Tangerine Money-Back Credit Card Review

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Choose your own accelerated cash back spending categories with this no annual fee credit card.

Earn unlimited cash back rewards on every purchase you make with the Tangerine Money-Back Credit Card. You don’t have to pay an annual fee for this card, which means your rewards won’t cost you extra.

19.95%

Purchase Interest Rate

$0

Annual Fee

1.95% for the first 6 months (then 19.95%)

Balance Transfer Rate

Details

Product NameTangerine Money-Back Credit Card
RewardEarn 4% Money-Back Rewards in three categories of your choice such as groceries, dining, petrol and more. Ends January 31, 2020.
Welcome OfferGet 1.95% interest rate on balance transfers for the first six months. Valid within the first 30 days of account opening.
Purchase Interest Rate19.95%
Cash Advance Rate19.95%
Balance Transfer Rate1.95% for the first 6 months (then 19.95%)
Interest Free Period Up to 21 days
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More Info

30-second take

  • Get this card if you want to choose your own cash back spending categories.
  • Choose something else if you’re looking for a flat-rate of cash back.
  • Tangerine is a mostly online-only bank, which means you can’t visit physical branch locations.

The basics

Tangerine offers one credit card, the Tangerine Money-Back Credit Card, which is a cash back credit card with no annual fee.

With no limit to the amount of cash back you can earn, you’ll receive 2% cash back on purchases in two spending categories of choice, and 0.5% on all other purchases. You can select two cash back categories of your choice, however if you open a Tangerine Savings Account and deposit your cash back directly into the account, you can choose three 2% cash back categories. Your cash back is directly deposited into your bank account at the beginning of each month.

Money-Back Categories

You can choose from the following categories to earn 2% cash back:

  • Grocery
  • Furniture
  • Restaurants
  • Hotel-Motel
  • Gas
  • Recurring bill payments
  • Drug store
  • Home improvement
  • Entertainment
  • Public transportation and parking

What makes Tangerine different?

Formerly known as ING Direct, Tangerine is a unique bank that has only five brick-and-mortar stores across Canada (known as Tangerine Cafes). Functioning mostly online, Tangerine has a big presence established on the Internet and via their mobile app. With very few physical locations, Tangerine can pass the savings back onto their customers. In 2012, Scotiabank acquired ING Bank of Canada and the name was changed to Tangerine.

The perks

  • Signup bonus. New account holders will get a promotional offer of 4% cash back on up to three categories of their choice within the first three months from card activation. All purchases in other categories will earn 0.5% cash back. Valid till 31 January 2020.
  • Cash back rewards. Earn 2% cash back in two or three categories of your choice, and earn 0.5% on all other purchases.
  • Unlimited cash back. There is no limit to the amount of cash back you can earn each month from your spending.
  • No annual fee. This credit card has no annual fee.
  • Balance transfer offer. New account holders are eligible for an optional balance transfer offer with a promotional rate of 1.95% for the first 6 months of card membership. A balance transfer fee of 3% of the transferred amount is charged, or a minimum of $5. The promotional offer is valid within 30 days from card approval.
  • Internet and mobile banking. Tangerine does most of its business online which means the Tangerine Online Banking and mobile app are used by customers. Using the secure website or mobile app, you can move money between accounts, send money to others, ask for a credit limit increase, pay your bills, open new accounts and generally manage your money.
  • Credit cards security. Tangerine have a DoubleSafe log in process which requires you to enter multiple types of information in order to log in to your account. To access your account, you must provide your account number and a special six digit PIN code, as well as confirm a pre-selected image and phrase. The image and phrase should always be the same, which creates an extra level of security for your account. Furthermore, Tangerine keep in contact with you via Orange Alerts, which are sent to you via email and keep you in the loop with what’s happening on your account.

What to watch out for

  • No physical branch locations. Tangerine is a mostly online-only bank, which means you can’t visit a branch in person – unless you live close to one of the five Tangerine Cafes located across Canada.
  • Lower cash back on other categories. You’ll only earn 0.5% cash back on other spending categories.

What should I know before I apply?

How to apply

  1. Click Go to site on this page to be securely directed to your Tangerine Money-Back Credit Card application.
  2. Read through the Disclosure Statement details and click accept and continue.
  3. Complete the application with details that include your name, email address, social insurance number and birth date.
  4. Review and submit your application.

Bottom line

The Tangerine Money-Back Credit Card comes with many perks including cash back, no annual fee and an optional balance transfer offer. Whether you’re a big spender and want to earn cash back rewards for your spending or you’re simply looking to save with no annual fee and a low balance transfer rate, this credit card may be a good fit for you.

Frequently asked questions about Tangerine credit cards

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