Tangerine Money-Back Credit Card Review 2024

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Written by Enoch Omololu

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The Tangerine Money-Back Credit Card is one of two Tangerine cards that earn you cash back rewards. You can get up to 2% cash back on everyday purchases, making this credit card ideal for those who want to get rewarded for their spending. 

If you don’t want to be locked in with an annual fee, this Tangerine credit card is one of the best. 

In this Tangerine Money-Back Credit Card review, you’ll learn about the benefits, how to apply, pros, cons, and alternatives. 

Tangerine Money-Back Credit Card – At a Glance

  • $0 annual fee
  • 19.95% interest rate on purchases and cash advances
  • 2.50% foreign currency conversion fee 
  • 3% balance transfer fee 
  • Earn 2% cash back on purchases in two 2% Money-Back categories
  • Earn 0.50% cash back on all other purchases
  • Get a third 2% Money-Back category when you deposit your rewards into a Tangerine Savings Account
  • No limits on the amount of cash back you can receive 

Tangerine Money-Back Credit Card Benefits 

Tangerine is offering a welcome bonus to new cardholders. Within the first 2 months of card membership, you can earn 10% cash back up to $1,000 on everyday purchases ($100 value). After that, you’ll earn either 0.50% or 2% cash back.

Other Tangerine Money-Back Credit Card benefits include:  

Earn Cash Back

You can select two Money-Back categories to earn 2% cash back on all purchases, with no limits. These categories include:

  • Grocery
  • Furniture
  • Restaurants 
  • Hotel/Motel 
  • Gas 
  • Bill payments 
  • Drug store
  • Home improvements 
  • Entertainment 
  • Public transportation & parking 

If you tend to spend a lot of money on certain categories, you can earn cash back quickly.

Additionally, if you deposit your cash back into a Tangerine Savings Account, you’ll get a third 2% Money Back category. 

Earn 0.50% cash back on all other purchases. You can apply your cash back rewards on your credit card balance or redeem it into a Tangerine savings account. 

Mastercard and Other Benefits 

As the Tangerine Money-Back Credit Card is on the Mastercard network, you can use it anywhere in the world Mastercard is accepted at more than 24 million locations in over 210 countries. 

Mastercard Zero Liability and Mastercard Tap & Go are also included. 

Authorized users on your account all get free cards. 

Text that reads “Tangerine Money Back Credit Card Review” below the credit card

Downsides of the Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is a great all-around cash back credit card; however, there are a few downsides. 

This card does not offer any insurance or additional benefits besides earning cash back. You will not earn points that can be redeemed for rewards, and you will not be covered under any insurance. 

If you’re looking for a card with more benefits, you might want to check out the Tangerine World Mastercard, which includes travel benefits and access to wifi hotspots worldwide. 

How To Apply for the Tangerine Money-Back Credit Card

To apply for the Tangerine Money-Back Credit Card, click here.

To be eligible, you must:

  • Have a gross annual income of at least $12,000
  • Be the age of majority in your province or territory
  • Be a permanent resident of Canada
  • Be clear of bankruptcies during the past 7 years 

Here’s how to choose a credit card that works for you.

Alternatives to the Tangerine Money-Back Credit Card

If you’re looking for an alternative to the Tangerine Money-Back Credit Card, these are a few of the top cash back credit cards

Tangerine Money-Back Credit Card vs Tangerine World Mastercard 

The Tangerine World Mastercard is a step up from the Money-Back Credit Card. It offers the same earning potential, with up to three 2% Money-Back categories and 0.50% cash back on everything else.

It has a $0 annual fee and a 19.95% interest rate. 

The additional rewards that come with this card include:

  • Purchase Assurance and Extended Warranty (up to $60,000)
  • Mastercard Travel Pass by DragonPass
  • Mastercard Travel Rewards
  • Boingo Wifi for Mastercard 
  • On-demand apps and subscription services 
  • Rental car collision/loss damage insurance 
  • Mobile device insurance 

Tangerine Money-Back Credit Card vs SimplyCash Preferred Card from Amex

The SimplyCash Preferred Card from Amex is a cash back credit card with a $99 annual fee. It has a 19.99% interest rate on purchases and 21.99% on funds advances. 

With this card, you earn 2% cash back on all purchases with no limits. 

It includes various types of travel insurance, shopping coverage, and more. 

Tangerine Money-Back Credit Card vs Neo Financial Mastercard 

The Neo Financial Mastercard is a top cash back card in Canada. You earn an average of 5% unlimited cash back across all purchases, and they guarantee a top-up if your overall cash back falls below 1%. 

On top of that, you can earn up to 15% cash back on your first purchases at select retailers. 

There is no annual fee. The interest rates are 19.99% on purchases and 21.99% on cash advances. 

To compare the four credit cards, here’s a table summarizing the benefits, fees, and more. 

Tangerine Money-Back Credit CardTangerine World MastercardSimplyCash Preferred Card from AmexNeo Financial Mastercard
Annual Fee$0$0$99$0
Supplementary Card Annual Fee$0$0$0$0
Purchase Interest Rate19.95%19.95%19.99%19.99%
Funds Advance Interest Rate19.95%19.95%21.99%22.99%
Top RewardsEarn 2% cash back in 2 Money-Back Categories, earn 0.50% cash back on everything elseEarn 2% cash back in 2 Money-Back Categories, earn 0.50% cash back on everything else; Boingo Wi-Fi for Mastercard; travel rewards Earn 2% cash back on all purchases with no limits Earn an average of 5% cash back, never fall below 1% overall cash back 
Insurance Benefits Purchase protection and extended warrantyRental Car Collision/Loss Damage and Mobile Device Insurance; Purchase protection and extended warrantyOut of Province/Country Emergency Medical Insurance, Flight Delay Insurance, Baggage Delay Insurance, Hotel Burglary Insurance, Lost or Stolen Baggage Insurance, $100,000 Travel Accident Insurance, Car Rental Theft and Damage Insurance, Buyers Assurance & Purchase Protection PlanN/A

Is the Tangerine Money-Back Credit Card For You?

If you want a cash back credit card with no annual fee and you plan to spend a lot in certain categories, this card may be for you. You can earn up to 2% cash back in 2 or 3 categories and earn 0.50% cash back across all other purchases. 

If you don’t mind spending $99 per year, the SimplyCash Preferred Card from Amex might be another option, earning you 2% cash back on all purchases. It also includes various travel and shopping insurance coverage. 

Or you could go for the no-annual-fee Tangerine World Mastercard upgrade and also enjoy premium travel perks.


Bonuses & Deals for June

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50 and complete first purchase.

Unlimited transactions with free chequing account and $400 welcome bonus!

No current offers for this category.

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Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

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