Tangerine World Mastercard review: Everything you need to know

Hyder Owainati
by Hyder Owainati December 2, 2019 / No Comments

  • The new card features a sleek rectangular design and benefits like mobile device insurance and rental car coverage.
  • Aside from added perks and a new look, the Tangerine World Mastercard is virtually identical to its older brother, the Tangerine Money-Back Card, one of the best no fee cash back cards in Canada.
  • You’ll get a $75 gift card when you apply for the Tangerine World on Ratehub.ca and are approved.

“If it ain’t broke, don’t fix it” and “more is always better” – Tangerine manages to embrace both philosophies with the launch of its second-ever credit card.

Officially released to the public on November 27, 2019, the new Tangerine World Mastercard is almost identical to the Tangerine Money-Back Card with the exception of some exciting new perks. It offers the same unique ability to customize your bonus categories, earn up to 2% cash back, and also has no annual fee.

Tangerine World vs. Tangerine Money-Back Card

Feature Tangerine World Tangerine Money-Back
Annual Fee $0 $0
Cash Back 2% in up to 3 categories; 0.5% on everything else 2% in up to 3 categories; 0.5% on everything else
Mobile device insurance $1,000 None
Rental car insurance $65,000 for 31 days None
Mastercard airport experiences Free membership None
Income requirement $60,000 (or $100,000 as a household) $12,000
APR 19.99% 19.99%
Balance transfer offer 1.99% for 6 months 1.99% for 6 months

While it’s somewhat surprising to see the exact same rewards being offered by two different cards, it’s clear that Tangerine chose to stick with what works. After all, the Tangerine Money-Back ranks among the best cash back credit cards in Canada and was recently named first on J.D. Power’s 2019 Canada Credit Card Satisfaction Survey. It’s also worth clarifying the Tangerine World doesn’t replace the Money-Back Card and both are available to new cardholders.

Tangerine World Mastercard

  • No annual fee
  • Earn 2% cash back on purchases in up to three bonus categories, and 0.5% on all other purchases
  • Welcome offer: Get 4% on your bonus categories for the first 3 months
  • Limited-time offer: Get a $75 gift card when you apply through Ratehub.ca and are approved

What’s new about the Tangerine World (in-depth)

1. Mobile device insurance

The Tangerine World comes with mobile device insurance – making it one of the few no fee credit cards in Canada to offer such coverage. 

As long as you use the card to purchase the device or consistently pay for its monthly plan, you’ll be covered in the event your device is lost, stolen, or damaged up to a maximum of $1,000.

The coverage period lasts for a maximum of two years from the date you purchase the phone and is exclusively for brand-new devices. Unlike conventional device insurance you’d get from a phone manufacturer or carrier, you won’t have to make any upfront or monthly payments to receive this coverage from the Tangerine World. You will have to factor for a deductible when – and only if – you submit a claim.

Here’s an example of how a mobile device insurance claim works:

  • Let’s say you purchased an $800 phone on your Tangerine World Mastercard on May 1.
  • Then, eight months later on January 21, you submit a claim.

Tangerine World Mobile Device Insurance

2. Rental car insurance

The Tangerine World offers credit card rental car insurance. So, if you book a vehicle from a rental agency and pay with your card, you won’t have to spend extra to receive the supplementary collision/damage/loss waiver insurance. That’s a worthwhile perk considering paying for that same coverage would set you back between $12 to $20 each day of your rental.

The Tangerine World’s rental car insurance period lasts for 31 consecutive days (which is handy for long road trips) and will cover vehicles with an MSRP of $65,000 or less.

3. Mastercard Airport Experiences

Tangerine World cardholders will get a complimentary membership to Mastercard Airport Experiences by LoungeKey, which offers access to a huge network of over 1,000 airport lounges worldwide. If you were to buy a similar type of membership from an equivalent lounge network, like Priority Pass, it would cost you about $99 USD annually.

It’s worth stressing though, while you receive a complimentary membership you won’t get any free passes and you’ll still have to pay about $32 USD with each lounge visit. If you’re interested in full-fledged access to airport lounges with free entry passes, consider checking out our blog on the best credit cards with lounge access.

4. It has a higher income requirement

The Tangerine World may have no annual fee, but it’s still considered a premium card, and as such, it has a higher income requirement. 

To qualify for the Tangerine World, you’ll need to earn a gross annual income of $60,000 as an individual or $100,000 as a household. Meanwhile, the entry-level Tangerine Money-Back Credit Card (which offers the same rewards as the World but has fewer perks) will maintain its original income requirement of just $12,000. 

If you currently carry the Tangerine Money-Back Card in your wallet but want to get the World, you can call the number on the back of your card and ask for an upgrade – provided you meet the income requirements of course.

Tangerine World – cash back rewards and fees

Like Tangerine’s first credit card (the Tangerine Money-Back), the new Tangerine World has no annual fee. It also lets you choose your 2% cash back bonus categories from the same ten options:

  • Groceries
  • Restaurants
  • Gas
  • Recurring bill payments
  • Drug store
  • Entertainment
  • Daily transit and parking
  • Home improvement
  • Furniture
  • Hotel-motel

By default, you can select two out of the aforementioned ten, or three when you also open a Tangerine Savings Account (which is a no brainer considering the savings account is free).

As a new cardholder, you can take advantage of Tangerine’s welcome offer and earn 4% cash back on your bonus categories for the first three months. Plus, you can get a $75 gift card when you apply through Ratehub.ca and are approved.

For all your other purchases on the card, you’ll earn 0.5% cash back.

The Tangerine World also offers the same basic coverage as its older brother, including purchase assurance and extended warranty protection. Additionally, it comes with the same 19.99% annual interest rate for purchases, balance transfers, and cash advances.

Lastly, as a new Tangerine World cardholder, you can get the identical balance transfer offer available on the Tangerine Money-Back Card (1.95% for the first six months, plus an additional 3% transfer fee).


categories: Credit Cards
tags: