Comparison: BMO CashBack Mastercard and Tangerine Money-Back Credit Card
BMO and Tangerine each offer a similar no-fee Mastercard credit card:
At first glance, they may seem identical, especially because of their name! But which one is the most advantageous?
- Annual fee
- $0
- Our valuation
- $125Milesopedia first-year estimate First-year valueWelcome bonus$125Total$125Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Milesopedia first-year estimateFirst-year valueWelcome bonus$125Total$125Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Welcome offer
- Up to $125
- Ends Oct 31, 2026
on BMO's website
- Annual fee
- $0
- Our valuation
- $100Milesopedia first-year estimate First-year valueWelcome bonus$100Total$100Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Milesopedia first-year estimateFirst-year valueWelcome bonus$100Total$100Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Welcome offer
- Up to $100
- Ends Sep 30, 2026
on Tangerine's website
Let’s look at each of their features in detail, to distinguish these two credit cards.
Welcome Bonus
The welcome bonus offered by each of these credit cards varies depending on the promotions. However, there are differences to be aware of between the two credit cards.
By signing up for the BMO CashBack Mastercard, you get a 5% cash back rate for the first three months.
- The 5% earn rate applies to eligible purchases up to $2,500:
- 5% on up to $500 in eligible grocery purchases = $25
- 5% on up to $500 in eligible recurring bill payments = $25
- and 5% on up to $1,500 in any other eligible purchase during the welcome offer period = $75
So, for this offer, the maximum welcome bonus is $125.
By signing up for the Tangerine Money-Back Credit Card, you get an extra 10% cash back, up to $1,000 in purchases. This is in addition to the basic cash back earning rate (between 0.5% and 2%).
Therefore, the maximum cash back for the Welcome Bonus is $100.
Advantage: Tangerine Money-Back Credit Card
Thanks to its clarity, the Tangerine Money-Back Credit Card has an advantage. The promotional offer is easy to understand and less restrictive.
Minimum Income
The BMO® CashBack® Mastercard®* requires a minimum income of $15,000.
The Tangerine Money-Back Credit Card requires a minimum income of $12,000.
Advantage: It’s a Tie
The Tangerine Money-Back Credit Card wins this point. But still, both cards require an almost similar minimum income, with a minimal difference.
Cash Back Earning
The cash back rates on the BMO CashBack Mastercard are as follows:
- 3% on grocery purchases (up to $500 in purchases per statement)
- 1% on recurring bill payments (up to $500 in purchases per statement)
- 0.5% on all other purchases (and once you have exceeded $500 in monthly purchases in the categories)
The Tangerine Money-Back Credit Card has two cash back rates:
- 0,5 %
- 2 %
Tangerine offers a choice of two categories for the 2% cash back. This is beneficial for your highest expenses of your budget. Moreover, you can customize your cash back between the following 10 categories:
| Gas | Grocery |
| Recurring bill payments | Furniture |
| Pharmacy | Hotel and motel |
| Home Improvement | Entertainment |
| Restaurant | Public transportation and parking |
In addition, if you deposit the cash back from this Tangerine Money-Back Credit Card into a Tangerine savings account, the financial institution rewards you.
You get a third category to choose from to receive a 2% cash back.
Cash back is unlimited, with no maximum purchase per statement.
Advantage: Tangerine Money-Back Credit Card, BUT …
For ease of understanding, the BMO® CashBack® Mastercard®* is excellent. In addition, the 3% cash back rate is excellent for groceries, especially for a no annual fee card!
The Tangerine Money-Back Credit Card wins the point thanks to the great flexibility offered by customizing 2% cash back categories. Categories can be changed as you wish (although the change will only take effect on the next statement).
It is important to calculate whether a large portion of your budget is devoted to renovations or gas, for example. In that case, the Tangerine Money-Back Credit Card is the most suitable, since the BMO CashBack Mastercard only offers 0.5% in those categories.
Both cards allow you to earn unlimited cash back.
Cash Back Terms and Conditions
The rebate deposit depends on the option and frequency chosen by the BMO® CashBack® Mastercard®* cardholder. It can be :
- by direct deposit to a BMO Savings Account, BMO Chequing Account, or BMO InvestorLine Account
- as a credit on your BMO credit card statement
Redeeming cash back can be done anytime, as soon as you reach one dollar. In addition, an automatic deposit option can be set up whenever you have a minimum of $25.
Cash back from the Tangerine Money-Back Credit Card is deposited monthly. The credit cardholder chooses the method of deposit either :
- in the savings account
- in the credit card account
As for the 15% extra cash back offer, it will be credited to the account one to two statement cycles after the 60-day promotional period.
Who wins : BMO CashBack Card
Because of its flexibility and the fact that points can be redeemed at any time, the BMO CashBack Mastercard has a clear advantage.
Note that the cash back can be deposited into a BMO InvestorLine account, allowing you toinvest using your credit card.
The same applies to the Tangerine Money-Back Credit Card, but indirectly. A cash back deposit into the Tangerine bank account allows for transfer to a TFSA, RRSP or non-registered account.
Insurance
The BMO® CashBack® Mastercard®* offers:
- Purchase Protection
- Extended Warranty
Spending on these new purchases charged to your card may have been made anywhere in the world. The lifetime maximum is $60,000 for :
- Loss, theft or damage to most new insured items for 90 days after the date of purchase
As for the extended warranty :
- It doubles the period of repair services, up to a maximum of one year
The Tangerine Money-Back Credit Card offers:
- Purchase Protection
- Extended Warranty
Spending on these new purchases charged to your card may have been made anywhere in the world. The lifetime maximum is $60,000 for :
- Loss, theft or damage to most new insured items for 90 days after the date of purchase
As for the extended warranty :
- It doubles the period of repair services, up to a maximum of one year
Draw
The BMO CashBack Mastercard and the Tangerine Money-Back Credit Card have exactly the same insurance coverage. It’s a draw!
Conclusion
So? Which Card is the winner?
For people looking for simplicity, the Tangerine Money-Back Credit Card is perfect. It offers the flexibility to choose 2% discount categories and its welcome offer is very easy to understand.
The BMO® CashBack® Mastercard®* has a welcome offer that requires additional calculation. However, its base cash back rate is one of the best for groceries. In addition, the frequency of the discount can be paid without waiting for a fixed date.
And even if you currently have one of them, getting the other will allow you to diversify your cash back portfolio!
Here is a strategy for one month with a basic accumulation:
- Use the BMO CashBack Mastercard for groceries, up to the maximum of $500 in purchases per statement to earn 3% cash back
- From $501 in grocery purchases and for the rest of that month, use the Tangerine Money-Back Credit Card with the 2% category
- Choose your second 2% category on the Tangerine Money-Back Credit Card based on your second-largest budget item and use it for that expense
Finally, note that you can use either of these Mastercard credit cards at Costco, but you will only earn 0.5% cash back. There are better credit cards for Costco here.
If you’ve ever had one of these two cards, what are your comments? Come and indicate them in the Facebook group (link at the bottom of the article).
To see other cards, consult our ranking of the best cash back credit card offers in Canada.
- Annual fee
- $0
- Our valuation
- $125Milesopedia first-year estimate First-year valueWelcome bonus$125Total$125Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Milesopedia first-year estimateFirst-year valueWelcome bonus$125Total$125Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Welcome offer
- Up to $125
- Ends Oct 31, 2026
on BMO's website
- Annual fee
- $0
- Our valuation
- $100Milesopedia first-year estimate First-year valueWelcome bonus$100Total$100Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Milesopedia first-year estimateFirst-year valueWelcome bonus$100Total$100Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- Welcome offer
- Up to $100
- Ends Sep 30, 2026
on Tangerine's website
Frequently Asked Questions about the BMO CashBack Mastercard® and the Tangerine Money-Back World Mastercard®
Here are frequently asked questions in the milesopedia community about this card.
What is the main difference between the BMO CashBack card and the Tangerine Money-Back card?
The BMO CashBack Mastercard® relies on predefined categories: 3% on groceries (up to $500/month), 1% on recurring bills (up to $500/month), and 0.5% on everything else. The Tangerine Money-Back World Mastercard®, on the other hand, lets you choose 2 categories at 2% (3 if you deposit your cash back into a Tangerine Savings Bonus account) from among 13 categories, and 0.5% everywhere else. BMO is simpler; Tangerine is more flexible.
Which welcome bonus is more attractive between the two cards?
The BMO CashBack Mastercard® currently offers up to $125 in cash back: 5% on your first eligible purchases in certain categories during the first few months. The Tangerine Money-Back World Mastercard® offers a bonus of an extra 10% on the first $1,000 in purchases in your 2% categories, i.e., up to $100 in bonus cash back. The two amounts are comparable, but Tangerine unlocks its bonus on categories that you control.
What are the minimum income requirements for each card?
The requirement is very accessible on both sides. The BMO CashBack Mastercard® requires only $15,000 in annual income, and the Tangerine Money-Back World Mastercard® requires $12,000. Neither card charges an annual fee, making them two popular options for students, newcomers to Canada, and households that want to start building a credit history without paying for the privilege.
How is cash back redeemed on these two cards?
The Tangerine Money-Back World Mastercard® deposits your cash back automatically each month, with no minimum threshold: you do not have to do anything. The BMO CashBack Mastercard® lets you request a redemption at any time once you have accumulated $1 in the BMO CashBack portal. Milesopedia often recommends combining the two: BMO for 3% on groceries, Tangerine for your other preferred categories.
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