Tangerine credit card promotion: With the high inflation rate in Canada, you may be looking for creative ways to save money.
And while cash back credit cards can be an easy way to put money back in your pocket by spending on essentials like groceries and gas, most cash back cards come with substantial annual fees to swipe.
Tangerine Money Back Master Card. We love the generous welcome offer, solid earning rates and some other perks. We analyze the online bank’s offerings and see how it stacks up against its competitors.
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Is Tangerine a good credit card?
Tangerine has two credit cards. Tangerine Money-Back Credit Card and Tangerine World Master Card. Both offer no annual fee and an interest rate of 19.95%. They only offer purchase assurance and extended warranties on products purchased with their credit card.
Tangerine offers 2% cash back rewards on two categories of your choice and 0.05% on all other everyday purchases. If you deposit your cashback directly into a Tangerine Savings account, you unlock a third 2% cash-back rewards category.
There is no limit to the cash back rewards you can earn with this credit card. The Tangerine Money-Back Credit Card is a great option and is competitive with major bank credit card options.
The Tangerine World MasterCard has additional benefits and is difficult to qualify for. Benefits include: MasterCard Travel Rewards, Master Card Airport Experience, mobile device insurance, car rental insurance and access to worldwide Wi-Fi hotspots.
What does the Tangerine card offer?
It offers cardholders an above-average cash back rate of 2% on two out of 10 spending categories. When you open a Tangerine Savings account, and deposit your cash back earnings into it, you earn the third tier to earn 2% cash back. For context, most other no-fee rewards credit cards either earn fewer rewards per $1 spent or offer fewer bonus categories. There are many more
01: Flexible categories
What really sets the Tangerine Money-Back Master Card apart from the rest is that it’s the only credit card in Canada that lets you choose your bonus categories.
You can align them with your spending and use this feature to maximize your rewards (Given inflation, gas and groceries can be sensible categories for earning cash back.) With other cards, your earning rate may be higher, but it may be for categories you find harder to find.
02: A competitive welcome offer
The card’s welcome offer lets you get 15% cash back on $1,000 worth of purchases (so, $150). It’s almost like a reverse annual fee. You’ll be charged for using the card – if you plan to spend that much in the first month anyway.
Tangerine credit card categories
In addition to being a good everyday credit card option for Canadians, it’s also extremely flexible, meaning you can change categories every month.
Swap takes effect only once per billing cycle. This is when Tangerine’s card really shines. Let’s say you have a major renovation coming up. If you’ve selected the Home Improvement category,
The 10 tangerine categories offer plenty of variety:
- grocery store
- gas
- the restaurant
- furniture
- Hotel motel
- Recurring Bills
- drug store
- Home improvement
- entertainment
- Parking/Public Transportation
Tangerine credit card requirements
- To receive your card you must meet one of the following criteria:
- Gross annual income of $60,000
- Gross household income of $100,000
- Aggregate balance of $250,000 or more in Tangerine Savings Account and/or Investment Fund Account
- Permanent resident of Canada
- Free from bankruptcy in last 7 years
- For this eligibility criteria, you must earn a minimum gross annual income of $12,000.
Tangerine credit card promotion
For consumers who want to earn cashback based on the location of their purchase, not the location of their purchase, the Tangerine Credit Card is the perfect match. Plus,
Tangerine doesn’t penalize low-income earners, making it a great option for students and low-income earners who still want to be rewarded for their spending.
01: Tangerine World MasterCard
- Unlimited monthly cash back rewards
- Personalized Rewards category
- Bingo Wi-Fi for MasterCard
- MasterCard Travel Rewards
- On-Demand and Subscription Services
- Rental car insurance
- Mobile device insurance
- MasterCard Airport Experience from LoungeKeys
02: Tangerine Money-Back Credit Card
- Unlimited monthly cash back rewards
- Personalized Rewards category
FAQ: Tangerine Credit Card
Who is this credit?To qualify for the ORD, you must have: $60,000 plus gross annual income OR $100,000 plus household income OR $250,000 in a Tangerine Bank account. And you need: You must be the age of majority in a province or territory, be a permanent resident of Canada and be free of bankruptcy in the last 7 years.
Tangerine Money-Back is a MasterCard credit card, which means it’s accepted almost everywhere, including No Frills and Costco.
Now that you have been officially approved, you will need an original card And you can expect yours to arrive in about 10 business days.
As it turns out, Tangerine now enforces a $50,000 daily transfer limit for external accounts. Multiple send attempts in a single transfer generate an error message. This transaction will take you over your daily limit
Conclusion
The Tangerine Credit Card is the best no-fee card to get in Canada because it doesn’t require much effort to get cash back and there’s no limit to how much you can earn.
You’ll also get a higher interest rate, which is essential if you plan to carry a balance. The lack of travel benefits may be the card’s only major drawback.
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