Tangerine World Mastercard review

30-second take

• Consider this card if you want a decent return on cash back for no annual fee.

• Choose something else if you’d rather accumulate points or want a low-interest card.

• You need a minimum annual income of $60,000 or a household income of $100,000 to qualify for this card.

The basics

If you’re looking for a decent cash back return with all the bells and whistles, then you might like to check out the Tangerine World Mastercard.

• No annual fee. This card comes with no annual fee.
• Earn cash back. Earn unlimited 2% cash back in two categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and unlimited 0.5% cash back on everything else. Conditions apply.
• Flexible categories. Change your categories to suit your spending habits whenever you see fit.
• 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 1% balance transfer fee will be charged on each transferred amount (Fee is waived by Tangerine if you're a resident of Quebec).
• Unlimited cash back. Accumulate as much cash back as you want with no monthly or annual caps on earning potential.
• Easy redemption. Use the cash back you earn to pay off your outstanding credit card balance or put money into your savings account.

The perks

• Product coverage. Protect your purchases with added insurance and extended warranty coverage.
• Car rental insurance. Get damage and theft protection on your rental car for up to one month when you pay on your credit card.
• Mobile device insurance. Lock in up to $1,000 of insurance to replace your phone if it gets lost, stolen or damaged (some conditions apply).
• Airport lounge access. Pay a discounted rate to enter airport lounges supported by the Mastercard Airport Experiences program.
• Exclusive experiences. Enjoy unique offers on once-in-a-lifetime experiences around the world with Mastercard’s Priceless Cities program.
• Enhanced security. Protect your purchases when you shop online with Mastercard SecureCode.
• Zero-liability coverage. Rest easy knowing that your card is protected from unauthorized use with zero-liability coverage.

What to watch out for

• Airport lounge access. Although discounted, you’ll still have to pay a fee to enter eligible airport lounges.
• High interest. You’ll pay 19.95% interest on any outstanding balances you have.
• No travel insurance. You won’t get travel medical or trip interruption/cancellation insurance to cover the time spent overseas.
• Foreign transaction fees apply. You’ll have to pay a currency conversion fee whenever you spend money outside of Canada.
• Difficult to qualify. The minimum income you’ll need to be approved for this card is $60,000.

What should I know before I apply

• Eligibility requirements

  To apply for a Tangerine World Mastercard, you will need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces).
  • Have a minimum annual income of $60,000 or a household income of $100,000.

• You'll also need to provide the following documents and information:

  • Your name, residential status and contact information.
  • Your social insurance number and date of birth.
  • Your email address and phone number.

How to apply

1. Click “Go to site” on this page to be directed to your Tangerine World Mastercard application.
2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
3. Review and submit your application.

Bottom line

The Tangerine World Mastercard gives you a decent return on cash back in up to three targeted spending categories for no annual fee. It also offers a balance transfer offer and comes with additional perks like mobile phone insurance, car rental insurance, discounted airport lounge access and a low introductory balance transfer rate.

Frequently asked questions about the Tangerine World Mastercard

• Does the Tangerine World Mastercard have a welcome offer?

  Yes, depending on when you signup. Get a 1.95% interest rate on balance transfers for the first six months (valid within the first 30 days of account opening).

• What categories should I choose to earn the most cash back?

  You should aim to choose the categories where you spend the most money each month. If you own a car and fill up regularly, you might like to choose gas over public transit. If you eat out often, it might make sense to choose restaurants over groceries.

  The nice thing is, the choice is always up to you and you can change your categories at any time to accommodate shifts in your personal preferences and spending habits. Essentially, you can do this as often as you’d like but it only takes effect on the first billing date 90-days following your last change.

• Can I qualify for this card if I don't meet the income requirements?

  Typically no, but you may be able to ask Tangerine for some wiggle room if you have a really good credit score. If you want a similar card with no income requirements, you can also apply for the Tangerine Money-Back Credit Card.

• Can I apply online?

  Yes, you can apply online. Click “Go to site” in the table above to be redirected to the application.

• What other products does Tangerine offer?

  In addition to the Tangerine Money-Back Credit Card, Tangerine offers savings, chequing and investment accounts, credit cards, investment opportunities, as well as loans, mortgages, GICs and other borrowing opportunities.