Are you looking for a credit card that offers great rewards and helps you save money on everyday purchases with no annual fees? Look no further than the Tangerine World Mastercard!
The Tangerine World Mastercard is an exciting card from Tangerine Bank packed with many features that make it excellent for anyone looking to maximise their spending.
The credit card has no annual fee and offers generous rewards programs and additional perks. It has grown to become one of Canada’s most popular credit cards.
In this Tangerine World Mastercard review, we will look closer at this card’s features and benefits, so you can decide if it’s the right choice for you. So sit back, relax, and let’s dive into the exciting world of the Tangerine World Mastercard!
Our Take on Tangerine World Mastercard
This exciting credit card has features that make it an excellent choice for anyone looking to maximise their spending. With no annual fee, a generous rewards program, and a range of additional perks, the Tangerine World Mastercard is quickly becoming one of the most popular credit cards on the market.
Tangerine World Mastercard
About the Tangerine World Mastercard
The Tangerine World Mastercard is a no-annual-fee credit card accepted across over 210 countries and 24 million locations. Like the Tangerine Money-Back card, the Tangerine World card offers unlimited competitive cashback and customised shopping categories.
This card is designed to reward you for your everyday spending with up to 2% cash back on purchases in up to three categories of your choice. But the rewards are just the beginning.
Every Tangerine World Mastercard holder is entitled to 0.5% cash back on other purchases, and new members can enjoy the industry’s highest 15% cash back for spending $1,000 during their initial two months of subscription.
Furthermore, this card has mobile insurance and up to $60,000 purchase assurance, and extended warranty insurance for damage, loss, or theft on insured items, and extending the duration of repair services up to one year.
Features of the Tangerine World Mastercard
Unlimited Competitive Cashback
Cardholders earn unlimited 2% cash back on two categories of purchases with an additional one category for having their rewards disbursed in their Tangerine Savings Account.
Tangerine World Mastercard holders earn an unlimited 0.05% on all other purchases. Here are the ten cashback categories to choose from:
- Grocery
- Gas
- Furniture
- Hotel-Motel
- Restaurants
- Drug store
- Home improvements
- Recurring bill payments
- Public transportation and parking
- Entertainment
Mobile Device Insurance
When you charge your monthly wireless bill payments or use your card to pay for your new smartphones or tablets, you enjoy protection from the Tangerine World Mastercard.
If your smartphone or tablet is stolen, lost or accidentally damaged, you may be covered for up to $1000.
Mastercard Airport Experiences
If you’re looking for exclusive discounts on dining, lounges, retail, and spa, Tangerine World Mastercard got you covered with the Mastercard Airport Experiences Provided by LoungeKey.
Tangerine World Mastercard offers exclusive offers for shops, restaurants, and spas located in more than 400 airports and over 1,000 salons worldwide.
Depending on your spending habits, these exclusive discounts will save you hundreds or thousands of dollars.
Boingo Wi-Fi for Mastercard
Through the Boingo Wi-Fi program for Mastercard cardholders, you can stay connected to the internet as your card gives you access to over one million Wi-Fi hotspots worldwide.
Auto Rental Collision/Loss Damage Insurance
If you rent a car for not more than 31 consecutive days, and you have paid the full rental cost with your Tangerine World Mastercard, the card provides damage and theft protection coverage.
Welcome Offer
Starting from January 31, 2022, new Tangerine World Mastercard holders can enjoy the industry’s highest extra 15% cash back for spending $1,000 during their initial two months of subscription.
Furthermore, Tangerine World Mastercard offers a 1.95% balance transfer rate for the initial 6 months of membership.
This is one of the industry’s lowest rates on balance transfer that helps you pay off your outstanding debt fast.
Tangerine World Mastercard Fees
The Tangerine World Mastercard has no annual fees, helping you save more. However, the following services fees apply:
Service Fee Balance transfer 3.00% of the Transferred amount, or $5.00 minimum Dishonoured payment $25.00 Cash advance Within Canada = $3.50 Outside Canada = $5.00 Foreign currency conversion 2.50% Rush card $25.00 Over-Limit $25.00 Past statement reprint $5.00 per statement No fee for the current monthly statement reprint.
Eligibility Requirements for the Tangerine World Mastercard
Anyone that meets the income and additional requirements is eligible for Tangerine World Mastercard.
The following are the minimum income requirements for Tangerine World Mastercard:
- $60,000 or more individual annual income
- $100,000 or more household annual income
- $250,000 or more in Tangerine savings account and/or investing account.
Here are additional requirements for qualifying for this card:
- Be a permanent resident of Canada
- Reach the age of majority in your province/territory
- Have no bankruptcies over the past seven years
Is the Tangerine World Mastercard Right For You?
If you’re looking for a low-cost credit Mastercard with many perks, the Tangerine World Mastercard could be perfect.
Unlike other Mastercards, the Tangerine World card doesn’t charge an annual fee. It also offers exclusive deals, discounts, comprehensive coverage, and more.
However, the Tangerine World Mastercard may not suit you if you don’t have up to a $60,000 minimum individual income or a $100,000 household minimum.
Furthermore, the card is not ideal if you’re looking for the best cashback Mastercard in Canada with low-interest rates.
How to Apply for a Tangerine World Mastercard
Tangerine World is only available to Tangerine clients. You must have a Tangerine no-fee savings or chequing account to use the Tangerine World Mastercard.
Fortunately, you can easily become a Tangerine client by signing up for your desired account. You will be required to provide the following information when creating a Tangerine account:
- Mobile number, email address, and street address
- ID (government-issued)
- Social Insurance Number (SIN)
- Employment details
- An Orange Key or Promo Code (optional), etc.
However, if you’re already a Tangerine client, visit the Tangerine World Mastercard page to apply.
How the Tangerine World Mastercard Compares to Others
Several credit cards in Canada offer similar features as the Tangerine World Mastercard. It’s essential to know how Tangerine World compares with other Mastercard before subscribing.
Here, we compare Tangerine World Mastercard with Tangerine Money-Back Card, Neo Financial Mastercard Essentia, BMO Cashback Mastercard, and Rogers World Elite Mastercard.
Tangerine World Mastercard Vs Money-Back Card
Feature Tangerine World Tangerine Money-Back Income requirement $60,000 (or $100,000 as a household) Cash Back 2% in up to 3 categories; 0.5% on everything else 2% in up to 3 categories; 0.5% on everything else Annual Fee $0 $0 Mastercard airport experiences Free membership None Rental car insurance $65,000 for 31 days None Mobile device insurance $1,000 None Annual Percentage Rate 19.95% 19.95%
$12,000
The Tangerine World Mastercard is an upgrade from the Money-Back credit card. All the benefits provided by the Money-back card, plus other additional perks, are included in the Tangerine World Mastercard.
However, while the Tangerine Money-back card is accessible to everyone, the Tangerine World Mastercard is not due to its higher minimum income requirements.
If you do not qualify for the high financial requirements of the Tangerine World Mastercard, the Money-Back Credit Card is a good option to consider.
Tangerine World Mastercard Vs. Neo Financial Mastercard Essential
Feature Tangerine World Mastercard Neo Financial Mastercard Essential Interest Rate 19.95% 19.99% Annual Fees $0 Variable Standard Cashback Rate 2% 5+% Welcome Bonus 15% cashback 15% cashback
Besides charging no annual fee, the Neo Financial Mastercard Essential offers higher cashback than most Mastercards, including Tangerine World Mastercard.
The only thing that relates the Tangerine World card to Neo Financial Mastercard Essential is their 15% welcome bonus cashback and zero annual fees. Besides that, Neo Financial is leading in many aspects of comparative analysis.
While 2% is the highest cashback rate of the Tangerine World Mastercard, Neo Financial Mastercard offers 5%+ on its Plus Account and 6%+ on its Ultra account. However, these premium accounts have annual fees.
On the other hand, the Tangerine World card has exclusive deals and discounts you can’t find with Neo Financial Mastercard Essential.
However, you’re more likely to earn more with a Neo Financial Mastercard Essential than a Tangerine World Mastercard.
RELATED: Neo Financial Review
Tangerine World Mastercard Vs. BMO CashBack Mastercard
Feature Tangerine World Mastercard BMO Cashback Mastercard Interest Rate 19.95% 19.99% Annual Fees $0 $0 Standard Cashback Rate 2% 0.5-3% Welcome Bonus 15% cashback 5% cashback
Tangerine World Mastercard shares less in common with the BMO Cashback Mastercard. The only similarity between the two is their $0 annual fee.
While the Tangerine World card charges 19.95% interest rates on purchases, the BMO Cashback Mastercard charges 19.99%
On the other hand, the BMO card offers between 0.5% to 3% standard cashback, while the Tangerine card offers 2%.
However, the Tangerine World Mastercard offers a more welcome bonus (15% cashback) than the BMO card welcome bonus (5%).
Tangerine World Mastercard Vs. Rogers World Elite Mastercard
Feature Tangerine World Mastercard Rogers World Elite Mastercard Interest Rate 19.95% 19.99% Annual Fees $0 $0 Standard Cashback Rate 2% 1.5-3% Welcome Bonus 15% cashback $25
Like the BMO Cashback Mastercard, the Rogers World Elite Mastercard shares fewer similarities with the Tangerine World Mastercard. The two have zero annual fees and high-income requirements, making them unsuitable for less wealthy individuals.
Besides that, the Tangerine World Mastercard has a slightly low-interest rate on purchase (19.95%) compared to the Rogers World Elite Mastercard (19.99%).
However, Tangerine offers a high welcome bonus (15% cashback) relatively higher than the Rogers $25 bonus.
Final Thoughts on the Tangerine World Mastercard Review
The Tangerine World Mastercard is a no-annual-fee credit card with many features that make it an excellent choice for anyone looking to maximise their spending.
It offers up to 2% cash back on purchases in up to three categories, mobile insurance, up to $60,000 purchase assurance, and extended warranty insurance for damage, loss, or theft on insured items.
Additionally, the card offers exclusive discounts, comprehensive coverage, and more. However, it may not be the ideal card if you do not meet the minimum income requirements.
So if you’re interested in applying for the Tangerine World Mastercard, visit Tangerine’s website to learn more.
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FAQs on the Tangerine World Mastercard Review
Does the Tangerine World Mastercard Have an Annual Fee?
No. The Mastercard is one of the few Canadian cards that doesn’t have an annual fee.
Does Tangerine Credit Card Have Travel Insurance?
The Tangerine credit card doesn’t have travel insurance. However, it offers exclusive deals, discounts, comprehensive coverage, and more.
How to Earn Cash Back with Tangerine World Mastercard
There are many cashback earning opportunities with the Tangerine World Mastercard. The following are ways you can earn cashback on Tangerine World Mastercard:
- Earn 2% cash back on two categories of purchases
- Depositing your rewards in a Tangerine Savings Account (3rd of 2% two categories cashback)
- earn 0.05% on every other purchase.
- Spend $1,000 during your initial two months of subscription (15%) (effective from January 31, 2022).
What are the Income Requirements of the Tangerine World Mastercard?
$60,000 is the minimum individual income requirement, and $100,000 is the minimum for households. This is way high compared to the requirements of other Mastercards.
Which is the Best Tangerine Credit Card for You?
Both Tangerine World Mastercard and Money-Back have the same cashback rate without an annual fee.
While the Money-Back Credit Card has low-income requirements, the Tangerine World Mastercard has high-income requirements with exclusive deals and discounts.
What Credit Score Do You Need to Get a Tangerine Credit Card?
670 to 850 is the required credit score for a Tangerine credit.
What is the Tangerine World Mastercard Credit Limit?
A Tangerine card can have a minimum credit limit of $500 and a maximum of $25,000. However, this depends on your personal finance history, income, credit score, debt-to-income ratio, existing lines of credit, and other factors.
