No spending limit on money back
The money you earn from your custom categories will be deposited into your account on a monthly basis. Moreover? There is no limit to the cashback you can earn, which many comparable cashback cards have limits on.
Low interest on balance transfers
And if you’re looking to consolidate debt from another credit card, the Tangerine card offers a super-low-interest-on-balance transfer (1.95%), which is another reason to consider it. Complete the balance transfer request within 30 days of opening your account and then transfer your debt to your Tangerine card. Over the next six months, your transferred balance will accrue a low interest rate of 1.95%. Just make sure you pay that balance within six months, when the promotional rate expires and the regular regular rate of 19.95% is applied. Note: There is a fixed balance transfer fee of 1%. For example, if you transferred $1,000, the fee will be $10. If you have accrued balance on another credit card, this promotion can help you consolidate and pay off your debt at a fraction of the interest.
How to get the most out of your Tangerine credit card categories
In addition to being a good daily credit card option for Canadians, it’s also extremely flexible, meaning you can switch categories every month. Swaps only take effect once per billing cycle. This is when the Tangerine map really shines. Suppose a major renovation is underway. If you’ve selected the home improvement category, you’ll get 2% back on those purchases. Book a trip? Travelers will do well with the hotel-motel option. Anyone who wants to buy new furniture stands to recoup a healthy percentage. (Changes won’t take effect immediately, though, so plan ahead.)
The 10 Tangerine categories offer a lot of variety:
Groceries Gas Restaurants Furniture Hotel Motel Recurring Bills Drugstore Home Improvement Entertainment Parking/Public Transportation
With a little planning and selecting the right categories for you, you can save some extra cash with cash rewards.
There’s also another way to maximize your credit card rewards: try pairing the Tangerine card with a second credit card to get the most money back on every purchase.
Let’s say you’ve chosen gas, restaurants, and groceries as your three 2% cash back categories on your Tangerine card, but you want to buy a new bank. If you use another credit card for that bank purchase, such as the SimplyCash American Express card* with a 1.25% cashback rate, it beats Tangerine’s 0.5% earning rate for the ‘other purchases’ category.
The benefits of the Tangerine Money-Back
No-fee credit cards like the Tangerine Money-Back Mastercard usually don’t offer many benefits. You get basic credit card insurance like purchase protection and extended warranty, but that’s about it. However, if you earn a personal annual income of $60,000 or more (or a household income of at least $100,000), you may qualify for the higher Tangerine World Mastercard. The Tangerine World Mastercard is virtually identical to the Tangerine Money-Back credit card and offers the same cash back rewards while also charging no annual fees. However, it includes some additional benefits.
This post Tangerine Credit Card Review: Is It The Best Free Card In Canada?
was original published at “https://www.moneysense.ca/spend/credit-cards/tangerine-credit-card-review/”