Tangerine Money-Back Credit Card Review

The Tangerine Money-Back Credit Card isn't just about earning cash back; it's about earning it your way, on your terms.

With the Tangerine Money-Back Credit Card, you’re not locked into pre-set reward categories that don’t align with your life. Instead, you get to select your own accelerated cash back categories from a diverse list, ensuring you’re maximizing your earnings on the things you actually buy most. 

Plus, with rewards paid out automatically every month, you’ll see the benefits of your smart spending quickly and effortlessly. It’s time to say goodbye to one-size-fits-all rewards and hello to a personalized cash back experience that truly works for you!

CREDIT CARD

Tangerine Money-Back

Annual fee $0 Money-Back Unlimited

Access everything you need with a credit card

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Benefits: Your Smart Path to Savings

1. $0 Annual Fee: This is a cornerstone benefit! Enjoy all the fantastic cash back opportunities and card features without ever paying an annual fee. This means every dollar of cash back you earn is pure savings, directly benefiting your bottom line. It’s a truly cost-effective way to get rewarded for your everyday spending.
2. Customizable 2% Money-Back Categories: This is where the Tangerine card truly shines! You get to choose two spending categories from a list of 10 (like groceries, gas, restaurants, recurring bills, and more) where you’ll earn an unlimited 2% cash back. This personalization ensures you’re maximizing rewards on your most frequent purchases, tailoring the card to your specific lifestyle.
3. Unlock a Third 2% Category: Boost your earning power even further! If you choose to have your monthly Money-Back Rewards automatically deposited into a Tangerine Savings Account, you get to select a third 2% cash back category. This is an incredible incentive that not only maximizes your rewards but also helps you save effortlessly.
4. Unlimited 0.5% Base Cash Back: The rewards don’t stop with your chosen categories. For every other purchase you make that doesn’t fall into your 2% selections, you’ll still earn a solid 0.5% cash back. This ensures that every single swipe or tap is contributing to your rewards total, making it a reliable earner across all your spending.
5. Generous Welcome Offer: Kickstart your savings with an attractive welcome bonus! New cardholders can often get an extra 10% cash back on up to $1,000 in everyday purchases made within the first 2 months (for up to $100 in bonus cash back). This provides immediate, substantial value right from the start.
6. Automatic Monthly Payout: Forget about waiting to accumulate a large sum or manually redeeming points. Your Money-Back Rewards are automatically calculated and paid out to you every month. You can choose to have them credited directly to your credit card statement (reducing your balance) or deposited into your Tangerine Savings Account.
7. Flexibility to Change Categories: Your spending habits can change, and your card should too! Tangerine allows you to change your 2% Money-Back Categories to better suit your evolving spending patterns. Changes typically take effect every 90 days, allowing you to adapt to new spending habits or upcoming large purchases.
8. Promotional Balance Transfer Offer: Get a handle on existing debt with a valuable introductory offer. This card frequently comes with a very low interest rate of 1.95% on balance transfers for the first 6 months, giving you a crucial window to pay down balances from other cards faster. (A 3% balance transfer fee typically applies).
9. Add Up to 5 Authorized Users for Free: Share the benefits of your account with family members. You can add up to five authorized users to your Tangerine Money-Back Credit Card account, and their spending will also contribute to your cash back earnings, all without any additional annual fees for their cards.

Who Can Apply: Eligibility Criteria

The eligibility requirements for the Tangerine Money-Back Credit Card are designed to be accessible to a wide range of Canadians:

• Age of Majority: You must be at least the age of majority in your province or territory of residence.
• Canadian Resident: You must be a permanent resident of Canada.
• Minimum Annual Income: A minimum gross personal annual income of $12,000 is typically required. This relatively low income threshold makes the card accessible to a wider range of applicants, including students or those with part-time employment.
• Credit Score: While Tangerine doesn’t publicly disclose a specific minimum credit score, a “Good” credit score (often suggested to be 660 or higher by third-party reviewers) is generally needed for approval.
• Clear of Bankruptcies: Applicants should typically be clear of bankruptcies over the past 7 years.

Meeting these criteria does not guarantee approval, as Tangerine will assess your overall creditworthiness and financial situation.

How to Apply: Your Steps to Personalized Rewards

Applying for the Tangerine Money-Back Credit Card is primarily done online, reflecting Tangerine’s digital-first banking approach:

1. Visit the Tangerine Website: Navigate to the official Tangerine Canada website (tangerine.ca).
2. Find the Credit Card Section: Look for the section on credit cards and select the Tangerine Money-Back Credit Card.
3. Review Card Details: Read through the card’s features, current promotional offers, interest rates, and fees to ensure it’s the right fit for you.
4. Click “Apply Now”: Start the online application process.
5. Provide Personal Information: You’ll need to fill out the application form with your personal details, including your full name, date of birth, address, Social Insurance Number (SIN), and contact information, as well as employment and income details.
6. Consent to Credit Check: As part of the application, you will need to provide your consent for Tangerine to perform a credit check.
7. Choose Your Money-Back Categories: During the application process or immediately after approval, you will be prompted to select your initial 2% Money-Back Categories.
8. Review and Submit: Carefully review all the information you’ve entered for accuracy before submitting the application.
9. Await Decision: After submitting your application, Tangerine will process it. You may receive an instant decision online, or it might take a few business days for a review. Tangerine will notify you of their decision.

Frequently Asked Questions (FAQ)

1. How often is cash back paid out?
   Cash back is calculated and paid out automatically each month, either as a statement credit or a deposit into your Tangerine Savings Account.
2. Can I change my 2% cash back categories?
   Yes, you can change your categories through your Tangerine online banking. Changes typically take effect every 90 days.
3. What insurance benefits does the card offer?
   It includes Purchase Assurance (90 days against theft/damage) and Extended Warranty (doubles manufacturer’s warranty up to one extra year).
4. Can I use this card at Costco?
   Yes, as a Mastercard, it is accepted at Costco warehouses in Canada, where you would earn 0.5% cash back (unless you select “Furniture” or “Restaurants” and make an applicable purchase at a Costco vendor).
   

CREDIT CARD

Tangerine Money-Back

Annual fee $0 Money-Back Unlimited

Access everything you need with a credit card

APPLY NOW You will be redirected