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Tangerine World Mastercard® review

Tangerine World Mastercard® review

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4.0

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2% Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)

3 Get a Tangerine Savings account and get a 3rd 2% cash back category.

1 Boingo Hotspot membership for Wi-Fi at airports and on planes

1 A DragonPass membership to airport lounges (no passes)

$1000 Mobile device insurance up to $1,0000

$60,000 Purchase assurance and extended warranty protection up to $60,000 lifetime

20.95% Purchase APR

22.95% Balance Transfer Rate

22.95% Cash Advance APR

$0 Annual Fee

2.5% Foreign Transaction Fee

Good Recommended Credit Score

$60,000 Required Annual Personal Income

$100,000 Required Annual Household Income

4.0

Tangerine World Mastercard® review

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Quick overview

Quick overview of the Tangerine World Mastercard®

The Tangerine World Mastercard® is an impressive no annual fee cash back credit card from wholly-digital bank, Tangerine. The card prioritizes cash back rewards how you want them by offering an unlimited 2% back in two categories of your choice (including popular options like gas, dining, bills and more) plus 0.5% back on everything else. You can even earn a third bonus category if you deposit your rewards into a Tangerine Savings Account.

Who's it for?

Who’s the Tangerine World Mastercard for?

An unlimited cash back card like the Tangerine World makes sense for a wide variety of Canadian consumers. For starters, the card is ideal for anyone who wants unlimited cash back and the flexibility to choose the categories where you earn top rewards. With the Tangerine there’s a huge assortment of categories to select from that offer something to everyone.

If you bank with Tangerine the World Mastercard makes even more sense. Depositing your rewards into a Tangerine Savings Account gets you a third unlimited 2% category making it even easier to maximize your rewards.

Pros and cons

Tangerine World Mastercard pros and cons

Pros

Pros

  • No annual fee

  • Unlimited money-back rewards

  • High 2% earn rate

  • Exclusive experiences through MasterCard

Cons

Cons

  • $60,000 minimum income requirement

  • Travel insurance would be a welcome addition to the travel-related benefits

Welcome bonus

Tangerine World Mastercard® welcome bonus

Get a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.

The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.

Note that 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

% interest for the first 6 months (22.95% after that). A Balance Transfer fee of 1% on the amount transferred will apply.†

How to earn rewards

How to earn cash back with the Tangerine World Mastercard

Earning money-back rewards with Tangerine World Mastercard® is simple.

  • Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)
  • Earn 0.5% back on everything else
  • Get a Tangerine Savings account and get a 3rd 2% cash back category

As mentioned there are 10 categories to select from:

  • Gas
  • Groceries
  • Furniture
  • Dining
  • Hotels/motels
  • Drugstores/pharmacies
  • Recurring bills
  • Home improvement
  • Entertainment
  • Public transit/parking

Tangerine World Mastercard bonus category rules and regulations

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

How to redeem cash back

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.

Key benefits

Key benefits of the Tangerine World benefits

  • 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.
Insurance coverage

Tangerine World Mastercard insurance coverage

Insurance type
Coverage
Purchase protection
90 days
Extended warranty
1 year
Mobile device protection
$1,000
Rental car coverage
$60,000
  • 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. 
  • 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 $60,0000 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

Extra benefits of the Tangerine World Mastercard

  • 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 users say

What users have 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. 

Reddit user deltalux believes the card is designed for Canadians with a slightly higher income than those with the Tangerine Cash-Back Mastercard, noting that "it comes with a bit more perks than the base card."

How it compares

How the Tangerine World Mastercard® compares

As a no annual fee cash back credit card with some pretty nice perks, let's break down some competitors in the same category. 

Tangerine World Mastercard vs. SimplyCash Card from American Express

SimplyCash® Card from American Express

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3.5

bonus 5% back

Welcome offer

Good

Suggested credit score

Earn a bonus 5% cash back on purchases in your first 3 months (up to $2,000 in purchases).

Apply now

Pros

  • No annual fee for primary or additional cardholders

  • 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

Recommended Credit Score

Good

Required Annual Personal Income

$0

Pros

  • No annual fee for primary or additional cardholders

  • 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

Recommended Credit Score

Good

Required Annual Personal Income

$0

cash back on eligible gas station purchases in Canada

2%

cash back on eligible grocery store purchases in Canada (up to $300 cash back annually)

2%

cash back on all other purchases

1.25%

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

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 eligible gas and groceries (up to $300 cash back annually).Where it pulls ahead is that you get 1.25% 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).  

Disclosures:

  • Contact American Express for the most up-to-date referral bonus figures.

    American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Tangerine World Mastercard vs. Simplii Cash Back Visa

Simplii Financial™ Cash Back Visa* Card

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3.0

10% cash back†

Welcome offer

Good

Suggested credit score

Up to 10% cash back† for your first 3 months up to $1,000 eligible spend

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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

Recommended Credit Score

Good

Required Annual Household Income

$15,000

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

Recommended Credit Score

Good

Required Annual Household Income

$15,000

Earn 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†

4%

Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited

1.5%

Earn 0.5% on all other credit card purchases with no limit on how much you can earn†

0.5%

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

Again, Simplii defines your categories as restaurants, bars, and coffee shops with a big 4% cash back† in those categories and 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, until finally landing at 0.5% on all other credit card purchases with no limit on how much you can earn†.

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).

Disclosures:

  • Simplii FinancialTM" is a trademark and division of CIBC. Banking services are not available in Quebec.

  • †Terms and conditions apply. Click ‘Apply Now’ for complete details. This offer is not available for residents of Quebec

    ‡"Purchase" means any Transaction other than a Cash Advance, Balance Transfer or Convenience Cheque. "Cash" means a Cash Advance, Balance Transfer and Convenience Cheque. Interest rates may change from time to time.

Tangerine World Mastercard vs. BMO CashBack Mastercard

BMO CashBack® Mastercard®*

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3.4

5% cash back

Welcome offer

Good

Suggested credit score

Get 5% cash back in your first 3 months*

Expires

Nov 30, 2024

Apply now

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

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

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

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

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%

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).  

Disclosures:

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

Tangerine World Mastercard vs. Tangerine Money-Back Card

Tangerine Money-Back Credit Card

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4.0

Good

Suggested credit score

to receive the latest news, tips and offers by email

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Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Variable APR

19.95% - 24.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.5%

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 60,000, 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.

Disclosures:

  • See your Information Box in the Tangerine application for full details. Rates and fees are subject to change. 
Is it worth it?

Is the Tangerine World Mastercard worth it?

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.

Eligibility

Tangerine World Mastercard eligiblity

Tangerine does not require an excellent credit score, however, you must meet one of the following requirements:

  • A minimum personal income of $60,000
  • A minimum household income of $100,000
  • 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.

FAQs

FAQ

  • What is the difference between Tangerine World and Mastercard

    +

    Tangerine World has a higher minimum income requirements, includes mobile device insurance, rental car insurance, Boingo Wi-fi, and an Airport lounge membership, not passes though.

  • How do I qualify for Tangerine World Mastercard

    +

    Minimum personal income of $50,000, household income of $80,000. Permanent Canadian resident. Age of majority in your province and no bankruptcies in the last 7 years.

  • Does Tangerine World Mastercard have travel insurance?

    +

    The Tangerine World has rental car insurance for cars up to $65,000 for up to 31 days, but it does not have travel medical insurance. The travel perks are Boingo Wi-fi and membership to DragonPass lounges (no passes though to get in).

*Terms and Conditions apply

Sarah Pritzker Freelance Contributor

Sarah Pritzker has been writing for Money.ca since 2017, and loves learning about the latest trends in Canadian personal finance.

Cory Santos Finance editor

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

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