Tangerine Money-Back Credit Card

CIBC Costco Mastercard

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Tangerine Money-Back Credit Card vs CIBC Costco Mastercard: Which one is better?

Tangerine Money-Back Credit Card

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RECOMMENDED CREDIT SCORE*

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

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CIBC Costco Mastercard

2.8

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

Welcome Bonus*

In the first 2 months, get a bonus 10% cash back up to $100. During your first 30 days, transfer balances up to your credit limit and pay an interest rate of only 1.95% on the transferred balance for 6 months (22.95% after that). A Balance Transfer fee of 1% on the amount transferred will apply.11

Welcome Bonus

N/A

Our Cash Offer

$50 $120 Cash Rebate offer from FinlyWealth

Promotional rebate expires on Jul 31, 2025

View Offer

Our Cash Offer

N/A

Rewards Breakdown

Annual Rewards

$278.6

First Year Bonus Value

$100

Annual Fee

Finly Rebate

$50

$120

Exclusive Offer

First Year Value

$498.6

$278.6 in years after

Based on a hypothetical $2,000/mo average spending and assuming you have a Tangerine Savings account. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$347.33

First Year Bonus Value

Annual Fee

First Year Value

$347.33

Based on a hypothetical $2,000/mo average spending. Calculate your rewards.

While the first year bonus value here may show $0, the actual welcome bonus offer for this credit card is , which we value at $NaN when you meet the minimum spending or other listed requirements. The value of $0 here was derived based on numbers in the spending inputs and whether you meet the minimum listed requirements.

How to Earn Rewards*

2% on the choice of two categories chosen from the 10 offered by Tangerine (Grocery, Restaurants, Gas, Entertainment, Furniture, Hotel-Motel, Drug Store, Reoccurring Bill Payments, Home Improvement, Public Transportation and Parking).
Have your cash back Reward deposited in a Tangerine Savings Account and get a third 2% Money-Back Category.
0.5% cashback on all other credit card purchases.

How to Earn Rewards

3% cash back on Restaurants
3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
1% on everything else

Insurance Included*

Extended Warranty

Up to a year

Purchase Protection

90 days

Insurance Included

Extended Warranty

Up to a year

Purchase Protection

Up to 90 days

Mobile Device Insurance

$1000

Extra Benefits*

N/A

Extra Benefits

N/A

Interest Rates*

Purchase:

20.95%¹

Cash Advance:

22.95%¹

Balance Transfer:

22.95%¹

Interest Rates

Purchase:

20.75%

Cash Advance:

22.49%

Balance Transfer:

22.49%

Annual Fee*

Annual Fee

Income Required*

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required

Min Personal Income:

$15,000

Min Household Income:

N/A

Is this card worth it?

While we think Tangerine isn't the best single credit card to own, it's still a valuable card to have in your arsenal for maximizing your rewards. It offers one of the highest cashback rates for pharmacy and recurring bill payments, areas where your other credit cards might not provide significant rewards. This card only requires a Fair credit score, making it an excellent choice for people who don't have a high credit score yet.

Is this card worth it?

The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.

Pros

Allows you to change the categories, and you get a 2% reward depending on how your spending is changing every 90 days.
2% cashback on recurring Transactions and pharmacy purchases. One of the highest cashback rates on these categories among credit cards in Canada.
Has cashback on Furniture and Home Improvement categories. Two categories that are not covered by any other card in Canada.
Easy credit score requirements needed for this card.
Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.

Pros

Decent reward rate for a no annual fee credit card
One of the highest cashback rates for restaurant purchases in Canada
Has Mobile insurance

Cons

Insurance coverage is the most basic.
Very low cashback rate on the other categories not selected.

Cons

Doesn't come with a lot of benefits
Doesn't earn much on Costco Warehouse purchases!

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Legal

^*11 Balance Transfer Promotional Offer at 1.95% for 6 months (1% Balance Transfer Fee) A Promotional Rate of 1.95% will apply to any and all Balance Transfers made within 30 days of the Account opening, and will remain in effect for 6 Statement Periods from the date the last such Balance Transfer was posted to the Account (the “Promotional Rate Period”). To take advantage of this Promotional Offer, you must complete the Balance Transfer request within 30 days of Account approval. You must also activate your Card within 45 days of Account approval for the requested Balance Transfer to be processed, or the Balance Transfer will be automatically cancelled. Balance Transfers are treated as Cash Advances on your Card and do not have an interest-free grace period. Balance Transfers may not exceed the available credit on the Account. If the Balance Transfer exceeds the available credit, the Balance Transfer transaction will not be processed. A 1% Balance Transfer Fee will be charged on each Balance Transfer amount and will be immediately charged to your Credit Card. This Balance Transfer Fee is waived by Tangerine if you are a resident of the province of Quebec at the time you accept this offer. Interest does not accrue on the Balance Transfer Fee, however it is included in the Minimum Payment amount on your monthly statement. You must continue to make all of your monthly Minimum Payments by the Payment Due Dates shown on your monthly statements. If you still have an amount owing from your Balance Transfer when the Promotional Rate Period ends, the Cash Advance interest rate of 22.95% will apply to that amount. You must continue to make the Minimum Payments on your Account, regardless of whether the Balance Transfer has been processed to your Account. We don’t charge interest on new Purchases that appear on your statement for the first time if we receive full payment of the Balance on your statement (including payment of any Balance Transfers included in that Balance), by the Payment Due Date on your statement. This means you will pay interest on new purchases that appear on your statement for the first time unless we receive payment of your entire balance each month by the payment due date. For example, if you do a promotional (or non-promotional) balance transfer for $7,000 and spend $500 in new purchases during the same statement cycle, we must receive payment of the entire balance of $7,500 on or before your payment due date to avoid paying interest on your new purchases that month of $500. Balance Transfers may not be used to transfer money to or from another Tangerine Account. See the Tangerine Credit Card Cardholder Agreement for more information about how we apply payments to your Account. Check here for full details and current product information.

¹ The annual interest rate on Purchases is 20.95% and Cash Advances (including Balance Transfers) is 22.95%. Rates are subject to change. If you don't make 2 consecutive monthly Minimum Payments, or at any time thereafter, an interest rate of 25.95% will apply to your Account on Purchases and 27.95% on Cash Advances (including Balance Transfers).