If you’re looking to save costs on your early days of card membership, you shouldn’t be shy to take advantage of credit card promotions.
Most financial institutions, especially including the. big banks, use promotions to attract new members and retain existing ones.
The value of the sign-up bonus usually varies from one financial institution to the other and from one product to the other.
Tangerine, being one of Canada’s oldest online banks, is not left out of the game. The online-only bank offers competitive welcome bonuses on its credit cards, savings and chequing accounts.
Here we’re going to take an in-depth view of the Tangerine credit card promotions and how they compare with other credit card promotions in Canada.
Let’s dive in!
Table of Contents
About Tangerine Credit Cards
Tangerine credit cards refer to the two Mastercards offered by Tangerine. These credit cards are called Tangerine World Mastercard and Tangerine Money-Back Credit Card.
Both Mastercards have no annual fee and they offer up to 2% cashback on 2-3 category purchases and 0.50% on every other purchase.
In addition, both credit cards charge 19.95% on purchases, cash advances and balance transfers.
But with the Tangerine credit card promotions, new users will get up to 15% cashback on their initial 2 months of membership and 1.95% introductory balance transfer interest for up to 6 months.
Obviously, the Tangerine credit cards share more in common as they both offer access to:
- Purchase Assurance and Extended Warranty
- Mastercard Zero Liability
- Braille Card identifier
It’s worth noting that the major difference between the Tangerine World Mastercard and Tangerine Money-Back Credit Card lies in income eligibility which we shall discuss shortly. However, the World Mastercard has more perks, such as:
- Boingo Wi-Fi for Mastercard
- Mastercard Travel Rewards
- On-Demand and Subscription Services
- Rental Car Collision/Loss Damage Insurance
- Mobile Device Insurance
- Mastercard Travel Pass
Nevertheless, you can’t go wrong with any of the Tangerine credit cards so long you meet their income eligibility.
About Tangerine Credit Card Promotions
Tangerine credit card promotions refer to the sign-up bonuses Tangerine provides to new holders of its World Mastercard and Money-Back Mastercard. The credit card promotions is categorized into two as discussed below:
- Cashback Promotions
New Tangerine credit card users will earn 15% extra cashback on their first two months of card holding on up to $1,000 purchases.
To put it in context, you will save $150 on every $1000 you spent within your first two months of holding any Tangerine credit card.
This extra cashback is one of the highest in Canada and it’s 7.5x higher than the Tangerine regular 2% cashback on category purchases.
The eligibility for the Tangerine credit card promotions is discussed in the subsequent parts of this review.
- Balance Transfer Promotions
As discussed above, the standard balance transfer interest on Tangerine cards is 19.95%. But with this offer, new Tangerine credit card holders will only pay 1.95% when transferring their existing credit card balance to Tangerine.
While Tangerine charges a 1% balance transfer fee, the fee is waived for Quebec residents. So if you’re a Quebec resident, you will save on transferring your balance on a high-interest credit card to Tangerine.
That being said, you will learn about the eligibility of the Tangerine balance transfer promotions in the subsequent part of this review.
How to Claim the Tangerine Credit Card Promotions
To earn the 15% cashback promotion, you need to make purchases with your Tangerine card within your first two months of card holding.
After the promo expires, you will start earning the regular 2% cashback on two shopping categories and 0.50% on every other purchase.
But if you ask Tangerine to deposit your cashback reward to your Tangerine savings account, you will get a third category for the 2% cashback. The available shopping categories you can choose from are highlighted below:
- Recurring bill payments
- Drug store
- Public transportation and parking
- Home improvements
All you need to get the 1.95% introductory balance transfer interest is to move your existing credit card balance to Tangerine.
Bear in mind that Tangerine credit cards have 19.95% interest on purchases and cash advances. So you don’t have to move your existing balance to Tangerine if the regular interest rates don’t make a significant difference compared to your existing card.
Is Tangerine Credit Card Promotions Worth It?
Yes and no! Yes in the sense that the Tangerine credit card promotions are among the best credit card deals in Canada.
Earning 15% cashback on purchases and getting a 1.95% balance transfer interest rate will save you a significant amount within your early days of card holding.
But when you compare the Tangerine credit card promotions with the regular rates, you will notice a significant difference that reflects your long-term fate.
For example, the Tangerine 15% promotional cashback is 7.5x higher than the maximum regular cashback of 2%. This simply means that the Tangerine credit card promotions are more suitable for those looking to earn temporary benefits.
If you’re looking for long-term benefits, there are several credit cards in Canada that offer more than 2% regular cashback. Such includes Neo Financial Mastercard and the BMO Cashback Mastercard. More on this later.
And if you’re interested in the Tangerine credit card because of its low introductory balance transfer rate of 1.95%, you need to think again.
The BMO CashBack Mastercard has a 0.99% introductory balance transfer interest. Behind Tangerine’s introductory rate lies 19.95% regular interest on purchases, cash advances and cash advances.
If you compare the Tangerine credit cards’ regular interest rates with other credit cards in Canada, you will understand the long-term cost of falling for the introductory rate.
For example, the American Express Essential Credit Card has 12.99% on purchases and cash advances with no annual fees and income requirements. Even though this credit card doesn’t have a sign-up bonus and cashback on purchases, it will save you more in the long run on interest rates.
The bottom line is that you shouldn’t limit yourself to the temporary promotions of the credit cards. Consider the long-term implications before finalizing.
Who is Eligible For Tangerine Credit Card Promotions?
The Tangerine credit card promotions are only available for the new holders of the Tangerine World Mastercard and Tangerine Money-Back Credit Card. To qualify for these credit cards, you must meet any of the following income eligibility:
|Tangerine World Mastercard
|Tangerine Money-Back Credit Card
|Individual gross annual income
|Household gross annual income
|Savings on Tangerine Savings Account
As you can see, the Money-Back Credit Card has lower income eligibility as it requires a minimum of $12,000 individual gross annual income.
On the other hand, you will only be eligible for the World Mastercard if you meet the average individual gross annual income or household annual income or savings threshold on the Tangerine Savings Account.
Besides the income eligibility, you also need to meet the following requirements to qualify for any of the Tangerine credit cards:
- Be a permanent resident of Canada
- Reach the age of majority in your province/territory
- Be clear of bankruptcies in the previous seven years
That’s all for the Tangerine credit card eligibility. Let’s now turn to the Tangerine credit card promotions.
To qualify for the Tangerine 15% cashback promotion, you must:
- Apply for any Tangerine credit card by September 30, 2022
- Activate the card within 45 days of approval
- Spend a maximum of $1,000 within the first 60-days the card was activated.
The eligibility of the Tangerine 1.95% introductory balance transfer interest is highlighted below:
- Apply for any Tangerine credit card by September 30, 2022
- Activate the card within 45 days of approval
- Request for a balance transfer within 30 days of approving your Tangerine card
Other Tangerine Promotions
In this section, we are going to look at Tangerine promotions on savings and chequing accounts.
Tangerine currently offers one of the highest promotional savings rates of 4.25% on its savings accounts for up to five months. This is 4.25x higher than the regular savings rate of 1%.
In addition, the bank also offers a competitive 20% cashback on qualified Visa debit transactions. The cashback lasts for two months and it’s limited to a $400 bonus.
The following are the eligibility for the Tangerine 4.25% high-interest and 20% cashback:
- Join Tangerine using “EARNMORE” as the promo code
- Apply for a Tangerine Client Number by November 30, 2022
- Sign-up for an eligible Tangerine Savings Account within 30 days of creating your Client Number
- Sign-up for a Tangerine Chequing Account within 30 days of creating your Client Number
Note: You can’t combine the Tangerine 4.25% promotional high-interest and 20% cashback offer with any other welcome offer.
Alternatives to Tangerine Credit Card Promotions
For obvious reasons, the Tangerine credit card promotions may not entice you. Even if you’re going with the Tangerine promotion, it’s essential to expand your knowledge by knowing what other options are available out there.
Here are the top alternatives of Tangerine credit card promotions to consider.
Neo Financial Credit Card Promotions
Since Neo Financial was launched in 2020, it has maintained a top spot as a leading cashback provider in Canada.
Like Tangerine credit cards, the Neo Financial credit card is a Mastercard with no annual fee. However, it has a relatively higher interest on purchases (19.99%) and cash advances (21.99%).
On the other hand, the Neo credit card has no income eligibility and offers higher cashback than Tangerine credit cards.
With a Neo Financial Mastercard, you will get 15% back on your initial purchase. On average, you will get 5% back when you use the card at Neo partner stores.
And for every other purchase with a Neo card, you will get a guaranteed 1% back. This is again lower than Tangerine’s 0.50% cashback on every other purchase.
The main drawback of the Neo Mastercard is that it has insurance coverage such as Purchase Assurance and Extended Warranty. Notwithstanding, it’s a top alternative to Tangerine in terms of competitive cashback rates.
BMO CashBack Mastercard Promotions
The big banks are losing their place with the popularity of online-only banks. However, BMO is stacking up with a solid online presence and competitive promotions.
With the BMO CashBack Mastercard, new cardholders get 5% back on their initial three months of cardholding and a 0.99% introductory balance transfer rate for up to nine months.
While the Tangerine credit card cashback offer is higher than BMO’s, the BMO introductory balance transfer is better. However, Tangerine cards have a 1% balance transfer fee compared to the 2% transfer fee of the BMO CashBack Mastercard.
Even though the BMO CashBack Mastercard doesn’t also have an annual fee, it has a relatively higher interest on purchases (20.99%) and cash advances (22.99%).
Nevertheless, the BMO CashBack Mastercard is ahead of the Tangerine credit card in terms of regular cashback rate. The card offers up to 3% regular cashback on groceries against the 2% maximum of Tangerine cards.
In addition, the BMO CashBack Mastercard doesn’t require minimum income, unlike Tangerine credit cards.
My Tangerine credit card promotions review is positive and I recommend it to individuals looking for competitive cashback promotions in Canada.
However, promotions should be the last thing you look out for when looking for the best credit card in Canada.
To understand the long-term implication of using a credit card, you need to know the regular interest rates, fees, eligibility, insurance coverage, and applicable rewards.
In this case, the Tangerine credit card promotions vary considerably from the regular rates. So if you’re just looking for temporary benefits, you can’t go wrong with them.
The good news is that there are many options to consider when looking for a credit card with short-term and long-term benefits in Canada. The major ones include Neo Financial Mastercard and the BMO CashBack Mastercard.
Are the Tangerine credit card promotions? Which credit card are you going with? Please let me know in the comment section.
Before leaving, check out our Credit Card Archive to learn more about other credit cards in Canada.