Tangerine Money-Back World Mastercard review

How the Money-Back World earns cash back

You choose two categories from a list of 13 options, including groceries, restaurants, gas, recurring bills and foreign currency spending, and those categories earn 2% cash back with no cap. If you have your rewards deposited into a Tangerine Savings Account, you can add a third 2% category. Everything else earns 0.5%.

As an example, choosing groceries ($600 a month) and restaurants ($200), then adding recurring bills ($250) as a third category, earns $21 a month. Another $500 of other spending at 0.5% adds $2.50, for $23.50 a month, or $282 a year.

The welcome offer

New cardholders can earn up to $100 cash back by spending $1,500 in the first 3 months, which works out to $500 a month. Check Tangerine’s offer terms for how the bonus is calculated and when it’s paid.

In the example budget above, monthly spending is well over $500, so most households would meet the target without changing how they spend.

Choosing categories and using the perks

The right categories are simply the ones where you spend the most. Groceries and recurring bills are steady choices for many households, while restaurants or gas make sense if they take a bigger share of your budget.

Foreign currency spending is also on the list. Choosing it means $1,000 spent abroad earns $20 back against a $25 foreign transaction fee, cutting your net cost to about $5.

Other perks include Mastercard Travel Pass by DragonPass for airport lounge access, with visits paid separately, complimentary FlexiRoam global data roaming each year, savings of up to 8 cents a litre at Shell, a Fubo TV offer and 20% off H&R Block tax software.

Fees, interest and the fine print

There’s no annual fee. Foreign currency purchases carry a 2.5% fee, which you can partly offset by making foreign currency spending one of your 2% categories. Purchases are charged 20.95% interest and cash advances 22.95%; paying your balance in full each month avoids purchase interest.

Insurance coverage

The insurance list is short but useful, with phone and rental car coverage on a card that has no annual fee. Check the certificate for limits and exclusions.

• Mobile device insurance up to $1,000
• Rental car collision and loss damage insurance
• Purchase assurance (90 days) and extended warranty (up to $60,000 lifetime)

Who it suits, and who should look elsewhere

The Money-Back World suits people who meet the income requirement and want a no-fee card they can shape around their own spending, with phone and rental car coverage included. Having your cash back go to a Tangerine Savings Account makes it more useful still, since it adds the third category.

If your spending is spread thinly across many categories, the 0.5% rate on everything else will drag down your overall return, and a flat-rate card may suit you better.

How it compares

The Tangerine Money-Back Credit Card is the base version. It also has no annual fee and earns 2% in chosen categories, such as groceries. If you don’t meet the World card’s income requirement, it’s the natural alternative.

The Wealthsimple Credit Card has no annual fee and no foreign transaction fee, and earns 1% cash back on everything. It’s simpler and better for heavy foreign spending, but earns half as much in your top categories.

Before you apply

The recommended credit score is 660 or higher, and you’ll need $50,000 in personal income or $80,000 in household income. Tangerine makes the final decision based on your full credit profile. Confirm the current categories and welcome offer on Tangerine’s website before you apply.