As you all know, Tangerine is a leading Direct Bank in Canada who offers one of the Best Cash Back Credit Cards which is Tangerine Cash Back Credit Card.
The way Tangerine treats their customer is well known to everyone. They studied Canadians and what they need from a Credit card very well through a review phase announced for 5 months resulting in reserving the best cash back credit card position for them.
FACTS ABOUT Tangerine Cash Back Credit Card
Here are some interesting, known and unknown facts about Tangerine and their Cash Back Credit Card.
#1 Tangerine is a Leading Direct Bank in Canada
Do you know what is a Direct Bank?
Wikipedia says, “A direct bank is a bank without any branch network that offers its services remotely via online banking and telephone banking and may also provide access via ATMs, mail, and mobile”.
Of course, Tangerine is one of the best Direct Banks in Canada.
Usually, Direct Banks saves a significant amount of money by eliminating the costs associated with bank branches which they offer to clients as higher savings interest rates or lower service charges etc. and Tangerine does that very well.
#2 You can Customize your Cash Back Categories
One of the coolest thing about Tangerine Money Back Credit Card is the customizable cash back categories. You can choose 3 out of 10 different categories where you can save money as cash backs.
#3 You get 2% cash back in the selected categories
It’s time to talk about the cash back rates in your selected categories. You will get 2% cash back on your 3 selected categories which are pretty amazing.
#4 There are 10 different categories available
Like I said, you can choose from 10 different categories that are;
- Recurring Bill Payments
- Drug Store
- Home Improvements
- Public Transportation and Parking
#5 You will get 1% Cash Back on all other Purchases
We talked about the 2% – 3 selected categories.
Also, you will get 1% cash back on all other credit card purchases which are reasonable compared to existing offers in the no-annual fee cash back credit cards category.
#6 Unlimited Cash Back with out any limits
In both 2% and 1% categories, you can earn unlimited cash backs which is pretty cool.
When I said unlimited, I mean it in all means. Many Credit Cards out there offer great Cash Back Rates, for a certain period and then the rates will go back to the normal rates or you can earn Cash Back within a monthly limit.
I CAN SHOW YOU AN EXAMPLE HERE.
Let’s have a look at the Simply Cash Card from AMEX® which is a competitor of Tangerine Credit Card in the No-Annual Fee Cash Back Category.
Simply Cash Card offers 5% cash back for the purchases made at Gas stations, grocery stores and restaurants in Canada for the first 6 months.
5% is a huge number when it comes to No Annual Fee Cash Back Category. But, if you look at the screenshot, you will see a hack which says “up to $250”.
That means, you will get 5% cash back for the first 6 months but you can earn only up to $250 within that 6 months – that may not be a concern as many of you might not be spending that much money.
But still, after that 6 months, your cash back rates will be as low as 1.25% and that is not the end. In a SimplyCash Card, you will not be able to make any changes to the category selection – that is where Tangerine Credit Card scores up.
#7 Introductory Cash Back Rate of
4% for the first 3 months You will get an introductory rate of 4% cash back on the selected categories for the first 3 months which is amazing. Once the welcome period ends, you will get 2% on the 3 selected categories which are not bad either.
Unfortunately, Tangerine is not offering this amazing rates anymore.
#8 You can monitor your Spending
This is something which gives you more control over your spending. You can monitor your cash back rewards such as – how much you got from a particular category.
As a Tangerine Cash Back Card customer, I earned more cash back rewards on Groceries and restaurants.
#9 There is no Annual Fee
It is unbelievable that such a Cash Back Credit Card has no annual fee and defeats even premium cards when it comes to cash back rates.
#10 Low Foreign Conversion Fee
Compared to the other Credit Cards in this category, Tangerine Money Back Credit Card offers one of the lowest Foreign Conversion Rates in the Canadian Credit Card market.
#11 Normal Rates apply for Overdue Balance and Cash Advances
Just like most of the Credit Cards, Tangerine offers 19.95% on both Cash Advances and overdue balances which are a standard rate.
#12 Multiple ways to redeem your Cash Back Rewards
There are two different ways to redeem your cash back rewards, that are;
Redeem it back to your Tangerine Money Back Credit Card.
To you Tangerine Savings account.
#13 You will need to Redeem your Cash Back to Tangerine Savings to get your 3rd category
This is a hidden truth about cash back offered by Tangerine Money Back Credit Card.
In order to get your 3rd chosen category enabled, you need to set your cashback rewards to get redeemed to your Tangerine Savings account.
The idea behind that is, Tangerine really wants you to get a Savings account – a clear business idea but it is good for you which I will talk later.
#14 Free Cards for authorized users on the account
This is not so important but not offered by many Credit Cards out there.
#15 Tangerine Credit Card offers Purchase Assurance and Extended Warranty
#16 NO 2% CATEGORY AVAILABLE FOR WHOLESALE/COSTCO
This is a sad thing about Tangerine Credit Card. There is no categories allow you to earn 2% cash back from wholesale/Costco purchases. I know it is a bad news for you as most of you often shop at Costco.
But, that is only in the case of 2% cash back. You will get 1% cash back on all other eligible purchases, including wholesale/Costco etc.
#17 CURRENTLY, PRE-AUTHORIZED AUTOMATIC BILL PAY IS NOT AVAILABLE
You can make online bill payments to Tangerine Credit Card from any Canadian Bank accounts. For that you just have to select Tangerine as a payee from the other Bank account.
But, you can setup pre-authorized auto pay options to your Tangerine Credit Card only from your Tangerine Bank accounts. I mean, you can’t setup pre-authorized auto pay from any other Bank accounts.
#18 Apple Pay is Available
You can set up Apple Pay for your Tangerine Debit or Credit accounts which make your job a lot easier.
#19 Tangerine ran a preview phase for 5 months to collect Customer Reviews and Feedbacks
Let me go back to the past to share a pretty interesting story about Tangerine.
They ran a preview phase for 5 months to gather customer feedbacks in order to enhance the areas where they can, from October 2015 to February 2016.
Over 100,000 people were interested in participating in that preview where Tangerine allowed them to apply for a Credit Card which offered pretty much the same features.
Tangerine selected over 32,000 people out of that 100k showed interest.
In the preview phase, over 2.1 million transactions were reported from those 32,000 people.
Tangerine rewarded to their customers with over $1.3 million in cash back rewards during the preview phase to track which category works better.
Most Rewarded Category
The grocery was the winner out of 10 different categories. Restaurants and Gas were 2nd and 3rd best categories.
#20 MasterCard Accepted Worldwide
Tangerine MasterCard is accepted worldwide at more than 24 million locations in over 210 countries.
#21 Great Customer Service
#22 Tangerine Credit Card is the Best Cash Back Credit Card in Canada
Of course, Tangerine is the Best Canadian Cash Back Credit Card when it comes to the no annual fee cash back credit cards out there.
A little about Tangerine Chequing/Savings Accounts
You might be wondering why I’m going to talk about Tangerine Chequing/Savings account, as this article is not about that stuff.
Yes, you are right, this article is about Tangerine Credit Card. But, there is a reason for me to tell you about Tangerine Chequing and Savings accounts.
Once you got approval to Tangerine’s Credit Card, you will definitely open a Chequing and Savings account with Tangerine.
You will ask me why?
You need to redeem your Cash Back Rewards to a Tangerine Savings Account in order to get 3 categories for 2% cash back. If you don’t you will be able to choose only 2 categories for 2% cash back.
Do you like to save more on cash backs?
But, I know what you are thinking about. Don’t worry about the fees.
#23 Free Chequing and Savings account
Tangerine’s Savings and Chequing accounts are absolutely free. Then why not just open a free account with Tangerine instead of paying to some other banks.
#24 Up to $100 Sign up Bonus to New Customers
Tangerine offers $100 in welcome bonus to the new customers who open Chequing/Savings account which is not bad.
#25 Better Interest Rates for your Savings
Tangerine offers a competitive interest rate on your savings which is 1.90% when you open a Tangerine Savings account.
#26 Even Better Interest Rates for your Savings
You can boost your savings interest rates from 1.90% to 2.40% if you open Chequing + Savings accounts.
#27 No fee Transactions
You don’t have to pay any fees for your daily chequing transactions.
#28 Bonuses for your Payroll Direct Deposits
You will get $75 as a bonus if you switch your Payroll Direct Deposits to your Tangerine Chequing account which is cool.
#29 More Bonus if you Refer a Friend
If you refer your friends to Tangerine, you will get $25 for each referral with your Orange Key provided by Tangerine.
#30 Access your accounts through Scotia bank ABMs
You can use 3,500 ABMs on the Scotia bank Network which makes things easier to you.
Finally, we are the end of the list. What do you think about Tangerine Cash Back Credit Card now?
I’m a Tangerine user for the last couple of months, from that experience, I can tell you that Tangerine Cash Back Credit Card is a Credit Card worth getting.