Tangerine Money-Back credit card can be one of the best additions to your wallet if you use it responsibly and avoid carrying a balance. It’s intended for everyday purchases and can significantly boost your savings when paired up with a Tangerine savings account.
It features competitive 2% cash-back rewards in up to three purchase categories, 0.5% cash-back in the remaining categories, and purchase assurance and extended warranty.
The Money-Back card comes with valuable perks, but also has high 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.
Tangerine Money-Back Credit Card Benefits
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.
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.
Are There Any Disadvantages?
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.
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.
- Excellent cash-back rewards in up to three categories
- No annual fees
- Up to five authorized users
- Intro balance transfer fees for new cardholders
- Low application requirements
- No bonus rewards
- High purchase interest rates
- High foreign transaction fees
- Low cash-back on regular purchases
Tangerine Money Back FAQs