Tangerine World Mastercard
No annual fee
2% cash back in up to three categories of your choice
Mobile device insurance
- Annual Fee: $0
- Minimum Income Eligibility Requirement: $60,000 (individual) $100,000 (household)
- Credit Score Required: Good to Excellent
- Welcome Offer: Earn 10% cash back (up to$100 earned) in the first 2 months of card membership.
- Rewards: Earn up to 2% unlimited cash back in up to 3 earning categories
- Additional Benefits: Mobile device insurance; Boingo Wi-Fi; rental car insurance; lounge access; purchase assurance, extended warranty.
- Interest on Purchases: 19.95% | Interest on Cash Advances: 19.95%
About the Tangerine World Mastercard®
As our readers know, we’re big fans of the Tangerine Money-Back Credit Card – a no-fee cash back credit card that lets you earn unlimited cash back on everyday purchases. You can read our Tangerine credit card review for all the nitty-gritty details about what makes it so great. But in November 2019, the Tangerine World Mastercard® came onto the scene. This Tangerine credit card has no annual fee and the same flexible rewards program as the “OG” credit card, offering 2% cash back in up to three categories and 0.5% on everything else. But it also offers extra VIP perks for cardholders such as mobile device insurance and Mastercard® Airport Experiences Provided by LoungeKey.
In this article, we take a look at how the Tangerine World Mastercard® compares to the original Tangerine Mastercard and the best cash back credit cards in Canada.
Card Features and Benefits
When you sign up for the Tangerine World Mastercard®, you are prompted to select two of Tangerine’s money-back categories in which to earn 2% cash back. After choosing two categories, you’ll earn 2% cash back on everything charged onto your card that falls into these categories. Your rewards are automatically deposited into your account of choice every month, or you can choose to have it debited back onto your credit card. However, if you deposit your cash back rewards into a Tangerine Savings account, you’ll get a third 2% cash back category, allowing you to supercharge your spending even more.
All purchases made outside of your chosen categories will earn 0.5% cash back. If that’s not enticing enough, there’s an awesome promotion right now: apply for the Tangerine World Mastercard® by August 16, 2021 and earn an extra 10% back (up to $100) when you spend up to $1,000 in everyday purchases within your first 2 months.* There’s some easy money to be made just by signing up and it won’t cost you a thing! What’s also amazing is that this is a no annual fee credit card! The rewards scheme above is what you’ll earn from using this credit card year-round, and there’s no limit on the amount of cash back rewards you can earn on your everyday purchases.
How to Earn Cash Back with Tangerine Card
The Tangerine cash back program is one of the best available in Canada. The categories you can choose from are:
- Groceries (includes any purchases made at Walmart Superstores, like clothes, electronics, pharmacy, etc.)
- Gas (includes Costco gas as a merchant under the gas category for the Tangerine credit card)
- Recurring bill payments (any payments made on a regular basis that are automatically billed by the merchant to your Tangerine World Mastercard®, such as your monthly utility or mobile phone bill)
- Drug store
- Home improvement
- Entertainment (merchants classified as Sports Venues, Theatres, Amusement Parks, Carnivals, Circus, Tourist Attractions and Exhibits, Movie Theatres, Zoos, Bands, Orchestras, Aquariums)
- Public Transportation and parking (includes Buses, Trains, Ferries, Taxis, Road Tolls)
We like the Tangerine Money-Back Rewards program because it’s simple and straightforward. There are no hoops to jump through to get your rewards, no minimum purchase requirements, no threshold or maximum spending limits, and your cash back is debited to your account every month to be spent however you see fit. There are few cash back credit cards in Canada that offer no annual fee, extra VIP benefits (like insurance), and a lucrative cash back rewards program. It’s a savvy saver’s dream come true!
Other Benefits of the Tangerine World Mastercard®
In addition to earning cash back, the Tangerine World Mastercard® cardholders also receive the following benefits:
- Zero liability: If your credit card is used by someone to make unauthorized purchases, you won’t be liable.
- Extended warranty: When you purchase items with this credit card, the manufacturer’s warranty will be doubled up to one year.
- Purchase protection: If an item you purchase with this credit card is damaged or stolen within 90 days, you’re covered.
- Priceless cities: Available through all Mastercard credit cards, you’ll have access to unique offers and special events through the Priceless Cities program.
- Rental car loss damage insurance: Automatic damage and theft protection for car rentals up to 31 days in length, provided you pay for the rental with this credit card.
- Mobile device insurance: Buy a cell phone, smartphone, or tablet with this credit card, and you’ll be covered up to $1,000 if the device is lost, stolen, or damaged.
- Airport lounge access: This credit card provides you with a complimentary membership to the Mastercard Airport Experiences Provided by LoungeKey. This membership gives you access to 1,000 airport lounges for just $32 USD per visit.
- No annual fee
- 2% cash back in up to three categories of your choice
- Premium perks — Mobile device insurance, Boingo Wi-Fi, rental car insurance, lounge access
- High income threshold — $60,000 individual or $100,000 household annual income
- No travel insurance
How the Tangerine World Mastercard® compares
It can be a bit hard to find a fair comparison to the Tangerine World Mastercard® since it’s a premium card with no annual fee. That said, there’s the SimplyCash™ Card from American Express that has similar features.
Both usually come with a welcome bonus of increased cash back. With the Tangerine World Mastercard®, you choose three categories to earn 2% cash back, while all other purchases get you 0.5% back. With the SimplyCash Card, you get 1.25% cash back on all your purchases. Which card is better for you really depends on where you do most of your spending. If it’s in 2-3 specific categories, get the Tangerine World Mastercard®. If you spend on every category equally, then the SimplyCash™ Card from American Express Card is likely better.
Since the Tangerine card is a World Mastercard, it comes with a few premium benefits such as mobile device insurance and lounge access that isn’t offered from the SimplyCash™ Card from American Express Card. That said, American Express cardholders do get access to exclusive offers and experiences that can be appealing.
Tangerine World Mastercard® SimplyCashTM Card from American Express Welcome offer 10% up to $100 earned 10% up to $200 earned Increased earn rate 2% on up to 3 categories None Regular earn rate 0.5% 1.25% Extra perks Mobile device insurance, Boingo Wi-Fi, rental car insurance, lounge access, purchase assurance, extended warranty. Experiences, offers, travel accident, buyer’s assurance, purchase protection Annual fee $0 $0 Visit Site Visit Site
Tangerine World Mastercard® vs. Tangerine Money-Back Credit Card
At first glance, it may seem like the Tangerine World Mastercard® and the Tangerine Money-Back Credit Card are very similar, but there are some differences. The biggest thing is that the Tangerine World Mastercard® has a higher minimum income eligibility requirement, as well as offers some extra VIP perks (e.g. lounge access and insurance). You can read our Tangerine Money-Back Credit Card review for more information, but here’s how they stack up in a side-by-side comparison.
|Tangerine Money-Back Credit Card||Tangerine World Mastercard®|
|Minimal Income Eligibility Requirements||$12,000||$60,000 individual or $100,000 household annual income or total balances of $250,000 or more in Tangerine Savings Account(s) and/or Investment Fund Account(s)|
|Welcome Bonus Offer||Earn an extra 10% back* for a limited time with the Tangerine Money-Back Credit Card. (Conditions apply.)||Earn an extra 10% back* for a limited time with the Tangerine World Mastercard®. (Conditions apply.)|
|Rewards||2% cash back in up to 3 spending categories, 0.5% cash back on everything else||2% cash back in up to 3 spending categories, 0.5% cash back on everything else|
|Cash Back Limit||Unlimited||Unlimited|
|Base Benefits||Zero liability, extended warranty, purchase protection, priceless cities||Zero liability, extended warranty, purchase protection, priceless cities|
|Extra Benefits||n/a||Rental car collision damage insurance, mobile device insurance, airport lounge access|
|Visit Site||Visit Site|
The Verdict: Upgrade If You Can!
There’s no doubt about it: the Tangerine Money-Back Credit Card is an essential piece of plastic to have in your wallet. But you meet all the eligibility requirements, why wouldn’t you upgrade to the Tangerine World Mastercard®? It has the same amazing features – no annual fee and an attractive rewards program that allows you to earn unlimited cash back — but includes extra VIP perks (like insurance and lounge access) to sweeten the pot, none of which will cost you a dime. You won’t find another credit card like this one, and all things considered, we can confidently say that the Tangerine World Mastercard® is one of the best credit cards in Canada.