Why consider the Tangerine credit card?
But this is not the only reason this card is shaking up the market (in a good way). First, it has no-annual-fee. Also, getting it is pretty straightforward; it is as easy as selecting the cash back categories you want to earn from and increasing your earnings through a scalable income threshold.
Moreover, a savings account with Tangerine has low fees and a high-interest rate.
Here I review why this card is a popular choice and why you should consider acquiring it.
Outstanding Features of the Tangerine Card
When it comes to overall benefits and value, the Tangerine cash back credit card is among the best no-annual-fee credit cards in Canada.
Tangerine, Canada’s most popular online-only bank, provides it. Perhaps you’re already with the bank’s other groundbreaking savings and checking account offerings.
- Tangerine’s cardholders earn 2% cash back on purchases made in Tangerine’s money-back categories. If you apply by January 31, 2022, you’ll get an additional 15% back when you spend up to $1,000 on regular purchases in your first two months of using it.
- Also, your Tangerine savings account will automatically get the cash back you earn. If you choose the latter option, you’ll receive a bonus third spend category at a rate of 2% — and you can change your classes as your needs change.
- Note: you’ll earn cash back on all other purchases at a rate of 0.5 percent.
Here are some of this card’s key features:
- Offers 2% back on Tangerine purchases in two different categories.
- Reimbursement is made to your credit card or savings account every month.
- There is no annual fee: Getting this card is almost risk-free because it doesn’t cost a thing. You’re making money just because you have it.
- Lifetime limit of $60,000 for Purchase Assurance and Extended Warranty: This applies to most new purchases made with this card. For the first 90 days, Purchase Assurance may cover any loss, damage, or theft of new cell phones, smartphones, or tablets that your insurance does not cover. On the other hand, an Extended Warranty can double the time for repairs up to an extra year.
- Up to five additional cards are provided for free.
- If you want to earn money-back rewards, there is no limit on how many prizes you can get.
Pros of the Tangerine Credit Card
You can make the most out of all your credit card purchases with this card
Due to the lack of an annual fee, you can carry this card at no additional cost and combine it with another card to boost your rewards.
The Tangerine card, for example, gives you cash back when you spend money in one of your bonus categories. If you use other cards for everything else, you could get a lot more cash back each year than if you only had one of these cards.
It’s like this: Some Visa cards give you 3% back on things like groceries and gas and give you just 1% for all the other things you buy. If you also had the Tangerine card, you could pick bonus criteria like dining, public transportation, and pharmacies to fill in the gaps and receive 2% in categories that would’ve earned you only 1% with these other cards.
Gives you automatic monthly redemptions
Tangerine’s cash back card is different from most other cash back credit cards in that it will reimburse you for your cash back incentives every month. This happens automatically, no matter how much money you spend. Also, there is no redemption minimum.
It’s worth noting that if you have a Tangerine Savings account, the redemption process will be a little different. Your rewards will be deposited in your Tangerine Savings Account; which you can then use however you wish.
If you lack a savings account, your cash back incentives will be added to your credit card bill.
If you open a Tangerine Savings Account, you’ll get up to three bonus categories
The Tangerine card allows you to select two bonus categories by default. However, if you also start a Tangerine Savings account, you’ll gain access to a third bonus category. Because Tangerine’s savings account is free and provides a competitive interest rate of 0.25 percent, opening one is a no-brainer – even if it’s to add a third bonus category to your card.
Additionally, you can change your bonus classes at any time, though changes will not be immediately reflected and will take effect after 90 days. With this in mind, it’s best to avoid “gaming” rewards but rather stick to the same categories unless you intend to alter your spending habits drastically.
When you receive an automatic credit to your Tangerine savings account, you can earn 2% cash back on any additional spending category.
As previously stated, the Tangerine card also provides 0.5 percent cash back on non-bonus class purchases. While 0.5 percent isn’t much, you can earn 2% on your most frequent purchases by strategically choosing your bonus categories and 0.5 percent on your least regular purchases. Additionally, Tangerine’s user-friendly app makes it simple to track where (and on what) you spend the most money.
Doesn’t charge any fee
One of the best things about the Tangerine Card is that it’s a credit card that doesn’t charge fees.
Nevertheless, it charges the same interest rate as most other cards: 19.95% annual interest on purchases, cash advances, and balance transfers. When you get a Tangerine card for the first time, you get a low balance transfer rate of 1.95 percent for the first six months.
Further, the card’s income requirement is low at $12,000, which is why we put this card on our list of best credit cards for low-income earners.
It’s Almost Universally Recognized
It’s worth noting that Tangerine teamed up with MasterCard to launch its credit card. This implies that the Tangerine cash back credit card is welcomed almost everywhere credit cards are accepted – including widely known discount grocers and retailers that do not accept Visa or American Express cards.
To be honest, there aren’t many downsides to the Tangerine Money-Back credit card, except if you count the lack of extra features such as travel insurance or partnership points, and the 2.5% foreign transaction fees, which aren’t as low as the best no-fee credit cards. However, they’re not a huge deal if you’re unconcerned about those specifics.
On the other hand, because the card has no annual fee, you may want to consider acquiring another credit card that offers these benefits—just in case.
So, is the Tangerine Card Good enough?
The Tangerine cash back credit card is free to apply, earns you cash back on all purchases with no spending limits, and automatically reimburses you. Taken together, this card is a winner, and you’ll undoubtedly make money by carrying it in your wallet.