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Tangerine World Mastercard Review
Dec 17, 2024 4:03 PM UTC
The Bottom Line
While we think Tangerine World Mastercard 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. For no annual fees
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Welcome Bonus
10% Cash Back (up to $100 value) + 1.95% balance transfer promo rate for 6 months
Rewards Rate
0.5% - 2%
Cash Back
Annual Fee
$0
Interest Rates
20.95%* / 22.95%*
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.
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Up to a year
Mobile Device Insurance
$1000.svg)
Car Rental Damage & Theft
31 days
Benefits
Details
Airport Lounge - Dragon Pass
Pass only. No Complimentary visits!
Boingo Wi-Fi hotspot
Eligibility
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
*Terms and conditions apply. Check here for full details and current product information.
Card Details
Interest Rates
Purchase APR
20.95%*
Cash Advance APR
22.95%*
Balance Transfer APR
22.95%*
Promotional Balance Transfer Rate
Promotional Rate
1.95%*
Promotional Period
6 months*
* 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).
Fees
Annual Fee
$0
Additional Cards
$0
Eligibility
Minimum Individual Income
$60,000
Minimum Household Income
$100,000
Credit Score Estimate
Good
Type
Card Type
Credit
Reward Type
Cash BackPros & Cons
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.
- Overall, it is a good no-annual-fee cashback credit card, especially if you have a Tangerine Savings account.
- A few benefits such as free DragonPass for lounge access, Boingo Wi-Fi, and insurances like mobile insurance and car rental theft and damage insurance.
Cons
- With these income and credit score requirements, there are cards with no annual fees that offer much higher rewards and benefits.
- Very low cashback rate on the other categories not selected.
Our Detailed Review
The Tangerine World Mastercard stands as one of only two credit cards presented by Tangerine. It carries certain unique attributes that differentiate it from many other cards, which we'll unpack in this detailed review.
This card is very similar to the Tangerine Money Back card but with the difference that it has some nice additional benefits but at the same time has higher income and credit score requirements to apply. The way their reward program works is exactly similar to each other.
The Rewards
The Tangerine World Mastercard credit card offers a distinctive feature where you can select the categories for which you'd like to earn additional cashback. This stands out, as no other credit card provides such a personalized cashback option and you don't have the option to choose your cashback categories yourself.
You have the option to choose from 10 categories:
- Grocery
- Furniture
- Restaurants
- Hotel-Motel
- Gas
- Recurring Bill Payments
- Drug Store
- Entertainment
- Public Transportation
- Parking
You have the option to select two of these categories, earning 2% cashback on those and 0.5% cashback on all other categories.
A notable feature of the categories is the flexibility they offer. After opening your account, you can modify your chosen categories. Once you make a change, simply wait another 90 days, and you're free to adjust them again. This can be strategically advantageous. For example, if you expect to have a lot of Furnitue purchases in the upcoming months, you can change your categories to that and after you are done change it back to another category you think you are going spend a lot on.
If you're considering this card, it's also worth exploring the Tangerine Savings account. This account further enhances your benefits by allowing you to select three categories for 2% cashback, amplifying the card's value.
A notable feature of the categories is the flexibility they offer. After opening your account, you can modify your chosen categories. Once you make a change, simply wait another 90 days, and you're free to adjust them again. This can be strategically advantageous. For example, if you expect to have a lot of Furniture purchases in the upcoming months, you can change your categories to that, and after you are done, change it back to another category you think you are going spend a lot on.
Welcome Bonus
Tangerine offers 10% Extra cashback on your purchases up to $100 earned. This extra means that if you buy something in the 2% categories selected, you will earn 12%; if you buy something outside of the 2% categories, you will earn 10% on top of the 0.5%, meaning %10.5.
So for you to get all the $100 welcome bonus, you need to spend a total of $1000 in the first two months.
2 benefits of Tangerine World MasterCard
1. Impressive Cashback Rate for a No Annual Fee Card
The cashback Tangerine World Mastercard offers is a competetive one especially for a No Annual Fee card.
It also offers one of the highest cashback rates for recurring purchases and Pharmacy purchases in Canada. There aren't many cards even paid ones that offer similar returns for these categories to Tangerine World.
And lastly the other great things about Tangerine's reward program is that it covers Furniture and Home improvement category, two categories not covered by any other reward programs in Canada!
2. Great benefits for a free card
Most No annual fee credit cards offer only Purchase protection and Extended warranty, but the world master card goes much above with the Wi-Fi, Car rental insurance, and Lounge Dragon pass. And that's why we scored it so high for its benefits.
Some cards offer a much more comprehensive list of benefits, but you need to start looking at ones with an annual fee.
Downside of Tangerine World MasterCard
High Requirements
As mentioned in the sections above, for a no annual fee credit card, the World Master card is one of the best there is overall, and that's why it's such a highly rated card.
Other than that, the only downside is that it has some requirements that everyone can't qualify for, but that's about it.
Final Verdict
If you are willing to go for a no annual fee card, then it's possible to get more benefits and rewards.
But if you want to choose only a card with no annual fee, then this card is one of the best because it offers a good mix of rewards and benefits, and we highly recommend this as one of the cards in your pocket!
Get personalized rewards estimates — see exactly how much you could earn.
Tangerine World Mastercard Cash Back Calculator
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