The Best Credit Card in Canada

26-07-2017 | Ramona |

The Best Credit Card in CanadaWhile nobody likes to be in debt, credit cards are a necessary evil in today’s economy.

In addition to helping you build a credit score, they give you flexibility with your spending. What’s even better is that many credit cards offer rewards for spending, which can stretch your dollar pretty far.

If you’re ready to sign up for a card, don’t go with just any that you find. It’s important to be selective, as not all credit cards are created equally. In order to get one that will benefit you the most, it’s crucial to look at the pros and cons.

If you’re interested in the best credit card in Canada, take the time to read this Tangerine bank credit card review.

The Tangerine Bank Credit Card

If you don’t already have a favourite card, the Tangerine Bank Credit Card is one that is well worth considering. It’s highly rated because it comes with a wide variety of rewards for those who are approved for it. That means you can actually make money off of this card as long as you don’t carry a balance from one month to the next! Some of the perks you might be interested in are:

Cash Back

Earning cash back means that you’ll spend less on everything that you buy over the course of the year. Where does the cash go? To make things easy, it’s deposited right into your Tangerine account. For those who don’t like the points system that most cards use, this will be one of the best features. You won’t have to keep track of what points you earned, how to divide them or which spot earns you the most. You simply get cash back and it’s deposited right to you.

You Choose Cash Back Category

It can be frustrating to buy something frequently and not earn cash back on it when you use your credit card. With the Tangerine Bank credit card, things are a bit different. To give you flexibility and more cash back, it lets you choose 3 categories where you can earn 2% cash back. You can choose based on where you spend the most so you maximize your earnings and see a healthy return in your Tangerine account every month!

No Annual Fee

Making the rewards system for this card even better is the fact that you aren’t required to pay an annual fee. On average, this easily means saving over $100 per year. If you don’t want to pay just to have a card, then the lack of annual fee is going to be a huge selling point for you choosing this one.

Easily Connects to Tangerine Bank

If you’re like most Canadians and have a Tangerine bank account, you’ll be glad that this card will connect with your account. This makes moving money around easy and connecting accounts even easier. There are many low-cost Tangerine bank account options, so you’ll be saving money in many ways when you use this card combined with a bank account.

The Cons of a Tangerine Bank Credit Card

As stated before, there is no credit card that is perfect. While this one comes pretty close to offering all that one could want, it does lack in one area. The biggest con that you should know about before applying is listed below.

Low Cash Back on Outside Categories

While you’ll be making some good money with the cash back you receive for your 3 chosen areas, purchases you make outside of those will only earn you 2% cash back. In situations where you’re going to make a larger purchase but haven’t chosen that category for cash back, you may want to use a different card that will earn you more.

Which Card is Right for You?

To determine if this Tangerine Bank card is right for you, ask yourself the following questions:

  • Do you want to pay an annual fee?
  • Do you want to choose which areas you receive cash back?
  • Do you have a Tangerine account already?

Ultimately this card is an excellent choice for most Canadians because it’s affordable, offers excellent rewards, and connects with the Tangerine Bank system.

However, it’s important to note that carrying a balance can defeat the purpose of using this. For that reason, it’s recommended to not carry a balance by paying it off in full every month.

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