Tangerine Money-Back is a cash-back credit card with competitive 2% rewards in 3 categories of your choice. It can be one of the best additions to your wallet if you use it responsibly and avoid carrying a balance. You can significantly boost your savings when you use this card for everyday purchases and pair it with a Tangerine savings account. The Money-Back card comes with valuable perks, but also has some fees. It’s crucial to weigh its pros and cons and consider carefully whether the card’s a suitable choice for your financial situation.
Who Is This Card for?
As a general rule of thumb, it’s preferred that the applicants have a credit score of at least 650 since the card’s primarily designed for those with a good or excellent rating. However, you could still get approval if you meet other essential criteria, such as the minimum income requirement of $12,000.
The card is a fine choice for any responsible user who wants to increase their savings and start making money off of their everyday purchases. You’ll be receiving cash-back on virtually any purchase, including groceries, gas, hotel-motel, and even public transport and parking and home improvement. So, if you don’t like annual fees and prefer to see your cash-back rewards every month, this card is for you.
- Excellent cash-back in 3 categories
- Suggestions by habits
- No annual fee
- Up to five authorized users
- Introductory balance transfers
- Low application requirements
- High interest
- No bonus rewards
- High foreign transaction fees
- Low cash-back on regular purchases
Tangerine Money-Back Credit Card Benefits
- Excellent cash-back in 3 categories. The most significant benefit is the card’s flexibility. You can choose where you want to earn the biggest cash-back rewards – you’ll earn 2% on every purchase in your selected two categories, and in the additional third category if you choose to have the rewards deposited to your Tangerine savings account. All the remaining categories will earn 0.5% cash-back.
- Suggestions by habits. You will get category suggestions based on your spending habits, and you can switch your rewards up every 90 days if you’re not happy with the category you’ve chosen.
- No annual fee. The card has no annual fee and that’s already a lot of savings.
- Up to five authorized users. Cardholders can add up to 5 authorized users free of charge to speed up rewards.
- Introductory balance transfers. New cardholders will receive Intro rates on balance transfer for 6 months.
- Low application requirements. Tangerine Money Back credit card has low requirements and is easy to apply and get approved for.
Are There Any Disadvantages?
- High interest. The most significant disadvantage is the high-interest fees that you’ll be paying if you carry a balance. New cardholders do have promotional balance transfer fees that are highly competitive, but you’ll still have to pay interest on new purchases, cash advances, and more. Although there are no annual fees, the remaining fees could significantly affect your financial stability.
- No bonus rewards. The cadr offers attartive everyday purchase rewards abut it has no bonus rewards for new cardholders.
- High foreign transaction fees. High international transaction fees prevent cardholders from using the card abroad or making purchases in different currencies while shopping online. No one likes extra fees. If you travel a lot outside Canada or plan to use a card for online purchases from stores that are not located in Canada – look for no international transaction fee card.
- Low cash-back on regular purchases. While you can have up to 2% rewards on selected categroies, the other regular purchases give only 0.5% cash back that is a way below average.
Should You Use This Card?
The Tangerine Money-Back card is a valuable addition to almost any wallet. As long as you’re a responsible user who pays their debts on time and as long as you don’t carry a balance, you can greatly benefit from this card. If you meet the eligibility criteria, find the card’s perks appealing, and its fees affordable, you should use it. If you want to have an upgraded version consider applying for Tangerine World Mastercard.
Tangerine Money Back FAQs