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Tangerine is one of the most trusted banks in Canada. They’ve innovated and been industry over the years so there’s no surprise that their Tangerine Money-back card was built with customers in mind. It’s a straightforward cash-back card but it offers a few unique features that will likely get Canadians excited.
Read my Tangerine credit card review now to find out what other benefits are included, how the card compares to others, and how you can use the card to its full potential.
Tangerine money-back card benefits
- No annual fee
- 2% money-back on up to 3 categories
- 0.5% cash-back on all other purchases
- Automatic monthly redemption with no minimum balance required
- Instantly pause your card
- Adjust your credit limit online
- Automatic pay my balance feature
- Purchase assurance and extended warranty
What makes the Tangerine Money-back credit card appealing is the fact that you can choose your categories where you earn 2% cash-back. By default, you get to choose two categories at the higher earn rate, but if you select to have your cash-back to deposit right to your Tangerine account, you get to choose a third category that gives you 2% cash-back.
This is a huge advantage since once big complaint with other cash back cards was the fact that multipliers may have applied to categories that clients didn’t take advantage of e.g. gas. Although I’m a bit surprised there’s no “travel” category as it would be nice to be able to earn extra money-back on big ticket items like airfare.
Admittedly, how the categories are classified can be a bit tricky at times. For example, the hotel-motel category falls under “Lodging, Hotels, Motels, Resorts or by Property name” so if you booked via Expedia or Airbnb, it’s unlikely you would get the bonus cash back if you had it as one of your chosen categories. It really comes down to how the merchant is categorized. This is probably why “travel” isn’t an available category. This really isn’t a huge deal but it’s something to be aware of. There have even been reports that Walmart Supercentres count as grocery stores but not regular Walmart’s.
You can change your categories whenever you want to, but they don’t come into effect until the start of your next billing cycle. The reason for this is to prevent abusing categories or trying to game the system. This unique feature is the main reason why the Tangerine Money-Back credit card is considered one of the best cash back credit cards in Canada.
Purchase Assurance and Extended Warranty are also included with a lifetime maximum of up to $60,000 that you can claim. Purchase assurance covers you in the event of loss, theft or damage for 90 days from the date of purchase while the extended warranty can double your warranty up to a maximum of one extra year. This is an often overlooked benefit and not usually offered with no-fee credit cards making it a huge bonus.
The additional features such as being able to pause your card or automatically pay your balance are clearly inspired by simple banking which is a nice touch. Oh, and don’t forget, this card has no annual fee.
How the card compares to others
As a cash-back card, the Tangerine Money-back card is comparable to other market leaders to a certain extent. For example, the American Express SimplyCash card also has no annual fee and gives you 1.25% cash-back on categories. The Tangerine card obviously gives you a higher earn rate on up to three categories so it really depends on what categories you spend the most on. That being said, since both credit cards offer no fees, you could use your Tangerine card on three categories, and then use the American Express SimplyCash card on all other categories to maximize your return.
Now let’s say you spend a lot on your credit card, you may want to consider the American Express SimplyCash Preferred Card instead. This card gives you 2% cash-back on all purchases with no limits, but comes with an annual fee of $99.
Now if you’re looking for something that allows you to earn travel rewards or gives you comprehensive travel insurance, then you should consider one of the best travel credit cards in Canada over the Tangerine card.
Overall my Tangerine credit card review is positive. The 2% cash back is easily the highest rate of return for a no-fee card. The ability to pick your merchant categories is obviously a huge advantage since you’re customizing the benefits to your advantage.