The Tangerine Money-Back Credit Card is a popular no-annual-fee credit card in Canada, offering generous cash-back rewards and flexible redemption options.

It’s designed for consumers who want to maximize rewards on their everyday spending without worrying about annual fees or restrictive reward categories.

This article will explore the key aspects of this card, including the company behind it, its pros and cons, requirements, how to apply, and some frequently asked questions.

About Tangerine: The Company Behind the Card

Tangerine Bank is a digital bank in Canada, initially launched as ING Direct in 1997. In 2012, the company was acquired by Scotiabank and rebranded as Tangerine in 2014.

Since then, Tangerine has established itself as a forward-thinking, customer-centric financial institution offering a wide range of products and services, including savings accounts, investment solutions, and credit cards like the Tangerine Money-Back Credit Card.

Tangerine operates as a branchless bank, meaning that all of its services are offered online or via mobile apps, which allows it to keep operational costs low and pass on savings to its customers. The bank is particularly known for its emphasis on customer service and ease of use, appealing to tech-savvy individuals who prefer managing their finances digitally.

Over the years, Tangerine has consistently been recognized for its innovative banking solutions, especially in the realm of digital banking. The Tangerine Money-Back Credit Card is one of the flagship products that aligns with the bank’s goal of making financial services more accessible and rewarding for Canadians.

Pros and Cons of the Tangerine Money-Back Credit Card

Pros:

1. Customizable Cash-Back Categories: One of the most appealing features of the Tangerine Money-Back Credit Card is the flexibility it offers. Cardholders can choose up to three categories in which they will earn 2% cashback. These categories include groceries, gas, restaurants, drugstores, entertainment, recurring bill payments, home improvement, and more. For all other purchases, you’ll earn 0.5% cashback, ensuring that every transaction helps you accumulate rewards.
2. No Annual Fee: Unlike many cash-back credit cards that charge hefty annual fees, the Tangerine Money-Back Credit Card comes with no annual fee. This makes it an excellent option for individuals who want to earn rewards without worrying about ongoing costs.
3. Automatic Monthly Redemption: Tangerine offers an easy and convenient way to redeem your rewards. Instead of waiting for the end of the year, cardholders can receive their cashback on a monthly basis. The cashback can either be applied as a statement credit or deposited directly into a Tangerine Savings Account, which adds to the card’s overall flexibility.

Cons:

1. Limited International Acceptance: One downside of the Tangerine Money-Back Credit Card is that it operates on the Mastercard network, which, while widely accepted in Canada and many countries, may not be as universally accepted as Visa or American Express in certain regions. This may limit its utility when traveling abroad.
2. Lower Cash Back on Non-Selected Categories: While the 2% cashback on selected categories is competitive, the 0.5% cashback rate for all other purchases is relatively low compared to some other cash-back cards, which may offer 1% or more on general purchases.
3. High-Interest Rates: As with most credit cards, the Tangerine Money-Back Credit Card carries a relatively high-interest rate for unpaid balances—typically around 19.95%. This card is best suited for people who plan to pay off their balance in full each month to avoid incurring high interest on unpaid balances.

Requirements for the Tangerine Money-Back Credit Card

To qualify for the Tangerine Money-Back Credit Card, applicants must meet the following basic requirements:

1. Canadian Residency: You must be a legal resident of Canada to apply for the card.
2. Age Requirement: Applicants must be the age of majority in their province or territory of residence (18 or 19 years old, depending on the location).
3. Income Requirement: While Tangerine does not have strict income requirements for this card, having a steady source of income is beneficial for approval.
4. Credit Score: A good to excellent credit score (typically 660 or higher) increases the chances of approval, although some applicants with fair credit may also qualify.
5. Existing Banking Relationship: While not required, having a Tangerine savings account can simplify the process of redeeming cashback rewards.

How to Apply for the Tangerine Money-Back Credit Card

Applying for the Tangerine Money-Back Credit Card is a straightforward process, as Tangerine emphasizes convenience and efficiency. Here’s how you can apply:

1. Online Application: The fastest and most convenient way to apply for the Tangerine Money-Back Credit Card is through their official website. The online application form typically takes only 10-15 minutes to complete.
2. Personal Information: You will be required to submit essential details about yourself, including your full name, home address, birth date, and contact information, such as a phone number or email address.
3. Financial Information: Tangerine will ask for your employment details, income level, and possibly other financial obligations such as mortgage or rent payments.
4. Credit Check: As part of the application procedure, Tangerine will perform a credit check to evaluate your financial reliability and determine your eligibility for the card.
5. Approval and Card Delivery: Once your application is submitted and approved, you can expect to receive your card by mail within 5 to 7 business days. You can then activate it and start earning cashback immediately.

Frequently Asked Questions (FAQ)

Q: What cashback categories can I choose with the Tangerine Money-Back Credit Card? A: You can select up to three cashback categories from options such as groceries, gas, restaurants, drugstores, entertainment, home improvement, and more. You can change your chosen categories every 90 days if your spending habits change.

Q: Does the Tangerine Money-Back Credit Card have an annual fee? A: No, the Tangerine Money-Back Credit Card has no annual fee, making it a cost-effective option for earning cashback rewards.

Q: How is cashback redeemed with the Tangerine Money-Back Credit Card? A: Cashback is automatically redeemed every month, either as a statement credit or as a deposit into your Tangerine Savings Account.

Q: What is the interest rate on the Tangerine Money-Back Credit Card? A: The interest rate for purchases is 19.95%, and the rates for cash advances and balance transfers are also 19.95%.

Q: Can I apply for the Tangerine Money-Back Credit Card with bad credit? A: While Tangerine generally prefers applicants with good to excellent credit, individuals with fair credit may still be approved. However, it’s important to check your credit score before applying to ensure the best chances of success.

Q: Can I use the Tangerine Money-Back Credit Card outside of Canada? A: Yes, the card is part of the Mastercard network, which is accepted internationally. However, there may be foreign transaction fees for purchases made in currencies other than Canadian dollars.

Q: Is the cashback unlimited? A: There are no caps on the total amount of cashback you can earn. However, the 2% cashback rate applies only to your selected categories, and all other purchases will earn 0.5% cashback.

Conclusion

The Tangerine Money-Back Credit Card is an excellent choice for Canadians who want a flexible, no-annual-fee card with customizable cashback rewards. While it may not be the best option for frequent international travelers or those seeking higher base cashback rates on general purchases, it shines in offering convenience and value for everyday spending in selected categories.