Tangerine World Mastercard Review
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![A headshot of Rachel Cribby who is a contributing author at WealthRocket]()
- Edited by
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![Headshot of Michelle Bates, the associate editor of WealthRocket]()
Why you can trust us
The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.
Tangerine World Mastercard
Rewards
- 2% Earn 2% cash back in up to three spending categories, when you deposit your rewards to a Tangerine savings account.
- 0.5% Earn 0.5% cash back on all other purchases.
- Welcome Offer 10% cash back on up to $1000 Terms and conditions apply
- Annual Fee $0 Learn how we calculate this.
- Annual Rewards $282
- Minimum Income Required $60,000 personal; $100,000 household
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Pros
- No annual fee
- Unlimited cash back
- Travel perks
Cons
- High qualifying income requirements
- Short period for a lower-interest balance transfer
- No annual fee
The Tangerine World Mastercard is a no-annual-fee cash back credit card designed for the everyday spender who also likes to travel. This card boasts impressive travel perks, such as airport lounge access and Mastercard Travel Rewards, making it an enhanced version of its counterpart, the Tangerine Money-Back credit card. That said, it does have higher qualifying requirements.
The Tangerine World Mastercard has been around since November 2019. But within its short lifespan, it’s already made a name for itself as one of the best cash back credit cards in Canada.
In this Tangerine World Mastercard review, we’ll take a closer look at the benefits, drawbacks, and main considerations that any prospective cardholder should consider.
Tangerine World Mastercard: an overview
Given that Tangerine is a popular choice for everyday bank accounts, it makes sense that many Canadians would turn to the online bank for their credit card needs as well. The Tangerine World Mastercard is one of two credit card offerings available through the bank — the other one being the Money-Back Mastercard.
Although both cards come with no annual fee and the opportunity to earn cash back rewards, the Tangerine World Mastercard is unique for its travel perks — a rarity for a credit card with no annual fee.
Apply for a Tangerine World Mastercard® by January 31, 2024, and earn an extra 10% back on up to $1,000 in everyday purchases made within your first two months.
Tangerine World Mastercard rewards
When you receive a Tangerine World Mastercard, you can choose up to two categories that will grant you 2% cash back on all qualifying purchases.
You can either redeem the cash back as a statement credit, or have your cash rewards deposited into a Tangerine savings account. The latter option allows you to earn 2% cash back in a third spending category of your choice. Examples of categories include groceries, gas, or recurring bill payments. There are other options, however. It all depends on what best reflects your spending habits. For all categories outside of your chosen two or three, you will still earn 0.5% cash back on purchases.
Unlike many other cash back credit cards, there is no monetary limit on the cash back rewards you can earn with the Tangerine World Mastercard, which eliminates the need to perform complicated calculations in your head as you spend.
Tangerine World Mastercard eligiblity
To be eligible for the Tangerine World Mastercard, you must meet one of the following requirements:
- Have a total balance of $250,000 or more in Tangerine savings and/or investment accounts
or
- Earn a personal gross minimum income of $60,000 or a household gross minimum income of $100,000
In addition to the above, you must also:
- Not have applied for bankruptcy at any time in the past seven years
- Be the age of majority in your province or territory
- Be a permanent resident of Canada
Tangerine World Mastercard interest rates and fees
Fees
- Annual fee: $0
- Foreign transaction fee: 2.5%
- Extra card fee: $0
- Cash advance fee: $3.50 (domestic); $5 (international)
- Balance transfer fee: 3% of the amount of transferred, or $5 minimum
- Dishonoured payment fee: $25
- Over-limit fee: $25
- Rush card fee: $25
Interest rates
- Purchases: 19.95%
- Cash advances: 19.95%
- Balance transfers: 1.95% for the first 6 months, then 19.95%
Tangerine World Mastercard perks
The Tangerine World Mastercard also comes with some great travel perks.
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Mastercard Travel Rewards
When travelling outside of Canada, you can get access to cash back offers and enjoy a rebate on your statement when you use your card at select merchants that accept Mastercard.
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Mastercard Travel Pass
Provided by DragonPass, the Mastercard Travel Pass gives you access to more than 1,300 airport lounges around the world for US$32 per visit, as well as retail and spa offers at more than 650 airports. All you need to do is download the app and show your membership.
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Mastercard priceless program
Access more than 2,000 global experiences, like Pompeii tickets, the Victoria Opera House, or enjoy a 20-course tasting menu in Bangkok, Thailand.
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On-Demand and Subscription Services
Enjoy offers and benefits from on-demand apps and subscription services.
Tangerine World Mastercard alternatives
Our final thoughts
Overall, the Tangerine World Mastercard will serve as a great addition to most people’s wallets, based on its cash back possibilities alone. The travel rewards and purchase protection are an additional noteworthy bonus.
Considering that this card carries no annual fee, the Tangerine World Mastercard is well-positioned to work well either as an additional card or as a primary card for your everyday expenses.
