Tangerine Money-Back Credit Card Review

Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card

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Tangerine Money-Back Credit Card
8.6 / 10 Our Vote
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Pros
No annual fee
Earnings credited monthly
Choose the 2% cash back categories
Cons
Excellent credit score
Summary

The Money-Back credit card by Tangerine is a cash back rewards category card from The Bank of Nova Scotia. This card has many positive features that surely gives competition to other credit cards. There are 2 cash back rates under which you may earn rewards. They offer cash back rates of 2% on selected categories. These categories are grocery, furniture, hotel, motel, restaurants, gas, drugstore, recurring bill payments. Home improvement, entertainment options, parking & public transit. You may choose up to 2 categories from this list. So, you can see that it is very easy to find the 2% cash back rate categories. These may have places that you usually shop at. Anytime you may change your selected category and earn rewards for that category as per your shopping. You may earn 1% cash back rate on all remaining purchases.

They charge you no annual fee for the primary or additional cards. Also, there is no limit on how much you could earn in cash back and you receive a credit each month. You may choose to either transfer your cash back earnings to a Tangerine savings account. Or you may pay down some of your credit card balance. Tangerine Money-Back Credit Card also has some great interest rates and insurance features. This is a great no-fee card with great interest rates and flexible redemption options.

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Our Review on Tangerine Money-Back Credit Card

Tangerine Money-Back Credit Card Pros

The Tangerine Money-Back Credit Card has many advantages as follows.

  • You pay no annual fee or either the primary or the additional cards.
  • The foreign conversion fee is only 1.5% and there are competitors with higher fees in the same market segment.
  • Your cash back earnings are automatically credited monthly and you don’t have to wait until January every year.
  • The annual purchase and overdue balance interest rate is 19.95%, a bit less than the usual 19.99%.
  • No limit on how much you could earn in cash back and you get your earning paid monthly.
  • There are no confusing caps or tiers.
  • You get to choose the 2% cash back categories and also may change if your shopping preferences change.

Tangerine Money-Back Credit Card Cons

The Tangerine Money-Back Credit Card has few drawbacks as follows.

  • To qualify for this card you must have excellent credit score rating.
  • There is no balance transfer promotional rate on this card.

Tangerine Money-Back Credit Card Overview

Annual Fee:$0.00
Interest Rate:19.95% on purchases
Balance Transfer19.95%
Cash Advance:19.95%
Credit Score:Excellent
Additional CardNo fee
Rewards:Select up to 2 out of 10 categories for 2%, everything else 1%
OtherTheft & damage coverage on purchased product and extended warranty protection

Tangerine Money-Back Credit Card Features & Benefits

Some of the main features of the Tangerine Money-Back Credit Card are as follows.

Annual Fee

There is no annual fee for the primary or additional cards.

Interest Rate

The interest rate on purchases or APR is 19.95%

Balance Transfer

Usually, balance transfers are considered the same as cash advances unless there is a promotion. So, the interest rate is 19.95% on balance transfers.

Cash Advance

They charge 19.95% interest rate on cash advances and the fee within Canada is $2.50. Outside Canada, you may use this card to get a cash advance at a fee of $5.

Credit Score Rating

You must have an excellent credit rating to apply for this card. This means you have a credit history of at least 10 years with 7 years of good credit. There are no payments missed on your credit cards for the last 6 months. And you have not applied for new credit in the past 9 months.

Additional Cards

They charge no fee for additional cards and you may have more users to earn more rewards.

Rewards

You may choose up to 2 out of 10 categories for 2% cash back rate. All the remaining purchases may give you a 1% cash back rate.

2% Cash Back Reward Categories

  • Drug Stores: (MCC 5912) merchants classed as “Pharmacies/Drug Stores.
  • Eating Places: (MCC 5812 to 5814) merchants classed as bars, eating places, lounges, discos, fast food restaurants and nightclub taverns.
  • Entertainment: (MCC 7832,7829,7922,7941, 7991, 7996, 7998, 7929) merchants classed as theatres, sports venues, amusement parks, zoos, bands, carnivals, orchestras, circus. Exhibits and tourist attractions and aquariums.
  • Furniture: (MCC 7641, 5719, 5712) merchants classed as furniture re-upholstery and home furnishing stores.
  • Gas: (MCC 5541 and 5542) merchants classed as service stations.
  • Grocery: (MCC 5422, 5411, 5462) merchants classed as supermarkets & grocery stores.
  • Home Improvements: (MCC 5200, 5251, 5261, 5231, 5713, 5718, 5714) merchants classed as lawn & garden supply stores, hardware stores, paint/glass/wallpaper stores. Home supply warehouse stores, florist supplies nursery flowers & stock, drapery & window coverings stores and floor coverings stores.
  • Hotels & Motels: (MCC 3500 to 3828, 7011) merchants classed as hotels, motels, lodging, property name (Marriott, Fairmont etc.) or resorts.
  • Parking & Public Transit: (MCC 4111,7523, 7524, 4784,4121) merchants classed as garages & automobile parking lots, buses, ferries, taxis, trains and road tolls.
  • Recurring Bill Payment: Regular or monthly payments charges may qualify for this category but it is good to check.

There are also some categories that may not earn you 2% cash back. But you may still earn the 1% base cash back rate on those categories.

1% Cash Back Reward Categories

  • Purchases you make at alcohol retailers, wholesale clubs, general merchandise merchants. Convenience stores and merchants not classed under eligible merchant codes.
  • Food that you purchase at specialty retailers or discount retailers such as health food stores or fish markets.
  • Gas purchases that you make that are not meant for automobile or retail.
  • Dining purchases that you make in a hotel, retail store, pub, club, bar, lounge. Or any other merchant who is not classed as a restaurant.
  • Any purchase that you make from a merchant who is not classed.

Tangerine Money-Back Credit Card Points Calculation

CategoryRewards
Total Spending Rewards384
Groceries:400
Gas:300
Restaurants:200
Bills:500
Travel:150
Entertainment:200
Pharmacy:0
Everything else:250

Insurance Features Of Tangerine Money-Back Credit Card

BenefitCoverage limits
Purchase SecurityFor up to a time frame of 90 days from the date of your product purchase using this card
Extended Warranty ProtectionGet twice the time on your manufacturer warranty for product purchased with this card

Coverage Summary

There are some protection benefits for products that you purchase with this card. They give you extended warranty up to 1 extra year after the manufacturer warranty period. And they also give you protection from theft and damage to an item purchased with this card. This is for a time frame up to 90 days from purchase date.

Where Can You Use Tangerine Money-Back Credit Card

You may use the Tangerine Money-Back Credit Card where the merchants and the point of sale terminals that accept MasterCard. These cards are widely accepted at over 24 million locations in more than 210 countries all over the world.

Tangerine Money-Back Credit Card Reward Redemption

There is no limit on how much cash you may earn back. And your cash back earnings are paid on a monthly basis.

Tangerine Money-Back Credit Card Contact Information

  • Customer Service Number: 1888 826 4374.

*Rate and product information are subject to change at any time and does not constitute financial advice. Please contact the supplier for complete details.

Tangerine is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://www.tangerine.ca/en/legal/credit-card-cardholder-agreement/index.html#c2

https://secure.tangerine.ca/web/Tangerine.html

https://www.tangerine.ca/en/spending/creditcard/index.html

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