Tangerine Credit Cards

Updated: Sep 10, 2020
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Tangerine is one of the most renowned digital banks in Canada that charges no fees for its financial products and offers high-interest rates for savings accounts. Among its numerous financial products, this online-only bank offers a few rewards credit cards designed for those with a good to excellent credit score.

If you have a less-than-good or nonexistent credit score, it's best to look to other banks for credit card alternatives. But if no-fee chequing and savings accounts or other financing options are what you're looking for, Tangerine might be just what you need. Scroll down to explore everything this prominent Canadian bank has to offer to see if it's the right choice for you.

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Founded back in 1997 as ING Direct Canada, a branch of ING Group, Tangerine has always been focused on customer satisfaction and providing rewarding financial products.

That hasn’t changed once it became a subsidiary of Scotiabank in 2012 and acquired its new name. It still remains one of Canada’s best direct banks, winning awards for customer service excellence year after year.

Tangerine offers lots of different banking options, including saving, spending, investing, and borrowing. It offers online and mobile banking and supports mobile wallets for contactless payments.

Although this bank runs all of its operations online, it has its wholly-owned subsidiary for selling mutual funds. That’s Tangerine Investment Funds Limited, with headquarters in Toronto, Canada.

It also has Tangerine Cafés, where you can get financial advice from Tangerine Associates while enjoying a cup of coffee. They can help you choose the right banking option for your needs.

Tangerine is a member of Canada Deposit Insurance Corporation (CDIC), the Canadian Payments Association, Maestro International, Interac®, and Mastercard® Worldwide. This serves to show that you’ll be putting your money in safe hands if you choose this bank.

Tangerine’s Financial Products

Tangerine offers a wide range of personal and commercial financial products, including:

  • Checking accounts
  • Savings accounts
  • Tax-free savings accounts
  • Business accounts
  • Credit cards
  • Lines of credit
  • Home equity lines of credit (HELOC)
  • Mortgages
  • Investment funds
  • GICs
  • RSP loans
  • RIFs

This bank is particularly famous for its no-fee chequing accounts, which come with an unlimited number of transactions, as well as a debit card that you can use for purchases and at ABMs.

High-interest savings accounts are another great banking option, as they include no fees or any other kind of service charges, as well as no minimum balance. You can start saving a lot of money as soon as you open an account.

Types of Cards Offered at Tangerine

Tangerine offers credit cards for good to excellent credit.

There are two different credit card offers to choose from:

Both offer unlimited money-back rewards on purchases in various categories, while the World Mastercard® card also comes with other unique perks.

Those include on-demand and subscription services, free Boingo Wi-Fi everywhere on the planet, mobile device insurance, rental car insurance, and Mastercard® travel rewards, including the card network’s exclusive experiences at its airport lounges.

If your credit score is lower than 670 or 740, you can’t get approved for the Money-Back Credit Card or World Mastercard®, respectively. If you apply, you would only hurt your credit, since every application takes a few points off your credit score.

Tangerine Application Requirements

Since Tangerine offers a wide range of financial products, there’s no one requirement list for applying for its products and services.

To sign up for a regular checking account, you need to submit the following:

  • A valid ID (Canadian passport, driver’s license, or a provincial or territorial photo ID card)
  • Proof of residence (bank statement, utility bill, income tax assessment, vehicle insurance, etc.)

You must be 16 years or older to open a checking account, and you must be a Canadian resident. You also need to have a valid email address, since the bank operates on an online-only basis.

To open a tax-free savings account, you must be at least 18 years of age.

Tangerine credit card eligibility criteria are slightly different.

To apply for a Tangerine Money-Back Credit Card, you need to:

  • Be at least 18 years of age
  • Be a permanent Canadian resident
  • Have at least $12,000 gross annual income
  • Be clear of bankruptcies over the past seven years
  • Have a good credit score of at least 670 points

Tangerine World Mastercard® application requirements are the same, except you need an excellent credit score of at least 740 points.

However, there are a few additional eligibility criteria, of which you must meet one. They include:

  • Having a gross annual income of at least $60,000 as an individual or at least $100,000 as a household
  • Have at least $250,000 in total balances in your savings and/or investment accounts at the bank

Application Process

Applying for any of the financial products at Tangerine is pretty straightforward. Since there’s no branch to physically visit, you can complete everything online in minutes.

You can do so either on the bank’s official website or via its Tangerine Mobile Banking app.

You’ll need to provide the following information:

  • Name
  • Date of birth
  • A valid current address
  • Email address
  • Phone number
  • Social security number
  • Employment information

While it takes just a couple of minutes to sign up, it will take 5-7 business days for your new account to become active.

If you don’t get approved, be sure to wait at least six months before applying again with any bank. Every inquiry temporarily sheds some points off your FICO score, so it’s best to wait and keep your chances of approval up.

Tangerine Pros

Using Tangerine’s banking services comes with several very useful advantages.

No Fees for Checking and Savings Accounts

You can open a checking or savings account with absolutely no monthly or annual fees. There are also no fees for unlimited daily transactions, and you can use Interac e-Transfer® free of charge (for checking accounts).

High-Interest Rates on Savings Accounts

If you open a savings account at this bank, you can earn very high-interest rates. Tangerine has one of the highest interest rates when it comes to savings accounts.

Cash Rewards and Sign-Up Bonuses

When you open a savings or checking account, you can earn a sign-up cash bonus. You also receive a unique Orange Key that you can use to refer friends or family members. If they sign up with Tangerine using your key and make a certain deposit, you can earn additional cash bonuses.

As already mentioned, if you get any of the two Tangerine credit cards, you can earn cash-back rewards on your purchases. Depending on the card, you can also earn travel rewards and enjoy many other perks of the Mastercard® reward program.

Tangerine Cons

Before using Tangerine’s financial products, consider the following drawbacks.

Online-Only Banking

Not having to go to a brick-and-mortar bank for every transaction is very convenient. Tangerine has a mobile app that’s very user-friendly, and you can also sign in to your accounts online via the bank’s website.

However, you may prefer to conduct your transactions in-person. Lots of people do, primarily because of security concerns. Although Tangerine has always had outstanding security, operating only digitally may be enough to deter some people from using its banking services.

Only the First Book of Cheques Is Free

You get the first checkbook of 50 cheques for free, which is great. However, you need to pay for all your future checkbooks, which don’t have a very favorable price.

Daily Withdrawal Limit

While you have unlimited free transactions with Tangerine accounts, they do come with a daily withdrawal limit.

Tangerine Customer Service & Contacts

Toll-Free Numbers: 1-888-826-4374, 1-416-756-2424

Hours of Operation: 24/7

Customer Service by Phone:

  • Mortgages: MON-FRI 10 AM-8 PM (closed on holidays)
  • Investment Funds: MON-FRI 8 AM-8 PM

Customer Service by Online Chat:

  • Saving & Checking Accounts: MON-FRI 8 AM-8 PM, SAT-SUN 9 AM-5 PM
  • Investment Funds: MON-FRI 8 AM-8 PM

The Bottom Line

Tangerine has been one of the most renowned direct banks in Canada for decades, and for a good reason. It offers excellent banking options for saving, borrowing, spending, and investing.

If you’re looking to earn great interest rates on your savings account or have a checking account with no fees, Tangerine may be just what you need.

If you have good to excellent credit and would like to earn cash-back and other rewards, applying for Tangerine’s credit cards might be a great idea.

But before making any commitments, be sure to explore other banks as well to compare their offerings and make a wise, well-informed decision.

Tangerine Credit Card Offers Recap

Tangerine FAQs. What People Ask About Tangerine Offers

Are There No Fees for All Banking Options at Tangerine?2020-08-31T22:44:58-07:00

Not exactly. There are no fees for savings and checking accounts, as well as for credit cards. However, there are still certain service fees with these and other products. Some of them include overdraft fees, foreign currency conversion fees, Interac e-Transfer® fees, and more. Make sure you ask the bank for all the fees concerning their various offerings before making any commitments.

RELATED: See Tangerine Savings Accounts

Does Tangerine Report to Major Credit Bureaus?2020-08-09T15:40:35-07:00

Yes, Tangerine will regularly report your credit activity to TransUnion and Equifax. That’s why you need to stay on top of your financial habits so that you don’t hurt your credit score. Make sure you are a responsible cardholder, and your credit score will only go up.

Can I Choose the Categories for Tangerine Money-Back Rewards?2020-08-31T22:44:48-07:00

Yes, you can choose the rewards categories for earning money-back rewards points on your everyday purchases. You can pick up to 3 out of 10 categories, which include grocery, furniture, restaurants, hotel-motel, gas, drug store, recurring bill payments, home improvement, entertainment, and public transportation and parking.

What is Tangerine Bank?2020-08-31T22:44:39-07:00

Tangerine is a digital bank based in Canada. It was founded in 1997 as ING Direct Canada, a branch of ING Group, later renamed to Tangerine Bank. It offers savings, chequing accounts, few Tangerine credit cards, business loans, and other financial products.

Does Tangerine Bank Have Any Physical Location I Can Visit?2020-08-31T22:45:10-07:00

Tangerine is a fully digital bank, but it does have several physical locations in Canada, although not as your typical bank. Those are Tangerine Cafés, where you can go for a cup of coffee and ask anyone from the staff to help you out with any Tangerine-related concerns.

Where Can I Use Tangerine Credit Cards?2020-08-31T22:44:54-07:00

You can use the Tangerine cards anywhere in the world where Mastercard® is accepted. However, keep in mind that foreign transaction fees will incur if you use any of the Tangerine’s cards abroad, or at foreign merchants online.

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