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.