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® benefits

  • No annual fee
  • 2% cash back on up to 3 categories
  • 0.5% cash back on all other purchases
  • Automatic monthly redemption with no minimum balance required
  • Optional 1.95% on balance transfers for six months
  • Rental car collision/loss damage insurance – 31 days
  • Mobile device insurance up to $1,000
  • Mastercard Airport Experiences Provided by LoungeKey
  • Purchase assurance and extended warranty
  • Priceless cities, exclusive experiences and offers

No, your eyes don’t deceive you, the Tangerine World Mastercard® is nearly identical to the Tangerine Money-Back Credit Card. Both cards have the same sign up bonus and both allow you to choose up to 3 categories where you’ll earn 2% cash back while all other purchases earn you 0.5%.

The only real difference with the Tangerine World Mastercard® is the World benefits. You get rental car collision/loss damage insurance which covers you up to 31 days, mobile device insurance up to $1,000 and Mastercard Airport Experiences Provided by LoungeKey (no free annual passes). There are also priceless cities, exclusive experiences and offers which gives you access to special offers, upgrades and experience around the world.

These additional benefits are great, but I’m sure many people (myself included) would have liked to see a higher earn rate. I should also mention that since this is a World Mastercard, there’s a personal income requirement of $60,000 or a household income of $100,000 for you to qualify for this card. For context, the Tangerine Money-Back Credit Card only requires a personal income of $12,000 to qualify.

Admittedly, this version of the card doesn’t have a “wow” factor, but it’s still great since it has no annual fee and it allows you redeem your cash back earned every month with no minimum balance required. In case you’re curious, the categories you can choose for your cash back are as follows:

How the Tangerine World Mastercard® compared to others

As I’ve already stated, this 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 Rogers World Elite Mastercard which gives you 1.50% cash back on all purchases and 3% cash back on purchases made in a foreign currency. This effectively makes the card one of the best no foreign transaction fee credit cards in Canada, but it has a minimum personal income requirement of $80,000 or a household income of $150,000.

If you don’t meet that income requirement, you could also consider the American Express SimplyCash Card which has no annual fee and gives you 1.25% cash back on all your purchases. 

Basically, you should look at your spending and personal income before deciding on one of the best cash back credit cards in Canada.

Final thoughts

My Tangerine World Mastercard® review is positive. Some people may be disappointed with it, but the card is still an excellent no fee, cash back card that now offers additional benefits.

7 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.

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