Tangerine Bank, which was formerly known as ING Bank of Canada, offers a variety of credit cards to its customers, including the Tangerine Money-Back Credit Card, which is a cash-back rewards card.
One of the main features of this card is that it allows customers to earn cash back on the categories of purchases they make the most each month. Customers can select two categories to earn 4% cash back, two additional categories to earn 2% cash back, and all other purchases earn 0.5% cash back. This allows customers to tailor their rewards to their spending habits and earn more cash back on the things they buy most often.
Other features of the Tangerine Money-Back Credit Card include:
- No annual fee
- 19.95% interest rate on purchases
- 0% introductory interest rate on balance transfers for the first 6 months
- Minimum credit limit of $500
- Cardholders can redeem cash back rewards as a statement credit, a deposit to a Tangerine savings account, or for Tangerine products and services
It’s important to keep in mind that Tangerine credit cards are subject to credit approval and terms and conditions may vary depending on your creditworthiness. It’s also important to make sure you understand the fees and interest rates associated with the card and to use it responsibly to avoid carrying a balance and incurring interest charges.
Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card is a cash-back rewards credit card offered by Tangerine Bank (formally known as ING Bank of Canada). The card offers a unique rewards program that allows cardholders to earn cash back on the categories of purchases they make the most each month. Cardholders can select two categories to earn 4% cash back, two additional categories to earn 2% cash back, and all other purchases earn 0.5% cash back.
Here are some of the key features of the Tangerine Money-Back Credit Card:
- No annual fee
- 4% cash back on 2 selected categories where you spend the most each month, 2% cash back on the next 2 categories and 0.5% cash back on all other purchases
- Ability to change the cash back categories every month
- Interest rate of 19.95% on purchases
- 0% introductory interest rate on balance transfers for the first 6 months
- Minimum credit limit of $500
- No foreign transaction fee
- Cardholders can redeem cash back rewards as a statement credit, a deposit to a Tangerine savings account, or for Tangerine products and services
It’s a good card for those who are looking for a cash back credit card with flexible rewards and no annual fee. However, it’s important to keep in mind that the card’s interest rate is high, so it’s important to use it responsibly and pay off the balance in full each month to avoid incurring interest charges. Additionally, it’s always a good idea to read and understand the terms and conditions of the credit card, as well as how the rewards program works, before applying.
Tangerine Money-Back Credit Card Rewards Summary
Here are the key benefits of a Tangerine Money-Back credit card:
- 2% cash-back on up to 3 categories (choose from 10)
- 5% cash-back on all purchases
- 10% cash-back up to $100 when you spend up to $1000 within the first two months
- Monthly cash-back rewards
- No limit to the cash-back rewards
- Only 1.95% interest rate on transferred balance for 6 months if you transfer within the first 30 days ($19.95 thereafter)
How the Tangerine Money-Back Credit Card works
The Tangerine Money-Back Credit Card is a cash-back rewards credit card that allows cardholders to earn cash back on the categories of purchases they make the most each month. Here’s how the card works:
- Cardholders can select two categories to earn 4% cash back, two additional categories to earn 2% cash back, and all other purchases earn 0.5% cash back.
- Cardholders can change the cash back categories every month, allowing them to earn more cash back on the things they buy most often.
- As cardholders make purchases, they will earn cash back rewards based on the cash back categories they have selected.
- The cash back rewards will be credited to the cardholder’s account on a monthly basis.
- Cardholders can redeem cash back rewards as a statement credit, a deposit to a Tangerine savings account, or for Tangerine products and services.
It’s important to note that the Tangerine Money-Back Credit Card is subject to credit approval and terms and conditions may vary depending on your creditworthiness. Additionally, it has a high-interest rate of 19.95%, so it’s important to use it responsibly and pay off the balance in full each month to avoid incurring interest charges.
It’s also important to read and understand the terms and conditions of the credit card, as well as how the rewards program works, before applying. This will help you to make an informed decision on whether this card is right for you and your spending habits.
Tangerine Money-Back Credit Card Eligibility Requirements
The Tangerine Money-Back Credit Card is a cash-back rewards credit card offered by Tangerine Bank (formerly known as ING Bank of Canada). To be eligible for this credit card, you typically need to meet the following requirements:
- Be a resident of Canada
- Be at least the age of majority in your province or territory of residence
- Have a good credit score
- Provide proof of income
- A minimum gross annual income of $12,000
- Provide government-issued identification
- Not be an existing Tangerine Credit Card holder
It’s important to note that meeting these requirements does not guarantee approval for the Tangerine Money-Back Credit Card. The bank will conduct a credit check and may ask for additional documentation to verify your identity and income. The bank will also assess your creditworthiness and may approve or deny your application based on the information provided and their own criteria.
Additionally, the bank may offer different terms and conditions based on your creditworthiness, like the credit limit, interest rate, and fees. Therefore, it is always recommended to check the terms and conditions of the card before applying and make sure you understand the fees, interest rates, and other costs associated with the card.
Tangerine Pros & Cons
Tangerine Bank, formally known as ING Bank of Canada, is an online bank that offers a variety of financial products and services, including banking, credit cards, and investments. Here are some pros and cons of Tangerine Bank:
Pros:
- Convenient online banking: Tangerine Bank offers online banking services that allow customers to manage their accounts, pay bills, and transfer money online.
- Competitive interest rates: Tangerine Bank offers competitive interest rates on its savings and investment products.
- No fees: Tangerine Bank does not charge any fees for account transactions, and many of its products have no annual fees.
- Credit card options: Tangerine Bank offers a variety of credit card options, including the popular Tangerine Money-Back Credit Card.
- Good customer service: Tangerine Bank is known for its good customer service, providing 24/7 telephone and online support.
- 1.95% interest on balance transfers for the first six months.
- $60,000 in purchase protection on new purchases for the first 90 days.
- An extended warranty for one year on new purchases.
- No cost to any additional Tangerine card or credit cards on the account.
- Mobile wallet compatible.
Cons:
- Limited branch access: As Tangerine is an online bank, it has limited physical branches, which may make it less convenient for some customers.
- Limited product offerings: Tangerine Bank’s product offerings are limited compared to traditional banks.
- Potential for higher interest rates on credit products: Tangerine Bank’s credit products, such as credit cards, may have higher interest rates than other financial institutions.
- The most cash back one can collect on any given spending category is 2%.
- Only 0.50% cash back can be collected on all other purchases.
- Cash back cannot be given as cash or cheques.
- Regular interest rates on purchases, cash advances and balance transfers are no less than standards.
- Purchase protection is only available for the first 90 days of purchase and only totals $60,000.
- Extended warranty only extends the manufacturer’s warranty for a years.
- Card offers a relatively small number of benefits.
It’s important to note that Tangerine Bank is a good option for those who prefer online banking and are looking for a bank with no fees and competitive interest rates. However, it may not be the best option for those who prefer in-person banking or need more specialized financial products. It’s always a good idea to research and compare multiple options before making a decision.
Tangerine Thoughts
Tangerine Bank, formally known as ING Bank of Canada, is an online bank that offers a variety of financial products and services, including banking, credit cards, and investments.
One of the main strengths of Tangerine is its focus on online banking, which allows customers to manage their accounts, pay bills, and transfer money online. This can be very convenient for customers who prefer to do their banking online. Additionally, Tangerine is known for its competitive interest rates on its savings and investment products, and many of its products have no annual fees. The bank also offers a variety of credit card options, including the Tangerine Money-Back Credit Card, which allows customers to earn cash back on the categories of purchases they make the most each month.
However, Tangerine Bank does have some limitations, such as limited physical branches and limited product offerings compared to traditional banks. Additionally, the bank’s credit products, such as credit cards, may have higher interest rates than other financial institutions.
In general, Tangerine Bank is a good option for those who prefer online banking and are looking for a bank with no fees and competitive interest rates. However, it may not be the best option for those who prefer in-person banking or need more specialized financial products. It’s always a good idea to research and compare multiple options before making a decision.