How to maximize cashback credit card rewards

Earn maximum cashback rewards with these six spending tips.

Sponsored by Tangerine. Unlock credit card rewards with Tangerine credit cards. Earn unlimited Money-Back Rewards with either the Tangerine Money-Back Credit Card or the Tangerine World Mastercard. T&Cs apply.
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Cashback credit cards let you earn money back on your everyday spending. Whenever you make an eligible purchase, a percentage of the purchase price gets paid back to you as a reward.

These reward credit cards are great tools to help save money on essential purchases, but there’s plenty you can do to take your cashback earning power to the next level.

6 tips to maximize credit card rewards

In this guide, we’ll share six simple tips to help you get maximum cashback, plus show you how to find the best cashback credit card for your needs.

Tip 1: Charge it all on your rewards credit card

There are some purchases in life that are simply essential. We’re talking about things like gas for your car, your weekly grocery shop and utility bills — regular expenses you have to pay for no matter what. So if you’re going to be spending the money anyway, why not pay for all your essential purchases with your rewards credit card?

For instance, charge your gas, groceries and utility bills to your Tangerine World Credit Card — approximately $2,000 each month — and after a year you would have $480 in cashback rewards.⁽¹⁾ It’s like earning money for living costs already in the budget. Better still, it’s easy and convenient to use a rewards card to pay for all your regular expenses, and when you add up all your essential spending, you might be surprised just how quickly your cashback earnings can grow.

Tip 2: Choose a card with unlimited cashback and rewards

Some cashback credit cards cap the amount of rewards you can earn per month or per year. This can really hold you back from getting the most out of your card, and even the best cashback rate in Canada is pointless if you can’t maximize your earning potential.

That’s why it’s important to look for a credit card with unlimited cashback and rewards. With no limits, you can get maximum bang for your buck and ensure that your cashback credit card earns its keep.

Let’s look at essential weekly purchases like groceries and gas. If you spend $400 a week on groceries and $100 a week on gas, that’s $2,000 a month you can charge to your credit card — and get cashback. If your card offers 2% cashback, like the Tangerine Money-Back Credit Card, you’ll earn $480 cashback over the course of a year.^(✧)

No matter who you are, saving almost $500 a year is a pretty sweet deal.

Tip 3: Choose a cashback card with low or no fees

Some rewards credit cards have high annual fees — with some charging $100 or more, each year. If you’re paying a hefty fee every 12 months, this will obviously have a big impact on your cashback earnings.

So a key factor to keep in mind when searching for the best credit card rewards is to look for a card that charges a low annual fee or eliminates this cost entirely. Omit this cost and that’s one less fee you have to pay — and more money in your pocket to spend on what you need and want.

Tip 4: Focus on a card that lets you maximize rewards on YOUR spending

Credit card providers offer a dazzling array of welcome bonuses and perks to try and entice new customers. It’s easy to get sucked in by these deals, but don’t be fooled into choosing a card that isn’t right for you.

Instead, look for a card that matches your spending needs and rewards you based on how you shop. Both the Tangerine Money-Back Credit Card and World Mastercard allow you to choose two spending categories where you can earn 2% cashback — add a third category if you open and connect the card to a no-fee Tangerine savings account.

With this flexibility you can swap out spending categories based on your plans. For instance, select the travel category and you could earn $20 in cashback for every $1,000 you spend when booking flights and accommodation. Use this strategy with the Tangerine World Mastercard and you can cash-in on the travel perks, including access to more than one million Wi-Fi hotspots around the world using Boingo Wi-Fi, access to more than 650 airports lounges worldwide through DragonPass, plus special cashback offers on select international spending.⁽²⁾

Tip 5: Tap into hidden perks

Getting the most out of your credit card isn’t just about earning maximum cashback. You also need to look for those little extras that can help turn a good credit card into something special.

For example, think about how you’ll manage your card payments, check your balance and keep track of your spending. A user-friendly mobile app is a must, as is an easy-to-navigate online banking platform.

Budgeting tools are another bonus to help you keep your finances on track and when you use free tools, such as Tangerine’s Left to Spend feature, you can easily track where and how you’re spending your money. Better yet, add in a few details, such as regular income and monthly bills and this budgeting tool calculates how much you have left to spend each month.

Tip 6: Redeem based on your needs

The final tip to maximizing your money-back rewards is to look for a card that offers flexibility when you want to redeem. Some cards will automatically use any cashback rewards to pay down an account balance, while others limit when and how to access money-back rewards. Ideally, you want a rewards card that gives you easy, instant access to your cashback rewards.

For example, you can choose to deposit your cashback rewards earned on a Tangerine Mastercard into a Tangerine Savings Account — or link your card to another bank account. Not only will this help you reach your savings goals faster, it means you have access to your cashback rewards whenever you need them.

Bonus tip: Use cashback to build up an emergency fund

Sometimes life throws you a curveball. So when your car breaks down or your dog ends up at the emergency vet clinic, it’s handy to know you have an emergency fund to fall back on.

The good news is that the best cashback credit cards in Canada can help you save for a rainy day. To explain, let’s assume that Maddy earns $800 per week. As a Tangerine client, she selects groceries, restaurants and gas as her primary spending categories on her credit card.

Worried that her mischievous puppy, Ruby, will wind up at the vet, Maddy sets up a Tangerine Savings Account as an emergency fund and makes an initial deposit of $500. She then uses her Tangerine Money-Back Credit Card to pay for $2,200 worth of essential purchases, giving her cashback each month. She deposits these money-back rewards into her Tangerine High-Interest Savings Account, where the funds earn interest. Thanks to her regular cashback deposits and the power of compound interest, Maddy could turn her initial $500 deposit into an emergency fund that’s just under $2,500 in just five years.⁽³⁾

Bottom line

There are plenty of simple things you can do to earn maximum cashback on your rewards credit card. If you can find a card that provides big rewards on the type of purchases you make on a regular basis, you’ll get more out of your everyday spending. And if you can find a card with unlimited cashback and low or no annual fee, you can quickly accumulate a healthy cashback balance.

Explore Tangerine’s Money-Back Credit Cards

1 - 2 of 2

Product CACCF	Welcome Offer	Rewards	Purchase Interest Rate	Annual Fee	Min. Credit Score	Description
Tangerine World Mastercard	10% cash back	Up to 2% cash back	20.95%	$0	Min. recommended credit score: 600	Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until January 31, 2025. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.	Go to siteMore Info Compare	loading Fetching your data...
Tangerine Money-Back Credit Card	10% cash back	Up to 2% cash back	20.95%	$0	Min. recommended credit score: 600	Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until January 31, 2025. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.	Go to siteMore Info Compare	loading Fetching your data...

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• Terms and Conditions

  ✧ General Terms:
  Applicants must apply for the Card and must consent to a credit check. Accounts must be in Good Standing in order to receive Money-Back Rewards. See the Tangerine Money-Back Rewards Program Terms & Conditions for full details.

  Balance Transfers are treated as Cash Advances and interest applies from the transaction date that appears on your monthly statement to the date you repay the balance in full. There is no interest-free grace period on Cash Advances or Balance Transfers.

  Annual Interest Rates: The annual interest rate on Purchases and Cash Advances (including Balance Transfers) is 20.95%. Rates are subject to change. If you don’t make 2 consecutive monthly Minimum Payments, or at any time thereafter, an interest rate of 24.95% will apply to your Account on Purchases and Cash Advances (including Balance Transfers).

  Other Fees and Rates: These fees are charged on the day the transaction occurs (unless otherwise indicated): Cash Advance: $3.50 within Canada, $5 outside of Canada; Balance Transfer: 3% or minimum of $5 (unless reduced or waived) of the amount transferred when it is posted to your Account. Dishonoured Payment: $25; Rush Card: $25; Over-Limit: $25 (maximum one Over-Limit charge per monthly statement period); Past Statement Reprint: $5 per past statement. There is no charge for a reprint of your current monthly statement. Foreign Currency Conversion: When the converted transaction amount gets posted to your Account, we’ll add a foreign currency conversion fee of 2.5% to the converted transaction amount.

  See your Information Box in the application for full details. Rates and fees are subject to change.

  1 Rewards Promotional Offer:
  The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine Money-Back Credit Card (the “Account”) by January 31, 2024, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine Money-Back Credit Card is activated. “Net Purchases” include purchases charged to the Account (less any refunds, returns or other similar credits) but do not include payments, Cash Advances (including Balance Transfers and Cash-Like Transactions), interest, fees, insurance premiums, adjustments or other charges. The Offer Bonus of 10% (up to $100) will be credited to the Primary Cardholder’s Account within 1–2 statement cycles after the 60-day promotional period provided the Account is open and in Good Standing at time of payout. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.

  Balance Transfer Promotional Offer at 1.95% for 6 months (1% Balance Transfer Fee)
  A Promotional Interest Rate of 1.95% will apply immediately to any and all Balance Transfers made within 30 days of the Account opening, and will remain in effect for 6 Statement Periods from the date the last such Balance Transfer was posted to the Account (the “Promotional Rate Period”). If you still have an amount owing from your Balance Transfer when the Promotional Rate Period ends, the Cash Advance interest rate (currently 20.95%) will apply to that balance. A 1% Balance Transfer Fee will be charged on each Balance Transfer amount and will be immediately charged to your Credit Card. This Balance Transfer Fee is waived by Tangerine if you are a resident of the province of Quebec at the time you accept this offer. To take advantage of this Promotional Offer, you must complete the Balance Transfer request within 30 days of Account approval. You must also activate your Card within 45 days of Account approval for the requested Balance Transfer to be processed, or the Balance Transfer will be automatically cancelled. Note that if your Balance Transfer amount(s) equal your available credit, then the Balance Transfer Fee will put your Account over your credit limit and may be rejected in whole or in part. Balance Transfers are treated as Cash Advances on your Card and do not have an interest-free grace period. Interest applies from the transaction date that appears on your statement for that Balance Transfer to the date you repay the Balance Transfer in full. It may take a few business days to complete the Balance Transfer request. You should continue to make payments to the other financial institution until the Balance Transfer appears on your statement. You must continue to make the Minimum Payments on your Account, regardless of whether the Balance Transfer has been processed to your Account. Interest does not accrue on the Balance Transfer Fee; however, it is included in the Minimum Payment amount on your monthly statement. You must continue to make all of your monthly Minimum Payments by the Payment Due Dates shown on your monthly statements. If you don’t make your Minimum Payment by the payment due date as shown on 2 consecutive statements, your interest rate will increase to your higher standard rate that applies to the Account (currently 24.95%). If you pay more than your Minimum Payment on your statement, we’ll apply the excess amount of the payment to your balance proportionately based on the interest rate(s) applicable to each group of charges billed on your Account. Please see the Credit Card Cardholder Agreement for more information on how we apply payments to your Account.

  We don’t charge interest on new Purchases that appear on your statement for the first time if we receive full payment of the Balance on your statement (including payment of any Balance Transfers included in that Balance) by the Payment Due Date on your statement. Balance Transfers may not be used to transfer money to or from another Tangerine Account. See the Information Box at tangerine.ca/creditcardlegal for full details.

  Cash Advances (including Balance Transfers) do not earn Tangerine Money-Back Rewards. See the terms and conditions of the Tangerine Money-Back Rewards Program at Tangerine.ca/CreditCardLegal for full details on other items that do not earn Tangerine Money-Back Rewards.

  2 Insurance coverage is underwritten by American Bankers Insurance Company of Florida (ABIC). ABIC, its subsidiaries, and affiliates carry on business in Canada under the name of Assurant®. ®Assurant is a registered trademark of Assurant, Inc. Coverage is subject to eligibility, limitations and exclusions. For details of the coverage, including definitions and benefits, refer to the Certificate of Insurance provided with the card.

  3 Offers vary by location. More details are available at Mastercard® Travel Pass or the Mastercard app. For full terms and conditions of use, go to mastercardtravelpass.dragonpass.com/terms-of-use. The Mastercard Airport Experiences offers are made available to you through Mastercard. Tangerine Bank is not responsible for the Mastercard Airport Experiences or any offers made available under those offers. Fees for this benefit are subject to change by Mastercard.

  Any of these offers may be changed or cancelled at any time without notice. Rates and fees are subject to change.

  Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

  Tangerine is a registered trademark of The Bank of Nova Scotia, used under licence.

  Forward Banking is a registered trademark of Tangerine Bank.