- Annual Fee: $0
- APR: 19.95%
- Cashback: 2%
- Minimum Personal Income Required: $60,000
- Recommended Credit Score: Over 670
- Annual Fee: $0
- APR: 19.95%
- Cashback: 2%
- Minimum Personal Income Required: $60,000
- Recommended Credit Score: Over 670
No annual fee
- No annual fee
- Exclusive experiences
- Unlimited money-back rewards
- High earn rates
- Comprehensive insurance coverage
- Generous welcome offer
- High minimum income requirement
- High and rigid eligibility requirements
- High interest rates
As you might already know, Tangerine isn’t your typical run-of-the-mill bank. On the contrary, Tangerine doesn’t have any expensive branches or complicated banking processes. Even though they don’t have branches, they’re not just some website on the Internet, but so much more!
The company was launched in 1997 under the name ING DIRECT Canada. Nowadays, its headquarters are located in Toronto, Canada, and it’s currently under the acquisition of Scotiabank.
As a result of the company’s accomplishments, they have been on the receiving end of numerous prominent awards, including “Highest in Customer Satisfaction with Credit Card Companies,” “Greater Toronto’s Top Employer of 2019,” and “Product of the Year” in 2016.
Tangerine’s first credit card had a release date in 2016, followed by massive success. Further on, by issuing the World Mastercard, Tangerine garnered even more widespread recognition. Since then, the company has become a force to be reckoned with in the credit card industry.
It’s no surprise that the Tangerine World card is teeming with numerous desired features. So, let’s briefly go over the main selling points of this Mastercard and determine whether it’s worth it.
Grocery Store Rewards
Interestingly enough, this card works in a relatively unfamiliar way. Namely, there are no fixed categories offering rewards or cashback. Instead, cardmembers can choose two different categories out of ten, from which they wish to receive more money-back bonuses. Here’s what you can choose from:
- Drug Stores
- Bill payments
- Hotels and motels
- Home Improvement
- Public transportation and parking
For example, if cardholders choose groceries as one of their primary categories, they will earn 2% money-back rewards on all grocery store purchases. On the other hand, if groceries are not a primary option, you will earn only 0.5% money-back rewards on these purchases.
Selected Retail Rewards
Piggybacking on the last point, the same rules apply to retail purchases. Tangerine World Mastercard cardmembers can get 2% back on retail expenses, such as furniture and medicine, provided they are primary options. Similarly, if these are in the group of secondary categories, cardholders can only get 0.5% money-back rewards.
Tangerine World Mastercard has benefits regarding gas, as well. It seems as if this bank has left no stone unturned when compiling its features. With that said, gas expenses can also be chosen as a primary category, in turn giving you 2% in returns. If you decide that you don’t want your rewards to come from gas expenses, you’ll still receive 0.5% money-back. You can’t lose!
If two personalised categories aren’t enough for you, the Tangerine World card offers you a chance to earn extra rewards by depositing your bonuses into a Tangerine Savings Account and acquiring a third 2% Money-Back Category.
Additionally, you can switch your primary categories whenever you wish so they can be on a par with your changing spending habits. Moreover, if you apply for this Mastercard by March 31st 2022, you’ll get 10% back when you spend up to $1,000 in everyday purchases within the first two months.
Plus, the Tangerine Entertainment Category offers rewards when visiting sports venues, amusement parks, theatres, tourist attractions, zoos, cinemas, carnivals, bands, orchestras, and aquariums. So not only are you having fun, but you’re also getting bonuses!
Additional Perks and Benefits
As we’ve already mentioned, the Tangerine World Mastercard had benefits ranging from money-back promotions, WiFi, and subscription services, to various insurances and airport experiences. Really, they haven’t missed a thing!
Under certain conditions, there is no limit to the amount of money-back cardholders can earn on their everyday purchases. This feature gives the Tangerine card a significant advantage over other similar credit cards with a cap on high earn rates. Therefore, the more you spend, the more rewards you get in return!
Although the World Mastercard by Tangerine is not a travel-based card; it doesn’t entirely overlook travel rewards. Conversely, the card comes with its own Mastercard Travel Rewards plan, with which you can unlock and redeem cashback offers and even get a rebate on your statement.
You can redeem these rewards by using the Tangerine World Mastercard at select merchants who accept the card outside of Canada. It looks like this is where the “World” part of the name comes into play!
Fortunately, the Tangerine Mastercard includes travel insurance that covers cardmembers in cases of trip cancellations or interruptions, lost or delayed baggage, hotel burglaries, and accidents with common carriers. However, it’s essential to double-check whether your particular card comes with all these listed, as the package deal might change during promotional periods.
In addition, the Tangerine Mastercard also has car insurance in cases of a rental car collision or loss damage. With this type of insurance, your rental car is protected from damage and theft for up to 31 consecutive days.
Last but not least, this card comes with a comprehensive Mobile Device Insurance plan that offers protection on new smartphones or tablets, provided you’ve bought them using your World Mastercard. Moreover, the plan covers up to $1,000 in case of a stolen, lost, or damaged mobile device and lasts for a maximum of two years from the date of purchase.
But wait! We’re not done yet. This Tangerine Mastercard provides an extended warranty that doubles the original warranty for one year. In addition, the card comes with a detailed Purchase Protection plan that protects your items from damage or theft for up to 90 days.
Boingo Wi-Fi for Mastercard
Surprisingly, this card comes with 1 million Wi-Fi hotspots around the world, which is something we haven’t seen from any Mastercards we’ve reviewed so far. With the Tangerine World Mastercard, you can connect to any hotspot with the name Boingo Wi-Fi without incurring any roaming fees.
However, before taking advantage of this feature, contact Tangerine for specific details about the program, as they may vary based on card type. After all, it’s better to be safe than sorry!
On-demand and Subscription Services
The Tangerine World card comes with complimentary on-demand and subscription services that help you save on the things you love. As a cardholder, you can enjoy special offers from a lineup of on-demand apps and subscriptions and save a few dollars on the way.
Lounge Key Airport Experiences
Another addition to the list of travel benefits is the Mastercard Airport Experiences provided by LoungeKey. By using your Tangerine World Mastercard, you gain exclusive complimentary membership comprised of dining, retail, and spa offers in over 400 airports across the world.
Additionally, there are over 1,000 LoungeKey locations worldwide, with each one costing $32 per visit. So, you can turn your tedious routine of sulking while waiting for your flight into an all-around treat-yourself experience. What a dream!
Believe it or not, we’re still not through! This card also comes with a Mastercard Zero Liability Plan and contactless payments.
Moreover, Tangerine’s lost card policy allows you to pause your lost card online, therefore temporarily suspending it. So there’s no need to panic if you’ve lost your Mastercard because a Tangerine replacement card is just a phone call away.
Rates and Fees
Let’s take a look at the fees, now, since nothing comes without a price!
|Cash Advance APR||19.95%|
|Balance Transfer APR||19.95%|
|Hidden Fees||Foreign transaction fee, balance transfer fee, cash advance fee, dishonoured payment, over-limit fee, rush card, past statement reprint, ATM fee|
As you can see from the table above, this Mastercard has relatively high interest rates. In addition, it includes some hidden fees that cardholders should take into account.
Namely, the Tangerine Credit Card has a foreign transaction fee of 2.50%, a balance transfer fee of 3% of the amount transferred, and a cash advance fee of $3.50 within Canada, or $5 outside of Canada. Lastly, the Tangerine foreign exchange fee also sits at 2.50%.
Similar to other cards of its range, the Tangerine World Mastercard also has a dishonoured payment, an over-limit fee, and a rush card fee, all of $25. In the case of a past statement reprint, the bank charges $5 per statement. However, there is no charge for reprinting the current monthly report.
We’d also like to mention the Tangerine Credit Card Promotion of balance transfer interest rates, including a 1.95% interest for the first six months of card use. After that, your balance transfer rates go back to their default amount, 19.95%. So why not take advantage of this limited-time offer?
Unlike many other Mastercards, the eligibility requirements for the Tangerine World Mastercard are a bit harder to reach. Therefore, to qualify for this card, you’ll need:
- To be a permanent resident of Canada
- To be the age of majority in your province or territory
- To be clear of bankruptcies over the past seven years
- To have at least $60,000 personal annual income/ $100,000 household annual income/ $250,000 in total balances in Tangerine Savings Accounts or Investment Fund Accounts
Even though there is no required credit score to qualify, we recommend an average credit score of over 670 to ensure you can keep up with your card.
Application and Delivery
To apply for the Tangerine World credit card, you’ll first need to click the Apply Now button on their website. Next, the site will ask you to fill in your personal information, such as name, date of birth, Social Insurance Number, contact, and employment information. After you’ve provided these details, the application process is complete.
Next, you’ll need to wait for approval, which doesn’t usually take long. However, if your card still isn’t processed after a week, contact a customer service professional to get things sorted.
Additionally, the Tangerine phone number is visible in the Contact Us tab on their website whenever users need assistance, and you bet there’s always going to be someone on the other side to help you out.
On the other hand, some cardholders reported discontent that Tangerine doesn’t accept cryptocurrency as other banks do. Tangerine only allows Interac e-Transfer purchases of crypto, which leads to some users feeling restricted.
What Are Some Alternatives?
Have you decided that this card isn’t quite your cup of tea? Don’t worry! We have some alternative options that might offer just what you’re seeking. Let’s check them out.
Tangerine World Mastercard vs RBC Cash Back Mastercard
The RBC Cash Back Mastercard is a similar card to the Tangerine World in regards to rewards on particular spending categories.
Like the Tangerine Mastercard, the RBC card also has no annual fees and no limits on cashback. With the RBC Mastercard, you get 2% on groceries, 3 cents off per litre of fuel at Petro-Canada, and 1% cashback on other eligible purchases and bill payments.
In terms of rates, the RBC Cash Back Mastercard has a cash advance and balance transfer APR of 22.99% and a purchase APR of 19.99%.
As you can see, this card is a phenomenal option for everyday spending, providing appealing perks and benefits to its cardholders. As an alternative to the Tangerine World, we strongly recommend it!
Tangerine World Mastercard vs Refresh Financial Secured Visa
If you want to build credit and don’t care too much about grocery rewards, you should look into the Refresh Financial Secured Visa. This card reports your every payment to two major credit bureaus, thus building positive recordings. Also, it provides you with regular updates on your credit score progress.
Moreover, the Refresh Financial Secured Visa comes with an annual fee of $12,95, a low purchase APR of 17,99%, a monthly maintenance fee of $3, and a cash advance fee of $5.
So, if your credit score needs a bit of a boost, consider buying this Visa. It’s affordable, useful, and comes with various features to help you build credit and make smarter financial decisions.
If this still isn’t the best choice for you, look at some other secured credit cards in Canada.
That’s it for our review of the Tangerine World Mastercard!
From what we’ve gathered during our meticulous research, this credit card is a godsend for those who want to receive rewards on everyday purchases. The Tangerine World card allows you to be more flexible with your spending habits by choosing your primary categories.
However, if you find this card lacklustre because of the few travel benefits, you should consider selecting a travel-based card and not one focused on everyday spending.
The maximum daily withdrawal limit of the Tangerine World Mastercard is $100,000 per day. So, don’t worry because you have a lot of wiggle room. Moreover, the daily deposit limit is $2,000,000.
The transfer limit for Tangerine Mastercards is currently set at $50,000.