New Tangerine World Mastercard® cardholders can enjoy unlimited money-back rewards at a post-promotional rate of 2% across three categories of their choice as well as exclusive Mastercard experiences, all for a $0 annual fee!
Quick overview
The Tangerine World Mastercard® is the newest credit card from the wholly-digital bank Tangerine, and it’s worth a closer look. Standout features include a $0 annual fee and an ongoing unlimited money-back rewards rate of 2% in your chosen three categories, which you can choose from a list of 10 different categories when you apply for the card.
The “World” part of the credit card refers to exclusive travel benefits and experiences that Tangerine World Mastercard® cardholders can enjoy.
Who the Tangerine World is for (Tangerine World vs. Tangerine Money-Back)
The Tangerine Money-Back credit card, is pretty well the same as the Tangerine World—neither have an annual fee, both give you 2 categories with 2% cash back and 3 if you open a savings account with Tangerine.
Tangerine World has everything the Money-Back card has with a few slight tweaks.
- Increase of the minimum income requirement to $50,000, up from $15,000 with the Money-Back card
- Access to Boingo Wi-fi so if you're at the airport, you can browse the web for free (though not always stream).
- Mastercard Travel Pass provided by DragonPass*** so you get membership access (worth about $99 USD) to over 1,300 airport lounges, but you'll have to pay $32 per visit. A cool perk if you don't plan on using airport lounges, but get stuck on a 4 hour layover somewhere.
- Rental car insurance
- Mobile device insurance
- Mastercard World benefits: benefits like percentage savings on partner merchants, special events and products.
Tangerine World Mastercard pros and cons
Pros
-
No annual fee
-
Unlimited money-back rewards
-
High 2% earn rate
-
Exclusive experiences through MasterCard
Cons
-
$60,000 minimum income requirement
-
Travel insurance would be a welcome addition to the travel-related benefits
Tangerine World welcome offer
The Tangerine World Mastercard® currently has a few different welcome offers for new cardholders.
- 1.
There's a special 10% extra cash back rate on the first $1,000 spent with the card on everyday purchases (max. $100 cash back) in the first two months if you're approved.*
- 2.
The card also has a balance transfer promo, which is great for those who have outstanding debts they would like to consolidate and pay off at a low rate. If you do a balance transfer within the first 30 days of being a new cardholder, your interest rate on the transferred balance will be 1.95% for the first 6 months (it will go back to 19.95% after this promotional period). A 1% transfer fee applies*. The card is often included on our list of the best balance transfer cards in Canada.
How to earn money-back rewards
Earning money-back rewards with Tangerine World Mastercard® is simple.
- 1.
2% cash back on your 2 chosen categories. Open a savings account with Tangerine (it's free and good) and you unlock a third 2% category.
- 2.
Earn 0.5% cash back on everything else.
Just pick up to three categories from the 10 different options that offer something to everyone. These include gas, groceries, recurring bill payments, restaurants, parking and public transportation, entertainment, home improvement, and more.
Just pick up to three categories from the 10 different options that offer something to everyone. These include gas, groceries, recurring bill payments, restaurants, parking and public transportation, entertainment, home improvement, and more.
There are some stipulations to choosing categories so make sure you are aware of them:
✅ You can request one change to a category at any time.
⚠️ After your first category change, any other requested change will cause a 90-day hold before you can start earning on the new category.
👀 If you forget to choose your categories when you apply, Tangerine will choose them for you, so make sure you don’t skip that important step.
✅ Purchases made in other categories aren’t left out in the cold; you’ll still earn 0.5% rewards on those transactions.
How to redeem money-back rewards from Tangerine
Redeeming your Tangerine World Mastercard® money-back rewards is effortless. Every month, you’ll automatically receive your cash back, either paid into your Tangerine savings account or applied as statement credit towards your credit card balance.
Tangerine World benefits and features that stand out
- Unlimited money-back rewards: Unlike many cash back credit cards with a high earn rate, there’s absolutely no limit to the amount of money-back rewards you can earn with the Tangerine World Mastercard®. That’s right; there’s no monthly earn limits or caps on the amount of rewards you can get. As long as you keep spending, you’ll keep on earning money-back rewards.
- High earn rate: With the Tangerine World Mastercard®, you can rack up impressive amounts of cash back. The standard earn rate of 2% applies to all eligible purchases in up to three categories of your choice, which include parking and public transportation, groceries, gas, restaurants, and more.
Tangerine World Mastercard insurance coverage
- Purchase assurance: After charging the full purchase to your card, you can get a reimbursement of the lesser of the repair cost or the replacement cost of the insured items within 90 days of purchase with a maximum liability of $60,000.
- Extended warranty: After charging the full cost of the insurance items to your card (where the item has a valid warranty in Canada or the U.S., and you've registered with the insurer, you get a reimbursement of the lesser of the repair cost or the full cost of of the item up to 1 year after the original manufacturer's warranty. Up to a maximum $60,000 lifetime combined with purchase assurance.
- Mobile device insurance: If your device is lost, stolen, accidentally damaged, or it experiences a mechanical failure. You must charge the full cost of the mobile device and any up-front costs and all monthly wireless bill payments (if you're funding your purchase through a wireless plan). You'll get up to $1,000 in reimbursement for the less of the repair cost or the replacement cost, not exceeding the depreciated value. Limited to 1 claim in any 12 month period.
- Rental car insurance: Coverage for automobiles up to $65,000 MSRP for 31 consecutive days. You must book and pay in full with your Tangerine Wold Mastercard. The rental must be in your name and you must decline the rental agency's collision and loss waivers (CDW/LDW). You must notify the insurer within 48 hours.
For information on how to have Your complaint addressed, You can call the insurer at 1-855-255-6050 or visit their website at: www.assurant.ca/customer-assistance.
Extra benefits and perks
- MasterCard exclusive experiences: Your Tangerine World Mastercard® is your passport to a range of exclusive MasterCard experiences. These include preferred access to valuable offers, events, activities, and upgrades, as well as unique experiences around the world with the Priceless Cities program.
- Airport lounge access: Additionally, Tangerine World Mastercard® cardholders can make the most of their travels with Mastercard® Travel Pass Provided by DragonPass. Your complimentary membership gives you exclusive dining, retail and spa offers in over 650 airports worldwide, along with access to over 1,300 airport lounges at $32 USD per visit.
What the internet has to say about the Tangerine World Mastercard
According to Reddit, many users have had great success with the mobile device insurance coverage. Other recommend this no-fee card for its specific cash back categories and the fact that you don't have to pay for those higher categories.
So, go ahead and get your premium credit card and reserve this one for your cash back categories of choice.
Tangerine World Rates and fees
- Annual fee: $0. That means all the monthly cashback rewards that you earn come absolutely free of charge.
- Late or cancelled payment fee: $25
- Annual Purchase Rate (APR): 19.95%
- Cash advance APR: 19.95% + $3.50 within Canada, $5 outside of Canada
- Promotional balance transfer rate: 1.95% for 6 months when you make a balance transfer within the first 30 days of card ownership. A 1% transfer fee applies to the balance you're transferring.
- Foreign currency conversion: 2.5%
Who is eligible for the Tangerine World Mastercard®?
Tangerine does not require an excellent credit score, however, you must meet one of the following requirements:
- A minimum personal income of $50,000
- A minimum household income of $8,000
- Total balances of $250,000 or more in Tangerine savings accounts and/or investment fund accounts.
In addition to those requirements, you must be a permanent resident in Canada at the age of majority in your province or territory and be cleared of bankruptcies for seven years in order to be approved for this card.
Tangerine World Mastercard® vs.
As a no annual fee cash back credit card with some pretty nice perks, let's break down some competitors in the same category.
SimplyCash® Card from American Express
3.5
up to $100
Welcome offerGood
Suggested credit scoreEarn up to $100 in Statement Credits in your first 10 months as a new cardmember
The welcome bonus is the same, the annual fee is the same at zero dollars, but Amex defines your categories where you get 2% cash back on gas and groceries (up to $300 cash back annually).
Where it pulls ahead is that you get 1.25% cash back on everything else.
You'll get buyer's assurance and purchase protection, but no mobile device insurance. Instead, Amex gives you $100,000 in travel accident insurance.
The Tangerine World may pull ahead here if you're not into gas and grocery cash back categories and if you'd rather a more readily accepted Mastercard. Though, the earn rate is stronger on "everything else" category.
If you spend about $2,000 a month, the Amex SimplyCash gets you $320. Tangerine World gets you about $280 a year. (Not including any welcome bonuses).
Pros
-
No annual fee for primary or additional cardholders
-
Big welcome bonus
-
Solid regular cash back rate on all eligible purchases - up to 2% cash back on all eligible purchases
-
No limit to the amount of cash back you can earn at the base rate
Cons
-
Cash back is only applied as a statement credit once a year
-
Amex cards aren’t accepted by every merchant
Eligibility
Good
Recommended Credit Score
$0
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
2%
Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually)
1.25%
Earn 1.25% cash back on all other eligible purchases—the only stuff that won’t get cash back are non-purchases, like cash advances, balance transfers, etc.
Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually)
2%
Earn 1.25% cash back on all other eligible purchases—the only stuff that won’t get cash back are non-purchases, like cash advances, balance transfers, etc.
1.25%
21.99%
Purchase APR
21.99%
Cash Advance APR
$0
Annual Fee
2.50%
Foreign Transaction Fee Foreign Transaction
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
The welcome bonus is the same, the annual fee is the same at zero dollars, but Amex defines your categories where you get 2% cash back on gas and groceries (up to $300 cash back annually).
Where it pulls ahead is that you get 1.25% cash back on everything else.
You'll get buyer's assurance and purchase protection, but no mobile device insurance. Instead, Amex gives you $100,000 in travel accident insurance.
The Tangerine World may pull ahead here if you're not into gas and grocery cash back categories and if you'd rather a more readily accepted Mastercard. Though, the earn rate is stronger on "everything else" category.
If you spend about $2,000 a month, the Amex SimplyCash gets you $320. Tangerine World gets you about $280 a year. (Not including any welcome bonuses).
Pros
-
No annual fee for primary or additional cardholders
-
Big welcome bonus
-
Solid regular cash back rate on all eligible purchases - up to 2% cash back on all eligible purchases
-
No limit to the amount of cash back you can earn at the base rate
Cons
-
Cash back is only applied as a statement credit once a year
-
Amex cards aren’t accepted by every merchant
Eligibility
Good
Recommended Credit Score
$0
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$0
2%
Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually)
1.25%
Earn 1.25% cash back on all other eligible purchases—the only stuff that won’t get cash back are non-purchases, like cash advances, balance transfers, etc.
Earn 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually)
2%
Earn 1.25% cash back on all other eligible purchases—the only stuff that won’t get cash back are non-purchases, like cash advances, balance transfers, etc.
1.25%
21.99%
Purchase APR
21.99%
Cash Advance APR
$0
Annual Fee
2.50%
Foreign Transaction Fee Foreign Transaction
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Simplii Financial™ Cash Back Visa* Card
3.0
10% back
Welcome offerGood
Suggested credit score10% cash back on eligible restaurant, bar and coffee shop purchases for your first 4 months. Up to $500 spend. Terms and conditions apply
Again, Simplii defines your categories as restaurants, bars, and coffee shops with a big 4% cash back in those categories and 1.5% on gas, groceries, drugstore, and recurring bills, until finally landing at 0.5% everything else.
Where the Simplii falls short is that the cash back comes at the end of the year as a statement credit, not monthly. But, if you're spending at restaurants, bars, and coffee shops, this is your new credit card.
Simplii is CIBC's response to Scotiabank's Tangerine, so very trustworthy.
If you spend about $2,000 a month, the BMO CashBack gets you $300. Tangerine World gets you about $280 a year. (Not including any welcome bonuses).
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
No annual fee
-
Up to three additional cards free of charge
Cons
-
Cash back applied as year-end statement credit
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000
4%
on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year.†
1.5%
on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited.
0.5%
on all other credit card purchases with no limit on how much you can earn.†
on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year.†
4%
on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited.
1.5%
on all other credit card purchases with no limit on how much you can earn.†
0.5%
20.99%
Purchase APR ‡ Purchase Interest Rate
22.99%
Balance Transfer Rate ‡ Balance Transfer Interest Rate
22.99%
Cash Advance APR ‡ Cash Advance Interest Rate
$0
Annual Fee for primary cardholder and up to 3 additional cards
2.50%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
Again, Simplii defines your categories as restaurants, bars, and coffee shops with a big 4% cash back in those categories and 1.5% on gas, groceries, drugstore, and recurring bills, until finally landing at 0.5% everything else.
Where the Simplii falls short is that the cash back comes at the end of the year as a statement credit, not monthly. But, if you're spending at restaurants, bars, and coffee shops, this is your new credit card.
Simplii is CIBC's response to Scotiabank's Tangerine, so very trustworthy.
If you spend about $2,000 a month, the BMO CashBack gets you $300. Tangerine World gets you about $280 a year. (Not including any welcome bonuses).
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
No annual fee
-
Up to three additional cards free of charge
Cons
-
Cash back applied as year-end statement credit
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000
4%
on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year.†
1.5%
on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited.
0.5%
on all other credit card purchases with no limit on how much you can earn.†
on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year.†
4%
on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited.
1.5%
on all other credit card purchases with no limit on how much you can earn.†
0.5%
20.99%
Purchase APR ‡ Purchase Interest Rate
22.99%
Balance Transfer Rate ‡ Balance Transfer Interest Rate
22.99%
Cash Advance APR ‡ Cash Advance Interest Rate
$0
Annual Fee for primary cardholder and up to 3 additional cards
2.50%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.50%
BMO CashBack® MasterCard®
4.0
5% cash back
Welcome offerGood
Suggested credit scoreGet 5% cash back in your first 3 months*
Expires
Nov 30, 2024
As the best cash back credit card for several years in a row, we have to put it here, especially for its no annual fee, balance transfer promo and solid earn rates on multiple categories.
You can cash out anytime for as little as $1 or do it automatically every time you hit $25.
You get extended warranty and purchase protection and savings up to 7% on Booking.com and 20% at National car rental and Alamo (but no insurance).
If you spend about $2,000 a month, the BMO CashBack gets you about $300. Tangerine World gets you about $280 a year. (Not including any welcome bonuses).
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
As the best cash back credit card for several years in a row, we have to put it here, especially for its no annual fee, balance transfer promo and solid earn rates on multiple categories.
You can cash out anytime for as little as $1 or do it automatically every time you hit $25.
You get extended warranty and purchase protection and savings up to 7% on Booking.com and 20% at National car rental and Alamo (but no insurance).
If you spend about $2,000 a month, the BMO CashBack gets you about $300. Tangerine World gets you about $280 a year. (Not including any welcome bonuses).
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Is the Tangerine World Mastercard good?
Overall, we’re happy with the Tangerine World Mastercard®. The minimum income requirements are pretty high, and we’d expect that a World Mastercard would offer more travel insurance, but still, the $0 annual fee combined with the high regular earn rate makes it a very valuable and appealing card.
If you’re looking for a solid money-back card with rewards you can truly enjoy, which also offers exclusive experiences at home and abroad, the Tangerine World Mastercard® is a good choice.
FAQ
*Terms and Conditions apply
Sarah Pritzker has been writing for Money.ca since 2017, and loves learning about the latest trends in Canadian personal finance.
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