Tangerine Money-Back Credit Card Review

At last, the long awaited Tangerine Money-Back Credit Card is now available to the general public. This no-fee MasterCard is Tangerine’s first foray into the credit card space, and it’s packed with juicy rewards and benefits that you might only find in an annual fee card.

Of course, the bank that first wanted us to, “save your money” added a unique twist to its rewards program. Like any cash-back credit card, Tangerine’s Money-Back cardholders earn cash back rewards on every purchase. You get 2% cash back in two categories of your choice, and 1% cash back on every other purchase.

The twist is that cash back rewards can then be automatically deposited back onto their credit card as a statement credit, or sent directly into their Tangerine Savings Account each month. If cardholders choose to have their Money-Back Rewards redeemed into their Tangerine savings account instead of back on their credit card, they will get an additional 2% Money-Back category, for a total of three.

• Apply for the card here

Tangerine Money-Back Credit Card features

Tangerine’s Money-Back Credit Card is now open to all Canadians to apply after a successful preview phase launched in October 2015 that saw 108,000 people register for the chance to apply and 32,000 people participate in the card preview.

The new MasterCard is offering a bonus of 4% Money-Back Rewards for the first three months in two categories of choice and 1% Money-Back Rewards on all other purchases, with no annual fee. Again, those cardholders who choose to transfer their Money-Back Rewards into their Tangerine savings account will earn an third 4% category for the first three months.

Money-Back categories are incredibly broad and include groceries, gas, restaurants, hotel, drug store, home improvement, entertainment, parking, furniture, and recurring bills.

Key Features at a Glance

• No annual fee
• Unlimited Money-Back Rewards
• 4% Money-Back Rewards (regularly 2%) on purchases in two chosen categories and 1% Money-Back Rewards on all other purchases for the first three months
• Clients will receive three categories at 4% if they choose to redeem their Money-Back Rewards into a Tangerine Savings Account
• Automatic monthly redemption of Money-Back Rewards into a Tangerine Savings Account or towards the Credit Card balance
• Pause My Card feature allows Clients to temporarily suspend use of their card if it’s been misplaced
• Easy credit limit adjustments online
• Easy online travel notification feature
• Ongoing automatic Pay My Balance feature (minimum payment or entire balance)
• Customizable email Orange Alerts to keep Clients up-to-date on what’s happening in their Account

Additional Card Benefits:

• 1.5% Foreign Conversion Fee – one of the lowest in market
• Free Cards for Authorized Users on your Account
• Purchase Assurance and Extended Warranty – For most new purchases made anywhere in the world using your Tangerine Money-Back Credit Card, you may receive a lifetime maximum of up to $60,000 for the following insurance coverage:
• Purchase Assurance, which may automatically cover loss, theft or damage, in excess of other insurance, for 90 days from the date of purchase; and
• Extended Warranty, which may double the period of repair services, to a maximum of one additional year, when the original manufacturer’s warranty expires.

Interest on overdue balances and cash advances is 19.95%. Cash advances come with a $2.50 charge in Canada and a $5 charge outside of Canada.

Money-Back Credit Card Game

To help celebrate this launch, Tangerine created the Money-Back Credit Card Game available now at tangerinemoneybackgame.com.

Starting today, consumers can visit the site to play for the chance to win great prizes. Prizes include gift cards ranging from $5 – $100 related to Tangerine’s 2% Money-Back Categories. I played this morning and won a $5 Starbucks e-gift card.

Share Tangerine’s Money-Back Game with your friends on Twitter using the hashtag #tangerinemoneyback and you’ll be entered to win even more prizing related to Tangerine’s Money-Back Credit Card categories: a $500 grocery gift card, a $250 gas gift card or a $250 home improvement gift card.

Final thoughts

Tangerine promised a game changing rewards card that stuck to its core values. With the Tangerine Money-Back Credit Card, cardholders get all of that and more with a no-fee cash back credit card that encourages saving by offering an additional bonus when rewards are transferred into a Tangerine savings account. It’s a clever marketing tactic that’s sure to lure customers into opening a savings account to activate the extra bonus category.

To determine whether the Tangerine Money-Back Credit Card comes out ahead of other no-fee cards, such as the SimplyCash Card by American Express, or the PC Financial World Elite MasterCard, you’ll need to determine which categories you spend the most in your budget.

All-in-all, Tangerine delivers with a solid no-fee cash back rewards card that pays above the going market rate of 1% back and uses some aspects of gamification to make spending, saving, and earning rewards fun. The 4% Money-Back Rewards bonus offer for the first three months is just icing on the cake.

Click here to apply or learn more about the Tangerine Money-Back Credit Card.