The Tangerine Money-Back Credit Card is a top pick for Canadians seeking flexibility in their rewards program without paying an annual fee.
What makes it even more appealing is that you can choose your own cash back categories, making your rewards feel more personalized and practical.
In this guide, you’ll learn exactly how to apply, what you need to be eligible, and the interest rates and fees involved.
About Tangerine
Tangerine Bank is a leading Canadian digital bank that offers a range of financial services designed to simplify everyday banking.
Established in 1997 as ING DIRECT Canada, it was acquired by Scotiabank in 2012 and rebranded as Tangerine in 2014.
Operating without traditional branches, Tangerine provides services through its website, mobile app, and 24/7 contact centers.
Tangerine offers chequing and savings accounts with no daily banking fees, allowing clients to manage their finances without incurring additional costs.
Why Choose the Tangerine Money-Back Credit Card?
Tangerine’s Money-Back Credit Card is designed with real-life spending habits in mind. It offers:
- 2% cash back in up to three categories of your choice, such as gas, groceries, dining, recurring bills, or entertainment.
- 0.5% cash back on all other purchases.
- 10% cash back welcome offer on up to $1,000 in purchases for the first two months, for new cardholders.
If you choose to have your cash back deposited into a Tangerine Savings Account, you’ll be able to unlock a third 2% cash back category.
Otherwise, you can choose two.
The card also has no annual fee, which means all your rewards are pure savings.
Perks and Additional Benefits
Here’s what else you get beyond cashback:
- Purchase Assurance: Most items purchased using the card are covered against theft, loss, or damage for up to 90 days.
- Extended Warranty: Manufacturer’s warranty is doubled (up to one year) on eligible purchases.
- Custom Cash Back Categories: You can select categories that best match your spending and change them if your lifestyle shifts.
- There’s also budgeting support through Tangerine’s mobile and desktop tools, helping you track your spending habits and rewards in real-time.
How to Maximize Your Cash Back
To get the most from your Tangerine Money-Back Credit Card, choose your 2% categories based on where you spend the most, like groceries, gas, or recurring bills.
Deposit your cash back into a Tangerine Savings Account to unlock a third category. Use the card consistently for daily expenses to accumulate more rewards.
Pay off your balance monthly to avoid interest and penalties.
Key Eligibility Requirements
Before applying, ensure you are a Canadian resident with a valid Canadian address and a gross annual income of at least $12,000.
You must also be of the age of majority in your province or territory, and maintain a fair to good credit score, generally around 600 or higher.
Remember, you must be a registered Tangerine client or be willing to register through their official channels.
Step-by-Step: How to Apply
Here’s how you can apply for the Tangerine Money-Back Credit Card:
- Register or Log In: To apply, you must either already be a registered Tangerine client or create an account first. Registration can be done online or through the Tangerine Mobile Banking App, where identity confirmation is required through a government-issued ID and sometimes a live video verification. This step helps prevent identity fraud and complies with Canadian banking regulations.
- Access the Credit Card Application: Once logged in, navigate to the credit cards section and select “Money-Back Credit Card.”
- Fill Out the Application: Provide personal details (name, address, date of birth), employment and income information, and consent for a credit check
- Review and Submit: Read through the terms and conditions, then submit your application for review. Approval can be instant or may take a few days, depending on your credit profile.
What If Your Application Is Declined?
If your application is denied, request an explanation from Tangerine.
Check your credit report for errors or issues that may have affected your application.
Consider applying again in a few months after improving your credit score or income profile.
Comparing the Tangerine Card to Competitors
When compared to other no-fee cards, Tangerine stands out for its customizable rewards and easy-to-use mobile platform.
MBNA Smart Cash: 2% cash back on gas and groceries, capped monthly, with no customization.
BMO CashBack: 3% on groceries but limited to $500/month and fewer flexible reward categories.
Tangerine is a good choice if you want more control over your cash back structure and spend across diverse categories.
Interest Rates and Associated Fees
Understanding the financial aspects of any credit card is crucial. Here’s what to expect with Tangerine’s Money-Back Credit Card:
- Purchase Interest Rate: 20.95% APR
- Cash Advance Rate: 22.95% APR
- Balance Transfer Rate: 1.95% for the first 6 months (on transfers made within 30 days of account opening)
- Penalty Interest Rate: Up to 25.95% for purchases if you miss two or more consecutive minimum payments
- Foreign Currency Conversion Fee: 2.5% on international purchases
- Annual Fee: $0
Make sure to pay your balance in full each month to avoid interest charges and maintain your credit standing.
Contact Tangerine Bank
If you need help during the application process or after approval, you can reach out to Tangerine using the following contact options:
- Phone (Canada/U.S.): 1-888-826-4374
- Phone (International Collect): +1-416-758-3139
- Email: [email protected]
- Mailing Address: Tangerine Bank, 3389 Steeles Avenue East, Toronto, Ontario, M2H 0A1
Conclusion
The Tangerine Money-Back Credit Card is a solid option for Canadians looking for cash rewards tailored to their spending habits.
With no annual fee, user-friendly online tools, and customizable rewards, it’s a practical card for everyday use.
Apply today by registering through the Tangerine website or app, and start earning on your purchases right away.
Disclaimer: This article is intended for informational purposes only and does not constitute financial advice. All rates, terms, and offers mentioned are subject to change. Please refer to Tangerine’s official website or speak with a representative for the most current details.