BMO CashBack or Tangerine Money-Back: Which is better? | milesopedia
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Credit Card Comparison: BMO CashBack and Tangerine Money-Back

To the point Here's our detailed comparison of the BMO CashBack Mastercard and the Tangerine CashBack Credit Card.

BMO and Tangerine each offer a similar no-fee Mastercard credit card:

At first glance, they may seem to be identical, especially because of their name! But which one is the most advantageous?

Welcome bonus

The welcome bonus offered by each of these credit cards varies according to promotions. However, there are differences to be aware of between the two credit cards.

Bmo Cb No Fee Mastercard Rgb Fre For Online

When you sign up for the BMO® CashBack® Mastercard®*, you’ll receive a 5% cash back for the first three months .

  • The 5% cash back applies to eligible purchases up to $2,500:
    • 5% on up to $500 in eligible grocery purchases = $25
    • 5% for up to $500 in eligible recurring bill payments = $25
    • and 5% on up to $1,500 of any other qualifying purchase during the Welcome Offer period = $75

So, for this offer, the maximum welcome bonus is $125.

Tangerine Cash Back En

When you sign up for the Tangerine Money-Back Credit Card, you get an extra 15% back, up to a maximum of $1000 in Card purchases. This is in addition to the basic cash back earning rate (between 0.5% and 2%). This offer is valid until January 31, 2022.

Therefore, the maximum cash back for the Welcome Bonus is $150.

Advantage: Tangerine Money-Back Credit Card

Thanks to its clarity, the Tangerine Money-Back Credit Card has an advantage. The offer is easy to understand and less restrictive. Plus, it’s $25 more.

Minimum income

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The BMO® CashBack® Mastercard®* requires a minimum income of $15,000.

Tangerine Cash Back En

The Tangerine Money-Back Credit Card requires a minimum income of $12,000.

Advantage: It's a tie

The Tangerine Money-Back Credit Card earns this point. But still, both cards require an almost similar minimum income, with a minimal difference.

Cash Back Earning

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The BMO® CashBack® Mastercard®* cash back rates 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’ve passed $500 in monthly category purchases)
Tangerine Cash Back En

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 bills payments Furniture
Drugstores Hotel and motel
Home Improvement Entertainment
Restaurant Public transportation and parking

Plus, the financial institution will reward you if you deposit your Tangerine Money-Back Credit Card cashback into a Tangerine Savings Account.

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 ...

The BMO® CashBack® Mastercard®* is excellent for its ease of understanding. Plus, the 3% cash back rate is great for groceries, especially for a card with no annual fee!

The Tangerine Money-Back Credit Card earned the point with the great flexibility of customizing your 2% cash back categories. The categories can be changed at will (although the change will not take effect until the next statement).

It is important to calculate whether a large part of your budget is spent on renovations or gas, for example. In this case, the Tangerine Money-Back Credit Card is the most appropriate card, as the BBMO® CashBack® Mastercard®* only offers 0.5% in these categories.

Both cards allow you to earn unlimited cash back.

Cash Back Terms and Conditions

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The cash back deposit depends on the option and frequency chosen by the BMO® CashBack® Mastercard®* credit 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.

Tangerine Cash Back En

The Tangerine Money-Back Credit Card cash back is deposited monthly. The credit cardholder chooses the method of deposit either :

  • in the savings account
  • in the credit card account

The additional 15% cash back offer 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 distinct 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

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The BMO® CashBack® Mastercard®* offers a :

  • Purchase Protection
  • Extended warranty

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
Tangerine Cash Back En

The Tangerine Money-Back Credit Card offers a :

  • Purchase Protection
  • Extended warranty

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
Equality

The BMO® CashBack® Mastercard®* and the Tangerine CashBack Mastercard have exactly the same insurance. It’s a draw!

Conclusion

So? Which card is the winner?

For people who are 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. On the other hand, its base discount rate isone of the best for grocery expenses. In addition, the frequency of the discount can be paid without waiting for a fixed date.

And even if you currently own one of them, getting the other will diversify your cash back portfolio!

Here is a strategy for one month with a basic accumulation:

Finally, you should know that you can use either of these Mastercard credit cards at Costco, but you’ll only get 0.5% cash back. There are better credit cards for Costco here.

Come to discuss that topic in our Facebook Group!

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