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Tangerine Money-Back Credit Card®
Credit cards

Tangerine Money-Back Credit Card®

Updated 01.12.2022

About Tangerine Money-Back Credit Card

This credit card allows you to earn rewards and cash them out, which helps you save money and earn while spending, and unlike many other credit cards, this one has no annual fee.

The Tangerine Money-Back credit card is one tool that allows you to budget wisely, pay later, and not pay excessive fees. The general reward threshold is 2%, and cashback is not limited to a specific period.

This card is available for Canadian citizens or those who have permanent residency status.

Tangerine Money-Back features

Tangerine Money-Back Credit Card is popular for several reasons:

  • favorable rates for cardholders;

  • seasonal and other special offers allow you to spend less on fees.

The Tangerine Money-Back Credit Card is an excellent way to reduce credit payments on other cards, especially if the cardholder manages to repay the transferred balance within the promotional period of 6 months. The card issuer offers to pay only 1.95% of the transferred amount. After six months, the interest rate increases to a regular 19.95%, which is also favorable.

The card allows you to choose your preferred cashback categories from the ten categories offered and receive cash rewards. The earned cashback is transferred to the cardholder's account every month.
The Tangerine Money-Back credit card pursues responsible funds usage policy, so it has a policy that provides financial consequences if two consistent monthly payments are not made. This causes the interest rate on purchases and cash advances to increase from 19.95% to 24.95%.

Cash advances are provided at transparent rates:

$3.5 within Canada and $5 outside Canada. Unredeemed payments would cost $25. One over-limit is allowed within a monthly billing cycle.

When making purchases or other payments abroad, the cardholder should remember that a 2.5% fee will be applied to such transactions once the transaction is posted to the account. Therefore, this is one of the cases where it is advisable not to get close to the limit to avoid unforeseen fees.

The Tangerine Money-Back credit card offers money back in the following categories:

  • food;

  • furniture;

  • restaurants;

  • gas;

  • recurring bill payments;

  • medications / pharmaceuticals;

  • home improvement / remodeling;

  • entertainment;

  • parking and public transportation.

Select reward categories bring a 2% reward.

Pros and cons

The Tangerine Money-Back Credit Card offers several attractive features:

  • low promotion rates for balance transfers;

  • no annual fee;

  • student, business, and personal versions of the card;

  • several choices for money-back categories;

  • every dollar spent is rewarded;

  • transparent fee policy;

  • Braille identifier for people with special needs;

  • cashback earned is credited to the customer's account every month;

  • the interest rate remains the same if paid on time;

  • if the card is used for cash withdrawals only within Canada, the fees are pretty low: $3.5 domestically. But even abroad, the fees are not too high, only $5 outside Canada;

  • purchase assistance within 90 days;

  • extended warranty;

  • if the cardholder keeps their statements up to date, there are no additional fees.

The Tangerine Money-Back credit card is an excellent financial tool to fund current expenses and receive rewards. Still, the rate review must also consider the existing drawbacks of the product:

  • applicants must be Canadian citizens or permanent residents, so some foreigners are excluded from the list of potential cardholders;

  • approval is done via a credit check, and credit scores must be good-excellent;

  • dishonored payment fees.

How to apply for a Tangerine Money-Back Credit Card

You can apply for a Tangerine Money-Back Credit Card online using a simple form. To apply, you need to be the bank’s client.

New applicants must provide the following:

  • an active email address to contact;

  • create a 6-digit bank account PIN ;

  • enter promo code (if available);

  • title;

  • first name;

  • last name;

  • date of birth;

  • Social Security Number;

  • contact Information;

  • employment information;

  • income information;

  • residence information;

  • consent for a credit check.

What credit score is required to be approved for a Tangerine Money-Back Credit card?To be approved, the applicant should have positive credit history and a credit score within 670-900 points.
Does Tangerine Money-Back Credit Card have a foreign transaction fee?Yes, foreign transaction fees are applied. It amounts to 2.5% on the date when the transaction is done on account.
Is a credit check needed to get approved for Tangerine Money-Back Credit Card?To be approved for a Tangerine Money-Back Credit Card, good credit history is required, and a credit check to confirm that the credit score is in the 670-900 range, which means it is good-excellent.
Rate
i

Effective interest rate on the product

19.95% - 24.95%

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