Tangerine Money Back Card Review
The Tangerine Money Back MasterCard is a simple credit card that allows individuals to earn cash on everyday purchases. There is a lot of flexibility that comes with the card, such as being able to choose and change cash back categories and select the cash payout method. The credit card also comes with purchase assurance and extended warranty so you can shop with peace of mind.
Main Perks & Benefits of the Money Back MasterCard
The Money Back MasterCard truly is the ideal credit card for the savvy spender. In addition, banking with Tangerine means lower fees, higher interest and a positive online banking experience. Check out the other benefits of the credit card below.
- Earn 2% cash back on two everyday spending categories of your choice
- Earn 0.5% cash back on all other purchases
- Cash back rewards can be paid out monthly and obtain a third spending category to earn 2% cash back; or
- Put your cash back rewards towards your monthly credit card statement
- Cash back categories include: grocery, furniture, restaurants, hotel/motel, gas, recurring bill payments, drug store, home improvement, entertainment and public transportation/parking
- No limit on cash back rewards
- Balance transfers are available during the first 30 days of card ownership, pay only 1.95% interest on the transferred balance for the first six months
- Purchase assurance and extended warranty
Fees for the Money Back MasterCard
This credit card has no annual fee. However, there are still fees for initial balance transfers, foreign currency transactions, over limit transactions, dishonoured payments and rush cards. Although, these are all standard costs for credit cards. For authorized users on your account, you can obtain a free additional credit card.
Redeeming Money Back MasterCard Rewards
You can redeem your cash rewards in two ways: have the cash paid out monthly or use the cash to reduce your monthly statement. The benefit of using the first option is you receive a third cash back category where you earn 2%. However, you’ll need to have a chequing or savings account open with Tangerine to use this option.
The second option is to use your cash back as a statement credit. If you choose this option, it will automatically pay your cash back rewards towards your statement without you having to complete the transaction on your own.
Tangerine Money Back MasterCard Purchase Insurance
As this is a basic credit card, Tangerine only offers purchase and extended warranty insurance. In order to utilize these insurance packages, you must charge the cost of the item you’d like to be covered to your Money Back MasterCard. You can claim up to $60,000 using these insurance packages throughout your lifetime.
- Purchase Assurance – automatically cover loss, theft or damage for 90 days after the purchase date
- Extended Warranty – double the warranty period of the product you purchased up to a maximum of one year
Tangerine Money Back MasterCard FAQ
What are the approval requirements for the Money Back MasterCard?
There are no explicit approval requirements for the Money Back MasterCard. However, you will likely need to be the age of majority where you live, a Canadian resident and have a decent credit profile to be approved. Brush up your credit before applying to better your odds of approval.
What is the credit limit of the Money Back MasterCard?
Tangerine hasn’t posted a maximum or minimum credit limit for the Money Back MasterCard. The credit limit amount you receive will be based on your application for the credit card.
Is the Tangerine Money Back MasterCard worth it?
The Tangerine Money Back MasterCard is a basic credit card that allows consumers to earn cash on everyday purchases. While using Tangerine’s credit card, consumers also gain access to other Tangerine benefits such as low fees, higher interest rates and a great online experience.
Be sure to consider your personal finances and position before determining whether to move forward with this credit card.
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