The Tangerine World Mastercard is ranked one of the best no annual fee cash back cards in Canada. It’s comparable to the Tangerine Money Back Credit Card but with a few more benefits.
As a cardholder, you will receive 2% cash back on up to three different spending categories. On all other purchases, you’ll get a 0.5 percent cash back reward.
Check out this article for a detailed review of the Tangerine World Mastercard.
Apply for the Tangerine World Mastercard®
Tangerine World Mastercard At A Glance
- No annual fee
- 2% cash back on up to 3 spending categories
- 0.5% cash back on every other category
- 1.95% introductory balance transfer rate for 6 months
- Mobile device insurance
- Purchase protection and extended warranty
- Rental car insurance
Tangerine World Mastercard Benefits
Among the many benefits of the Tangerine World Mastercard are:
No annual fee
One of the best features of this card is that it has no annual fee. So, if you have been looking for a no annual fee credit card in Canada, this may be the card for you.
Sign up bonus
The card has a decent welcome bonus for new card holders. You can earn an extra 10% cash back (up to $100) when you spend up to $1,000 on everyday purchases in your first two months.
Balance Transfer Promo
The card offers a 1.95% balance transfer promotion for six months. Thus, you can transfer your balance from other high-interest credit cards to this one and save on interest charges.
Insurance Benefits
The following insurance benefits are available to cardholders:
- A one-year extended warranty that doubles the manufacturer’s warranty period
- Rental car coverage for up to one month when you charge the rental payment to your credit card
- Up to $60,000 Purchase Assurance protects your purchase for up to 3 months from the date of purchase against loss, damage, or theft
- Up to $1,000 in mobile device insurance if your device is lost, stolen, inadvertently damaged, or fails mechanically.
The Tangerine World Mastercard Downsides
The Tangerine World Mastercard may have many benefits, but it still has some flaws you need to consider before signing up.
Firstly, to be eligible for the card, you must have a personal income of $60,000 or a household income of $100,00. The Tangerine Money-Back Credit Card, on the other hand, only requires a minimum income of $12,000. In addition, the card offers a 1.95% introductory balance transfer rate for six months. Some no-fee cards, such as the MBNA True Line Mastercard, offer 0% interest on balance transfers for the first 12 months.
Difference between the Tangerine World and the Tangerine Money Back credit cards
As we mentioned earlier, the Mastercard is like the money back credit card. The only difference is that the Mastercard offers added perks such as insurance coverage and discounted airport lounge access. Also, the world Mastercard has a high annual income requirement than the money back credit card.
What is the minimum credit score for the Tangerine card?
To be eligible for the Tangerine World MasterCard, you must have a minimum of $60,000 personal income per annum and have a credit score of at least 650.
Tangerine World Mastercard Cash Back Categories
With this card, you will earn a 2% money back return for all purchases in up to three categories. Here are some of the categories you can choose from:
- Gas and Grocery
- Furniture
- Drug Store
- Home Improvement
- Dining
- Hotel/Motel
- Recurring Bill Payments
- Entertainment
- Car parking
You get 0.50% cash back on all other categories. The good news is that you can change your favorite 2% money back spending categories at any time.
In conclusion
Overall, if you want a card with no annual fee and fantastic cash back rewards, the Tangerine World Mastercard is your best bet. However, the minimum income requirement is quite high. So if you don’t earn that much, the Tangerine Money-Back Credit Card might be a better option.