There are a number of factors to analyze when choosing a cashback credit card. Yes, cash back percentage is of course important but, as we often say, there is cashback and there is cashback, and never the twain shall meet. What good is cashback if it is difficult to actually use? And what about spending protection? Yes, great to get cash back, but purchase insurance or extended warranties must be at least of equivalent importance for certain items?
So how does Tangerine stack up? It’s current offering, 2% cashback on 2 or 3 categories – which are changeable month to month – is competitive. And unlike no-fee cashback competitors, it offers important purchase protections that make the card more usable. Read on dearest reader, we explain.
Tangerine has adjusted it’s offering to a simple 2% in two categories, three categories if you deposit your earnings into a Tangerine Savings Account. (Where you will enjoy an additional 0.8% interest! Spend $1,000, get back $20, and at the end of a year you will have $20.16! With compounding interest that could really start to get interesting at some point.)
The cash is deposited into your savings account – or back into the credit card against your balance – each and every month. This means 1) you need not do anything to actually receive your cashback, it is automatically deposited monthly and 2) you will never have any breakage – unused cash back – as your earnings are deposited regardless of amount monthly. Big plus.
Choose to Receive 2% From the Following Categories
- Recurring bills
- Drug stores
- Home improvement
- Public Transportation
Why, you might ask, would anyone ever choose, for instance, furniture? Well, with Tangerine you can switch up your categories each and every month! If you anticipate big home improvement and furniture costs due to an impending move, make the switch and get your two percent!
All other categories receive 1% only, but if you pick smartly the effective rate should be high – particularly if you deposit into a savings account and get three categories.
There are three benefits that are worth spilling ink over.
- Purchase assurance: purchases are eligible against loss, theft or damage for the first 90 days. So that furniture you get 2% back on is covered!
- Extended Warranty: Double the manufacturer’s warranty up to an additional year.
- 1.5% foreign exchange rate – combined with the cashback, you could be getting paid for using your card in foreign currencies, while all the other suckers are stuck paying 2.5% forex fee.
Tangerine is a nice, simple card with no income restrictions, no annual fee, and very competitive cash back. Unlike much of the competition, Tangerine automatically returns your earned cash monthly with no minimums. The ability to change categories allows for big purchase cashback planning, and those purchases will often be covered by the extended warranty and purchase protection insurances, which are offered free by Tangerine. Add to that a reduced foreign exchange rate – which allows for discounts when using the card abroad or buying stuff online in US dollars, and Tangerine has a nice little offering here.
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