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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?
Let’s look at each of their features in detail, to distinguish these two credit cards.
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.
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.
Thanks to its clarity, the Tangerine Money-Back Credit Card has an advantage. The promotional offer is easy to understand and less restrictive.
The BMO® CashBack® Mastercard®* requires a minimum income of $15,000.
The Tangerine Money-Back Credit Card requires a minimum income of $12,000.
The Tangerine Money-Back Credit Card wins this point. But still, both cards require an almost similar minimum income, with a minimal difference.
The cash back rates on the BMO CashBack Mastercard are as follows:
The Tangerine Money-Back Credit Card has two cash back rates:
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:
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.
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.
The rebate deposit depends on the option and frequency chosen by the BMO® CashBack® Mastercard®* cardholder. It can be :
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 :
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.
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.
The BMO® CashBack® Mastercard®* offers:
Spending on these new purchases charged to your card may have been made anywhere in the world. The lifetime maximum is $60,000 for :
As for the extended warranty :
The Tangerine Money-Back Credit Card offers:
The BMO CashBack Mastercard and the Tangerine Money-Back Credit Card have exactly the same insurance coverage. It’s a draw!
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:
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.
Here are frequently asked questions in the milesopedia community about this card.
Savings this way:
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