Tangerine Credit Card Promotions Review Rating: 4.5/5
Credit card promotions are the greatest cost-savers for your first year of card membership.
Fortunately, Canadians have so many credit card promotions to choose from.
While they both aim to give you the best first-time impression, credit card promotions vary considerably in Canada.
The Tangerine credit card promos are currently one of the best promotions you will get in Canada.
But how much will you get with this promotion? How do you qualify for it?
This Tangerine credit card promotions review answers all your questions and more.
Overview of Tangerine Credit Cards
The Tangerine credit card promotion is a program tied to the Tangerine dual Mastercards, the World Mastercard and Money-Back Credit Card.
These two Mastercards operate like the regular Mastercard you know. That’s, you can use them to make transactions anywhere a Mastercard is accepted.
However, the major differences between the Tangerine Mastercards and other Mastercards lie in their fees and reward structure.
Unlike other cashback Mastercard, the Tangerine World and Money-Back credit cards have no annual fees.
In addition, both credit cards offer the same cashback rate of 2% on eligible purchases and 0.5% on other purchases.
The two Mastercards welcome new members with a 10% cashback per every $1,000 purchase. Also, they both offer an introductory balance transfer rate of 1.95%.
In this review, you will learn the eligibility for the Tangerine credit card offers, their value and alternatives.
What are Tangerine Credit Card Promotions?
Tangerine credit card promotions are temporary rewards for new Tangerine World and Tangerine Money-Back credit cards.
The promotions come in two forms, extra cashback and an introductory rate on balance transfers.
New Tangerine World and Tangerine Money-Back credit card members get 10% cashback on every $1,000 they spend within their first two months of membership.
New members also enjoy a 1.95% introductory rate on balance transfers within their initial six months of membership. This is 18% less than the Tangerine standard balance transfer rate of 19.95%.
As a temporary offer, the Tangerine credit card promotions expire on October 31, 2024 and it could likely be renewed to attract more members.
With no annual fee, new Tangerine World and Tangerine Money-Back credit card members can save more during their first year of membership.
How Do Tangerine Credit Card Promotions Work?
The Tangerine credit card promotions work in two ways.
First, new members of Tangerine World and Tangerine Money-Back credit cards get an extra cashback of 10% on every $1,000 they spent within their first two months of membership.
This is 5x and 20x higher than the Tangerine credit card’s standard cashback of 2% on eligible purchases and 0.5% on every other purchase.
After the promotion expires, Tangerine credit card users will receive the standard rate on their purchases.
But to earn the 2% standard cashback, you need to make purchases on two supported categories as follows:
- Restaurants
- Recurring bill payments
- Grocery
- Drug store
- Gas
- Entertainment
- Hotel/Motel
- Furniture
- Home improvements
- Public transportation and parking
However, Tangerine allows you to select a third category to earn the 2% cashback when you deposit your rewards in its savings account.
The savings account has a high-interest promotional interest rate which I discussed towards the end of this review.
Other than the 2% cashback on category purchases, Tangerine World and Money-Back credit card users get 0.5% cashback on every other purchase.
The other way that the Tangerine credit card promos work is through an introductory rate on balance transfers.
If you’re looking to move your existing high-interest credit card to a Tangerine credit card, you will enjoy an introductory rate balance transfer rate of 1.95%.
As mentioned previously, this is 18% less than the Tangerine standard balance transfer rate of 19.95%.
What is the Value of Tangerine Credit Card Promotions?
Unlike other credit card offers that have a fixed value, the Tangerine credit card promotions have flexible value. This means how much you earn at the end of the offer depends on how much you spent.
That said, the Tangerine credit card’s 10% extra cashback on $1,000 purchases is worth $100 in value.
So if you spend $10,000 with the Tangerine World or Money-Back Credit Card within your first two months of membership, you would get a total of $1,000 cashback.
The more you spend with the card within the promo period, the more you earn.
As per the 1.95% balance transfer introductory rate, the value depends on how much you’re transferring from your high-interest credit card to a Tangerine credit card.
But in the end, you will save 18% from the Tangerine standard balance transfer rate of 19.95%.
Eligibility For Tangerine Credit Card Promotions
Unlike other credit card promotions, the Tangerine credit card promotions have requirements. The following are the requirements for qualifying for the offers:
- Sign-up for a Tangerine World Mastercard or Tangerine Money-Back Credit Card
- Spend at least $1,000 in your first two months of membership (for the 10% cashback)
As discussed above, Tangerine Money-Back and World Mastercard have much in common. However, they differ in terms of income eligibility as shown below:
| Tangerine Money-Back | Tangerine World Mastercard |
|
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In addition to the above income eligibility, both credit cards require you to be:
- A Canadian permanent
- Up to your province or territory age of majority
- Free from bankruptcies for over seven years
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Tangerine World vs Money-Back Promotions: Which One Should You Choose?
You may be wondering which of the two Tangerine credit cards is perfect for you. This is possible because the two credit cards have the same promotional rates, standard rates, service fees and $0 annual fee.
In addition to free authorized user service, the two credit cards also offer Mastercard Zero Liability, Purchase Assurance and Extended Warranty.
Thus, picking one among the Tangerine credit cards may seem challenging. But that shouldn’t be the case if you understand their differences.
The Tangerine World Mastercard is an advanced version of the Money-Back Credit with extra features like:
- Free Wi-Fi access across more than one million locations.
- Special discounts on on-demand apps and subscription services.
- Special discounts across over 400 airports worldwide.
- Exclusive cashback offers on international trips.
- Additional insurance.
While the Tangerine World Mastercard has the same fee structure as the Money-Back Credit Card, its income eligibility is higher.
As you can see above, the World Mastercard requires an average of $60,000 personal gross annual income while the Money-Back requires only $12,000.
Income eligibility is actually the most important factor to consider when deciding which of the two credit cards is perfect for you.
Above all, you can’t make the wrong choice with any of them so far you choose the one that meets your income eligibility.
Click here to apply for the Tangerine World or Money-Back Credit Card.
My Tangerine Credit Card Promotions Review Rating
I rate the Tangerine credit card promotions 4.5 stars out of 5 stars based on comparative analysis and the total rating of the following features.
This makes my Tangerine credit card offers review positive and recommendable to Canadians looking to save more from their first year of card membership.
Tangerine Credit Card Promos vs. Neo Financial Credit Card Promos
| Feature | Tangerine Credit Card Promos | Neo Financial Credit Card Promos |
| Promotion rate | 10% extra cashback and 1.95% balance transfer introductory rate | 15% cashback |
| Promotion value | Variable | Variable |
| Requirements | Yes | None |
| Annual fee | None | Optional |
You might have heard about Neo Financial credit card promotions in your search for the best credit card promotions in Canada.
This is because the Neo Financial credit card offers one of the industry’s highest promotions without any conditions.
It offers new members 15% cashback for their first purchases. This is 3x more than the average cashback reward of the card.
Both Tangerine and Neo Mastercards don’t charge annual fees. However, Neo offers 5% average cashback at partner stores with a 0.5% cashback guarantee on every other purchase.
That said, Tangerine credit cards have Mastercard Zero Liability, Purchase Assurance and Extended Warranty while Neo Financial credit cards have no insurance.
Nevertheless, you will save more within and after the promo period with a Neo Financial credit card than with a Tangerine credit card.
Check out the Neo Financial credit card here.
Overall, it’s up to you to choose the perfect credit card for your needs.
Learn about the newly launched EQ Bank Prepaid Card
Tangerine Credit Card Promos vs. BMO CashBack Mastercard Promos
| Feature | Tangerine Credit Card Promos | BMO CashBack Mastercard Promos |
| Promotion rate | 10% extra cashback and 1.95% balance transfer introductory rate | 5% cashback and 0.99% balance transfers introductory interest |
| Promotion value | N/A | N/A |
| Requirements | Yes | None |
| Annual fee | None | None |
I included the BMO CashBack Mastercard among Tangerine credit card alternatives because they both have the same type of promotions with a $0 annual fee.
Both the BMO CashBack Mastercard and Tangerine Mastercards offer promotions on cashback and an introductory interest rate on balance transfers.
But while the Tangerine credit card cashback is better than BMO’s, BMO has a lower introductory rate on balance transfers.
Additionally, the BMO CashBack Mastercard has no eligibility for qualifying for its promotions, unlike the Tangerine credit card.
After the promo ends, you will earn a 3% cashback on groceries with the BMO CashBack Mastercard while the Tangerine credit cards offer 2% cashback on eligible purchases.
This shows that the Tangerine credit card is more suitable for short-term gains while the BMO CashBack Mastercard is perfect for long-term gains.
Depending on your needs and income level, you can’t make the wrong choice with either of the credit cards.
Click here to apply for the BMO CashBack Mastercard
How to Choose the Best Credit Card Promotions in Canada
When it comes to choosing the best credit card promotions in Canada, you may find it difficult to narrow your selection due to their similarities.
But don’t let that make you choose the less suitable card for your situation.
Thus, you need to consider the following factors when selecting a suitable credit card promotion in Canada.
- Promo rate: Choose a credit card with a competitive promo to maximize your savings over the short term.
- Standard rate: If you’re looking for a credit card for long-term use, consider its standard rate to know whether the promo is worth it.
- Fees: Choose a credit card with a low or zero annual fee to save more. You can preferably go for a no-fee credit card but if the credit card is worth the fee, don’t hesitate to go for it.
- Eligibility: Some credit card promotions like Tangerine credit cards require you to perform certain tasks to qualify. If you’re not comfortable with this, go with a credit card that has no requirements such as the Neo Financial credit card.
Tangerine New Account Promotions [y]
Besides offering competitive credit card promotions, Tangerine also offers promotions to its new savings and chequing account users.
If you don’t have a Tangerine savings or chequing account or already, this is an opportunity to maximize your savings in your first year with Tangerine.
You can earn a high promotional interest rate of 5.75% for up to 5 months as a new Tangerine savings account user. When you open a new Tangerine chequing account and switch your payroll to it, you will get a $250 bonus.
However, to get the 5.75% promotional interest on the Tangerine savings account, you must meet the following requirements:
- Become a new Tangerine user using the promo code EARNMORE
- Sign-up for Tangerine savings and chequing account within 30 days of becoming a Tangerine client.
For the Tangerine chequing account $250 bonus, you need to:
- Switch your payroll to your new Tangerine chequing account for two consecutive months
Click here to apply for the Tangerine savings or chequing account.
Verdict on Tangerine Credit Card Promotions
That covers everything you need to know about the Tangerine credit card offers.
As you can see, you can maximize your first-year savings on Tangerine by enjoying its savings account or chequing account promos as well.
But if the Tangerine credit card promotions are not within your needs or eligibility, you have many options to consider, such as the Neo Financial credit card or BMO CashBack Mastercard promotions.
Whichever option you’re going with, remember the above factors when choosing the perfect credit card promotions in Canada.
Which credit card promotions are you with? Let me know in the comment section below.
FAQs on Tangerine Credit Card Promotion
What type of card is a Tangerine card?
Tangerine credit card is a two-tier Mastercard consisting of World Mastercard and Money-Back Credit Card.
What credit score is needed for a Tangerine credit card?
A Tangerine credit card requires good to excellent credit scores within the range of 670 to 850.
Where does my cash back go Tangerine?
It’s up to you to decide. It may be applied to your credit card or savings account. However, depositing your cashback to your Tangerine savings account will earn you a third category for 2% cash back earning.
Can I change Tangerine credit card categories?
Yes, you can do so at any time without any penalty. The changes may reflect immediately or take up to 90 days.
Does Tangerine do a hard credit check?
Short answer, no! This means your credit card will not be affected.
Who owns Tangerine Bank?
Scotiabank owns Tangerine Bank. You can be sure that your money is in safe hands.
If you have more questions about this review, kindly drop them in the comment below.
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