Tangerine World Mastercard Review
Tangerine World Mastercard Review
- Annual Cost
- Cash Back
- Benefits And Rewards
- Customer Service
Tangerine World Mastercard Review Summary:
The Tangerine World Mastercard has quickly become a favorite for many Canadians, and for good reason. This card charges $0 in annual fees, plus earns you cashback. As an added bonus, you can take advantage of the Tangerine World Mastercard welcome bonus and earn up to $100.
In this Tangerine World Mastercard review, we’ll cover how to maximize the cash back rewards you’ll earn (which are unlimited). We will also let you know how you can take advantage of the added perks such as insurance, free Wi-Fi, travel rewards, and even access to the Mastercard Travel Pass program.
Even with all of these fantastic perks, the Tangerine World Mastercard doesn’t quite beat out our top recommended free cashback card. That title goes to the Neo Financial Mastercard.The Neo cashback card offers an impressive 5% cashback at partner stores, with the added convenience of being able to pay using Apple Pay or Google Pay.
- Zero annual fee
- Unlimited cash back
- Flexible bonus categories
- Great additional benefits and perks
- Lower insurance coverage than other cards
- Higher minimum income requirement
- Better free cashback offers with Neo
When digital bank Tangerine launched their no-fee World Mastercard in 2019, they announced that they were taking their award-winning Money-Back Credit Card “to the next level.” Our Tangerine World Mastercard review will break down the features, benefits, and drawbacks of this enhanced cash-back card to help you make an informed decision.
The Tangerine World Mastercard has all the features of their original no-fee Tangerine Money-Back Credit Card, but with additional perks and a higher minimum income requirement. These changes make this card a step up from their basic cash-back credit card, although not as loaded with features as a premium card would be.
Tangerine World Mastercard Review: The Numbers
Annual Fee: $0. Just like the Tangerine Money-Back Credit Card, the Tangerine World Mastercard has no annual fee.
Minimum Income: The Tangerine World Mastercard requires a minimum annual income of $60,000, a minimum household income of $100,000, or a minimum of $250,000 in a Tangerine savings account and/or investment fund accounts. This is a major increase from the Money-Back card, which has an annual income requirement of $12,000.
Interest Rate: 19.95% on purchases, balance transfers, and cash advances. This interest rate is very-slightly lower than many credit cards on the market – and identical to that of the Tangerine Money-Back credit card.
Earn Rate: Both of Tangerine’s credit cards are designed with maximum flexibility in mind, and this is truly the standout feature. Cardholders can choose two categories out of the following to receive 2% Money-Back Rewards:
- Recurring Bill Payments
- Drug Store
- Home Improvement
- Public Transportation and Parking
Cardholders who opt to have their rewards deposited in a Tangerine savings account can select a third 2% earning category (for more information about Tangerine’s banking options, see our Tangerine Bank Review). Tangerine’s Money-Back Rewards are unlimited, so you can use the card as much as you want and collect the same rewards. All other Money-Back rewards are earned at a rate of 0.5%.
Tangerine World Mastercard Welcome Bonus
The welcome bonus for the Tangerine World Mastercard is not particularly impressive. If you sign up before July 5, 2023, you get an extra 10% cash back on the first $1,000 you spend – for a total value of $100.
The Tangerine World Mastercard offers some insurance coverage but does not include travel insurance. Cardholders receive the following coverage:
- Purchase Assurance to cover purchases against loss, damage, or theft for up to 90 days from the date of purchase, up to a $60,000 lifetime maximum.
- Extended warranty coverage that doubles the period of repair services, up to one year.
- Rental Car Collision/Loss Damage Insurance for up to 31 consecutive days when you charge the cost of the rental to your card.
- Mobile Device Coverage of up to $1,000 for mobile devices charged to the card.
Other Tangerine World Mastercard Benefits
- Access to over 1 million global Boingo Wi-Fi hotspots
- Mastercard Travel Rewards special cash-back offers
- Mastercard Airport Experiences provided by LoungeKey (exclusive offers on dining, retail, and spa services at over 400 airports, plus access to over 1,000 lounges at $32 USD per visit)
- Deals on on-demand and subscription services
- Transfer balance rate of 1.95% for the first 6 months
Tangerine World Mastercard vs Tangerine Money-Back Credit Card
Our Tangerine World Mastercard review wouldn’t be complete without a look at how it stacks up against its older sibling, the Tangerine Money-Back Credit Card, which was launched in 2016.
Tangerine’s two credit card options have a lot in common, sporting identical:
- earn rates
- interest rates
- reward structure
- zero annual fees
The differences are truly only limited to the perks available, plus the required minimum income.
- Minimum Income: The Tangerine World Mastercard requires a personal income of $60,000/year, 5 times higher than that of the Money-Back Credit card.
- Perks: While both cards offer extended warranty protection, plus 90 days of purchase insurance on items charged to the card, the Tangerine World Mastercard also provides eligibility for airport lounge access, special travel discounts, international WIFI hotspots, and rental car insurance.
Our conclusion: if you meet the minimum income requirements, it won’t hurt to go for the Tangerine World Mastercard (or to upgrade your Tangerine Money-Back Credit Card if you already have one). The card rewards are identical and neither charges an annual fee. The only difference will be the perks you receive.
Tangerine World Mastercard Review FAQ
The MDJ Tangerine World Mastercard Review: Our Verdict
In the past, cash back cards generally charged an annual fee. Online banks like Tangerine have made it their mission to slash fees while also giving you benefits like cash back and bonus points. With the zero fee Tangerine World Mastercard, there is no limit to how much cash back you can earn. Also, you are in control of choosing which three categories to earn a generous 2% cash back on, so you can make the most of what you spend.
Not only that, but you have added perks, such as purchase insurance, lounge access and free Boingo Wi-Fi. These are definitely big in terms of value added, especially when you compare that to what other cards are offering.
The only drawback is the high gross income requirement of $60,000. However, if you do meet that requirement, then the Tangerine World Mastercard is definitely a great choice.
If you don’t quite meet the minimum allowance yet, then check out our review of Tangerine’s No-Fee Cash Back Mastercard. With this card you will get similar benefits, and the minimum income requirement is only $12,000.At the end of the day, a card that pays you back is definitely worth having in your wallet. L
earn more about The Best No-Fee Cash Back Credit Cards in our full write up. If you want a full rundown of the Best Credit Cards in Canada, we’ve got that too. Check it out to find out what card might be best for you.