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Tangerine Money Back Credit Card
4 Jun 2019

Considering Taking The Tangerine Money Back Credit Card? Here Is All You Need To Know

The Tangerine Money Back Credit Card is one of the stand-out no-annual-fee cards available in the Canadian market and understandably so. The card is by Tangerine, one of Canada’s most popular online-only bank. The bank is no stranger to popular offerings but this card, in particular, has sparked keen interest from cash back rookies and connoisseurs alike. Unlike most cards, this card does not have defined categories on which you can earn cash back. The card allows you to make the choice on which three categories you wish to earn cash rewards. You see, while points and rewards are great, cash is still king.

However, credit cards are what they are. If you use them strategically, you enjoy the benefits of security and convenience as well as enticing rewards. On the other hand, if you rack up credit card balances, you could sentence yourself to a vicious debt cycle and even lose your property. Therefore, it is incumbent on you to make the right choice on which credit card best serves your need and you can comfortably service. To help you as you make this decision, here are some few pointers;

Key Features of the Tangerine Money Back Credit Card

No Annual Fee

This is a no annual fee cash back credit card with no sign-up bonus in form of any rewards. However, they have a low balance transfer rate that is only available to new cardholders for a limited time. Within 30 days on the account, balance transfers are only subject to a 1.95 per cent interest rate. This makes the card a great option to use when reducing your debt load on another card quickly.

Unlimited Cash Back

If you do not spend a lot on groceries, this card can still be of benefit to you. The card is highly praised for its flexibility and ability to accommodate people with different types of expenditures. It gives you 10 categories from which you can choose where you wish to earn your cash back. There are no limits on how much cash back you can earn.

2% Cash Back In Up To Three Categories of Your Choice

The card allows you to earn 2% cash back on expenses in the 2% money back categories of your choosing after the 90-day promotional period. If you opt to have your earnings deposited into a Savings account in Tangerine, you get an extra 3rd category for free.

The following are the categories available

  • Grocery
  • Restaurant
  • Home improvement
  • Gas
  • Entertainment
  • Hotel/motel
  • Recurring bills
  • Furniture
  • Public transport/parking
  • Drug store

Balance Transfer

The card offers an impressively low rate on balance transfers 1t 1.95% within the first 6 months of membership. After this period, balance transfers are subject to the average rate of 19.95 which is nominal across most cards. This is particularly helpful if you are struggling to pay off balances on another credit card accruing interest at a higher rate.

Summary of Benefits

  • 2% cash back on 2 categories of spending as you choose
  • 3rd bonus category if you opt to deposit your earnings in a Tangerine savings account
  • Freedom to switch bonus categories after every 90 days in line with your spending habits.
  • Automatic cash back redemption monthly as a deposit in a Tangerine Savings account or a statement credit
  • No annual fee for all cardholders
  • No limits or caps to the amount you can earn

Downsides

  • No signup bonus
  • Standard 2.5% foreign currency transaction fee

Who Should Choose the Tangerine Money Back Credit Card?

  • If you prefer cash back rewards as opposed to points
  • If you want to avoid paying annual fees
  • If you want flexibility regarding the expense categories from which you can earn cash back rewards
  • If you do not meet the high income requirement imposed by other premium cards

From the information above, it is no surprise that the Tangerine Money Back Credit Card is such a popular option for most Canadians. If you are looking for a credit card that can suit your needs and circumstances, contact us today. At Bonsai Finance, we apply our extensive industry knowledge and experience to connect our customers to the best financial solutions in the market today. We are delighted to help you achieve financial freedom.