Tangerine World Mastercard Review

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A few years ago, Tangerine introduced their Tangerine Money-Back Credit Card which was widely embraced by consumers. It was the first, and still, the only credit card that allows you to choose your own categories where you would earn additional cash back.

With the success of the Money-Back Credit Card, many people assumed (or hoped) that Tangerine would release a travel rewards card in the future. Well, a new credit card has been released, but you won’t be earning any points or miles. It’s actually a higher-tier cash back credit card. Read my Tangerine World Mastercard® review now for all the details.

Tangerine World Mastercard

  • No annual fee
  • 15% cash back up to $1,000 in spending ($150 cash back) for the first 2 months – Until Dec. 31, ’21
  • 2% cash back on up to 3 categories
  • 0.5% cash back on all other purchases
  • Mobile device insurance
  • Rental car insurance

The Tangerine World Mastercard® is one of the best cash back credit cards in Canada. This is essentially a higher-tier version of the Tangerine Money-Back Credit Card. You still get to choose up to 3 categories where you’ll earn 2% cash back, while all other purchases earn you 0.5% cash back. The categories you can choose from are as follows:

  • Groceries
  • Restaurants
  • Drug store
  • Entertainment
  • Furniture
  • Gas
  • Hotel-Motel
  • Home improvement
  • Parking
  • Recurring bills

That’s a lot of choices, but it’s unfortunate that there’s no general category. You’ll notice that flights don’t their own category, so you’ll only earn 0.5% cash back on airline ticket purchases. That said, the ability to pick your own categories where you’ll earn additional cash back is unique.

I do like how you get Mastercard Airport Experiences Provided by LoungeKey. However, there are no free passes included. Additionally, Plaza Premium lounges recently left the LoungeKey. Since the majority of lounges in Canada are operated by Plaza Premium, you can’t even pay to get in with this card.

The other non-insurance benefit you get is priceless cities, exclusive experiences and offers, which gives you access to special offers, upgrades and experiences around the world.

Note that as a World Mastercard, there’s a personal income requirement of $60,000 or a household income of $100,000 to qualify for the card.

Tangerine World Mastercard® Insraunce

  • Rental car collision/loss damage insurance – 31 days
  • Mobile device insurance up to $1,000
  • Purchase assurance
  • Extended warranty

The major differences with the Tangerine World Mastercard® compared to the Money-Back credit card are the insurance benefits you get. Rental car collision/loss damage insurance is provided, which covers you up to 31 days. In addition, you get mobile device insurance up to $1,000. With both benefits, you need to charge the entire purchase to your phone for it to be valid.

Purchase assurance and extended warranty are pretty common benefits, but they can be incredibly handy if you ever need to make a claim. With purchase assurance, your purchases are protected from theft, loss, and damage for 90 days. As for the extended warranty, your manufacturer’s warranty is double for up to one additional year.

Tangerine World Mastercard® pros and cons

Despite the fact that my Tangerine World Mastercard is positive, you should still consider the pros and cons before applying. Once you know all the details, you can decide if this card is right for you.

Tangerine World Mastercard® pros

  • No annual fee – This card is basically free.
  • Choose your categories – You get to pick up to 3 categories where you’ll earn 2% cash back.
  • Monthly payout – Your cash back gets deposited to your Tangerine account or applied as a statement credit every month with no minimum.
  • Mobile device insurance – As a no fee card, it’s surprising that you get mobile device insurance.

Tangerine World Mastercard® cons

  • High income requirement – A personal income requirement of $60,000 or a household income of $100,000 to be approved for the card.
  • No real additional benefits – While the extra insurance is nice, there’s no real extra benefits compared to the Tangerine Money-Back Credit Card.

How the Tangerine World Mastercard® compares to others

As I’ve already stated, this is an enhanced version of the Tangerine Money-Back Credit Card. In other words, if you want a Tangerine credit card and meet the minimum income requirement, you should be applying for the Tangerine World Mastercard® since it gives you additional benefits.

Another no fee credit card to look at is the American Express SimplyCash Card which also has no annual fee. You don’t get any enhanced earn rates on specific categories, but you do get 1.25% cash back on all your purchases. There’s also the Home Trust Preferred Visa Card that has no foreign transaction fees. Since all of these credit cards have no fee, you could technically get them all and then use the card that’s most advantageous in any given situation.

If you’re willing to pay a fee, the BMO CashBack® World Elite®* Mastercard®* is worth considering. You get 5% cash back on grocery purchases, 3% cash back on gas and electric vehicle charging, 2% cash back on recurring bill payments, and 1% cash back on all other purchases. The annual fee is $120, but the first year is usually waived.

Final thoughts

My Tangerine World Mastercard® review is positive. Although it’s nearly identical to the Tangerine Money-Back Credit Card, it does come with more benefits that will appeal to many people. With no annual fee and the ability to choose your own categories where you’ll earn more cash back, this card is a winner.

Tangerine World Mastercard Review

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi

8 Comments

  1. Virna on November 28, 2019 at 7:25 PM

    Hi Barry,

    You mentioned that the new Tangerine credit card has the MC Airport Experiences by LoungeKey but no free annual passes. Does this mean you have access but you have to pay to use the lounge?

    Thanks,
    Virna

    • Barry Choi on November 28, 2019 at 7:51 PM

      Hi Virna,

      That’s correct. You still need to pay for individual visits.

  2. GM on November 29, 2019 at 11:31 PM

    Hi!

    Thanks for the info, do you know whether existing Tangerine Money-Back customers will get the 4% bonus?

    And,, If I keep the Mone-Backalong with the world, can I have 6 categories?, i.e 3 on World and 3 different on Money-Back..
    .
    Thanks

    • Barry Choi on November 30, 2019 at 10:00 AM

      GM,

      The enhanced earn only applies to new customers. I don’t think you can have two Tangerine cards so you wouldn’t be able to get six categories at 2%

      • BL on December 1, 2019 at 4:46 AM

        In that case, can existing customers ask for an upgrade rather than applying for a new one?

        • Barry Choi on December 1, 2019 at 12:20 PM

          BL,

          You could ask, but there’s no guaranteed they’ll upgrade you. That said, I know they’ve upgraded a lot of current cardholders already.

        • Willy Van on December 2, 2019 at 11:07 AM

          I have an upgrade offer when logging in so yes.

  3. jezmi yilmaz on July 26, 2021 at 4:08 PM

    never seen such a poor, custumer service…wait time 30 minutes.
    I purchased my grocery at Costco cashback was 0.5 %, not 2.0 % stop using this card……
    Be aware. all they know is to say sorry……

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