard’s Zero Liability Protection, which ensures cardholders won’t be held responsible for fraudulent charges if their card or card information is stolen.  

    Tangerine customer satisfaction ratings

    Tangerine Bank ranks first in customer satisfaction with credit card issuers, according to J.D. Power’s 2022 Canada Credit Card Satisfaction Study, a survey of 6,478 cardholders in Canada[1]. Card issuers were rated on their benefits and services, communication, card terms, customer support and rewards. Other credit card issuers with above-average customer satisfaction ratings in the survey were Canadian Tire, American Express and PC Financial.

    Tangerine had a Trustpilot rating of 1.2 out of 5 possible stars based on more than 1,200 customer reviews at the time of this writing.

    Tangerine had a 1.1 out of a possible 5 stars, according to nearly 50 customer reviews on the Better Business Bureau website, at the time of this writing. 

    Tangerine Money-Back Credit Card details and eligibility

    Who qualifies for the Tangerine Money-Back Credit Card?

    You must be a Canadian resident and at least the age of majority for your province or territory to be eligible for the Tangerine Money-Back Credit Card. You’ll also need to meet credit score and income requirements.

    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. It also means any score suggestion we make would be our best guess — which may not be accurate and could result in card application rejections. We don’t want that. 

    Suggesting that you’d need a “good” or “excellent” score is also confusing, because the meaning of those terms can vary depending on the rating system card issuers use.

    Instead, we’ll tell you what we do know: higher scores have better chances of approval — that’s true no matter what type of credit you’re applying for.

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

    » MORE: How to Check Your Credit Score 

    Income requirements

    To qualify for the Tangerine Money-Back Credit Card, you must have a minimum annual income of $12,000.

    Who should get the Tangerine Money-Back Credit Card?

    Anyone interested in earning cash-back rewards with no annual fee should consider the Tangerine Money-Back Credit Card. Because you can only earn the card’s highest cash-back rate of 2% on up to three spending categories, those willing to use their card strategically will be best positioned to make the most of this card’s rewards.

    How to know if the Tangerine Money-Back Credit Card is right for you

    If you want a card without annual fees that earns cash back, the Tangerine Money-Back Credit Card may be a practical choice.

    Total value of the Tangerine Money-Back Credit Card

    The Tangerine Money-Back Credit Card’s welcome offer includes an extra 10% cash back on up to $1,000 in purchases made within the first two months of card membership (offer expires May 2, 2023; terms and conditions apply).

    This extra 10% cash back is offered in addition to the 2% cash back in money-back categories of the cardholder’s choice. If redeemed strategically, the $1,000 you spend to redeem this welcome offer could earn you up to $120 in cash-back rewards.  

    The Tangerine Money-Back Credit Card’s low promotional interest rate is worth mentioning, too. New cardholders can take advantage of a 1.95% interest rate on balance transfers for the first six months. If you have a credit card with an existing balance, this introductory balance transfer rate could put extra money in your pocket by helping you pay off your balance faster. Paying less interest, even temporarily, means more of each payment goes directly toward what you owe.

    In addition to its welcome offer, the Tangerine Money-Back Credit Card comes with extended warranty and purchase protection insurance that could be worth thousands should you ever need to use it.

    Is the Tangerine Money-Back Credit Card worth it?

    It depends on your spending habits. The Tangerine Money-Back Credit Card has no annual fee, so you don’t need to worry about recouping costs. But you’ll want to consider the card’s interest rates and rewards to ensure it’s a practical fit for your finances.

    How to apply for the Tangerine Money-Back Credit Card

    You must complete the application for the Tangerine Money-Back from Tangerine’s website. Enter any personal, employment or financial information requested, and create a banking PIN. Review the card’s terms and conditions before you submit your application.

    How to maximize the benefits of the Tangerine Money-Back Credit Card

    Make the most of your Tangerine Money-Back Credit Card with the following tips:

    Alternatives to the Tangerine Money-Back Credit Card

    The Tangerine Money-Back Credit Card is one of many no-fee cash-back cards. Other cards in this category include the BMO CashBack Mastercard, KOHO Easy Prepaid Mastercard and Simplii Financial Cash Back Visa Card. 

    If you already bank with Tangerine and want to keep all your accounts under one roof, the Tangerine World Mastercard may be worth a look — it also earns cash back but offers more insurance and perks. Or, if you’d prefer to earn a different reward entirely, there are numerous reward program alternatives, like Aeroplan and Air Miles, among others.

    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: 

    Tangerine Money-Back Credit Card vs BMO CashBack Mastercard:

    These cards earn cash back with no annual fees, but benefits and insurance options vary.

    Tangerine Money-Back Credit CardBMO CashBack Mastercard
    Annual feeNo annual feeNo annual fee
    Reward typeUp to 2% cash back Up to 3% cash back
    BenefitsFree cards for authorized users.

    Mobile wallet compatible.

    Up-to-date transaction tracking.
    Save up to 25% on rentals with National Car Rental and Alamo Rent a Car.

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

    Free additional cardholders.

    Detailed transaction view.
    Insurance coverageExtended warranty and purchase protection.Extended warranty and purchase protection.

    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 benefitsThe Tangerine 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 everyday 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. Money-back 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 pay for Costco transactions. 

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

      Tangerine money-back categories include groceries, furniture, restaurants, hotel and motel, gas, recurring bill payments, drug stores, home improvement, entertainment, and public transportation and parking

      Review Sources

      Works Cited
      1. J.D. Power, “J.D. Power 2022 Canada Credit Card Satisfaction Study,” accessed March 23, 2023.

      About the Author

      Shannon Terrell

      Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about a variety of personal finance topics. Previously, she was a writer, editor and video host for…

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