Tangerine Money-Back Credit Card review

Our verdict

Our verdict

The Tangerine Money-Back Credit Card is a no annual fee cash back credit card that allows you to earn 2% cash back in up to three spending categories of your choice. With no limit to the amount of cash back you can earn, your cash back is directly deposited into your bank account at the beginning of each month.

Best for: Those looking to choose which spending categories they earn the most cash back in.

Pros

• No annual fee
• Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until October 31, 2023.
• Earn 2% unlimited cash back in up to 3 spending categories, and 0.5 elsewhere
• Balance transfer offer

Cons

• Lower cash back earned on other categories
• No physical bank branches for Tangerine

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Purchase Interest Rate

19.95%

Cash Advance Rate

19.95%

Balance Transfer Rate

1.95% for the first 6 months

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Tangerine Money-Back Credit Card

Learn more on Tangerine's secure site

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Tangerine credit card categories

You can choose from the following Tangerine credit card categories with the Money-Back Credit Card to earn 2% cash back:

Tangerine Money-Back Credit Card perks

• Welcome offer. Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until October 31, 2023.
• Tangerine Cash back rewards. Earn 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.
• Unlimited cash back. There is no limit to the amount of cash back you can earn each month from your spending with this Tangerine credit card.
• No minimum cash back threshold. The Tangerine Money-Back Credit Card rewards will be paid out every month regardless of how little cash back you’ve accrued.
• Changeable cash back categories. If your spending habits change, you have the option to change the Tangerine credit card categories where you’re earning 2% cash back.
• No annual fee. The Tangerine Money-Back Credit Card has no annual fee.
• Balance transfer offer. Get a 1.95% interest rate on balance transfers for the first six months. To take advantage of this offer, you must complete the Balance Transfer request within 30 days of account approval and activate your card within 45 days of approval. A balance transfer fee equaling the greater of 3% or $5 will be charged on each transferred amount (fee is waived by Tangerine if you're a resident of Quebec).
• Internet and mobile banking. Tangerine does most of its business online which means the Tangerine Online Banking and mobile app are well developed. 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.

What to watch out for with this Tangerine cash back credit card

• 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. You can, however, withdraw and deposit money from any Scotiabank ATM.
• Lower cash back on other categories. Beyond the standard Tangerine credit card categories, you’ll only earn 0.5% cash back on other spending groups.

Tangerine Money-Back Credit Card interest rates

What should I know before I apply for the Tangerine Money-Back Credit Card?

If you’re thinking about applying for the Tangerine Money-Back Credit Card, consider these factors first.

Eligibility requirements

To apply for the Tangerine Money-Back Credit Card you need to:

• Be a Canadian citizen or a permanent resident
• Be at least 18 years of age, or the age of majority in your province or territory of residence
• A minimum income of at least $12,000
• Have a credit score of 600 (a credit rating of good to excellent)
• Clear of bankruptcies over the past 7 years

Required documents and information

• Your full name and contact information
• Your Social Insurance Number (SIN) and date of birth
• Your employment details
• Your financial information, including any debts and assets

How to apply for this Tangerine cash back credit card

1. Click on this secure link or the ” Go to site” button on this page to be securely directed to your Tangerine Money-Back Credit Card application.
2. Read through the Disclosure Statement details on the Tangerine credit card site, 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. After you’ve been approved you can choose your Tangerine credit card categories.

How safe is the Tangerine Money-Back Credit Card?

Tangerine has a DoubleSafe log in process which requires you to enter multiple types of information in order to log in to your account online. When logging in to Tangerine’s mobile app, you’ll also have the option to use biometrics login like Touch ID and Face ID on Apple devices and Fingerprint ID on Android devices (running Android 6.0 or higher).

To access your Tangerine account through your computer’s web browser, you must provide your account number and a special six digit PIN code, as well as a complete a 2-step authentication step.

During that last 2-step authentication step, Tangerine will send a text message to the mobile phone number associated with your account. The text message will contain a one-time passcode that is usually a 6 digit number. You just have to enter that number on your browser’s account login page to finish logging in.

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 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.

Tangerine often tops the charts for customer satisfaction. Most recently, Tangerine had the highest ranking in Customer Satisfaction among Midsize Retail Banks in the J.D. Power 2022 Canada Retail Banking Satisfaction Study for the 11th consecutive year.

Tangerine also had the top spot for overall customer satisfaction in the Midsize Bank Segment and placed 1st in 3 other categories – Account Offerings Meeting Needs, Convenience and Saving Time and Money.

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 extra cash back rewards on select Tangerine credit card categories 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.

Tangerine Money-Back Credit Card FAQs

• How do I activate my Tangerine cash back credit card?

  Once you receive your physical credit card in the mail, you'll need to activate it online. When you login to your account, you'll see a message near the top of the screen that prompts you to activate your credit card. Simply click "Activate Card", which will immediately activate your credit card for you.

• How do I access my Tangerine Online Banking?

  Navigate to the secure Tangerine Online Banking website or use the Tangerine mobile app. To learn more about the Tangerine app, read our Best Mobile Banking Apps guide.

  Interest is calculated daily if you hold a balance on your Tangerine Money-Back Credit Card. Like most credit cards, you will be charged monthly for the total amount of interest.

• How can I change my Tangerine cash back categories with the Tangerine Money Back Credit Card?

  Login to your account and navigate to your credit card. Click on "Rewards" and then click on "Change Categories". You can then select your new 2% Money-Back Categories. Take note that these changes won't take place immediately since you can only change them monthly, instead you will be presented with a date that notifies you when the changes will take place.

• How can I increase the credit limit on my Tangerine Money-Back Credit Card?

  Login to your account and navigate to your credit card. Click on "Account Details" and then click "Change" under "Credit Limit & Cash Advance". You can then enter your desired limit increase, but it's not guaranteed that you will be given it – all changes are subject to a credit check.

• What other products does Tangerine offer?

  In addition to this Tangerine cash back credit card, Tangerine offers savings, chequing and investment accounts, credit cards, investment opportunities, as well as loans, mortgages, GICs and other borrowing opportunities.