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Know your credit card benefits

September 25, 2024

Written by Barry Choi

Key takeaways

  • Many cards come with built-in features, such as cash back or travel rewards, and they may also have additional features and benefits.
  • Purchase assurance can cover repairs or a replacement.
  • Extended warranty can double a manufacturer’s warranty by up to one year.

Know your credit card benefits

Credit cards, if used wisely, can be useful tools to help you manage your budget and expenses, and some also come with additional features and benefits. The benefits you get will vary depending on your credit card, so be sure to check what your card offers. You could be missing out!

Illustration of a hand holding an orange credit card with various tools coming out of it, including a scissors, bottle opener, screwdriver and saw.

Not everyone likes to pay an annual fee each year for their credit card, but the benefits you get might be worth more than what you pay for that annual fee. Some credit cards without an annual fee also offer amazing perks – you just need to read the details before you apply to see what you're entitled to. And don't forget there are no-annual-fee cards that also have benefits for things you may not use.

Keep in mind that you usually need to charge the full amount (or the majority) of a purchase to your credit card for benefits related to that purchase to be valid.

Tangerine has two credit cards with no annual fees. Both the Tangerine World Mastercard® and the Tangerine Money-Back Credit Card offer unlimited Money-Back Rewards, with 2% cash back in two categories of your choice (plus 0.5% on all other purchases) deposited into your Account every month — plus a third 2% category if you opt to automatically deposit rewards into a Tangerine Savings Account.

But both cards come with additional features and benefits. 

 Money-Back Credit CardWorld Mastercard
No annual fee
2% unlimited cash back (x2)
Unlock a third 2% category
0.5% on everything else
Additional Benefits  
    FlexiRoam14-
    Booking.com13
    Dragon Pass16-
    H&R Block15% off20% off
    Fubo TV15-
Mobile device insurance-
Extended warranty5
Purchase protection5
Rental car insurance5-
Free Authorized Users (x5)
Eligibility$12,000 personal income$50,000 personal income or $80,000 household†

Below are some common benefits offered with credit cards. For full details of benefits, including definitions, limitations and exclusions, always refer to the Certificate of Insurance and the cardholder agreement provided with your card. If you have any questions after reading the Certificate of Insurance or the cardholder agreement, be sure to contact the insurance company or your credit card provider.

Purchase Assurance

If an item purchased with the card is lost, damaged or stolen in the first few months (usually 90 days), purchase assurance will cover you for any repairs or a replacement.

Extended Warranty

Your manufacturer's warranty can be automatically doubled (typically up to one additional year) with this benefit for most items purchased with your credit card.

Car Rental Insurance

If you're renting a car, your credit card insurance may cover you for theft, loss and damage. It's important to note that in order for your credit card's car rental insurance to kick in, you normally must decline the car rental company's optional insurance coverage and charge the full car rental cost to your card. Your credit card coverage will likely not include third-party liability insurance, so keep that in mind when considering your insurance needs.

Mobile Device Insurance

Some credit cards, including the Tangerine World Mastercard, will insure your mobile device from loss, theft or damage up to a specified limit ($1,000 for the Tangerine World Mastercard®) if you pay for it using the card. The amount of the benefit can depend on the purchase price of your phone, how long you've had it and the deductible amount. Your coverage typically kicks in 30 days from your purchase date, so you'll want to be careful with your phone until you're covered.

Airport Lounge Access

Airport lounge access generally has two parts you need to be aware of. First, you may need to be a lounge member, which may have a fee with that membership. You may also need to pay for each visit. Some credit cards offer just the airport lounge membership as a benefit, while others also include a certain number of free annual passes. In some cases, these passes may be non-transferable, but you can typically use them for guests travelling with you.

Zero Liability Protection

If your credit card is used for a fraudulent purchase, most credit cards will have what is called “zero liability protection." This means you will not be responsible for an unauthorized transaction on your credit card. That said, to protect your card against unauthorized transactions, you need to ensure your credit card information, such as your PIN and password, is secured and not shared by you. Any suspicious transactions should always be reported to your credit card provider immediately.

Other benefits 

Some credit cards offer other popular benefits but tend to come with annual fees. These include:

Travel insurance may cover things such as trip cancellation/interruption, delayed/lost baggage, hotel/motel burglary, and common carrier travel accident insurance. Even if your credit card has travel insurance, it may not include every type of insurance listed here.

Travel emergency medical insurance may cover you for an unforeseen medical emergency when travelling away from your province of residence. Credit cards offering travel emergency medical insurance will each have different benefits, terms and exclusions, including a pre-existing condition exclusion. 

When shopping around for a credit card, weigh the different features, benefits, and fees to determine what makes the most sense for your needs. You should also contact the financial institution you are interested in taking the credit card from to avoid any confusion or questions that you might have.

^Insurance coverage is underwritten by American Bankers Insurance Company of Florida (AIBC). ABIC, its subsidiaries, and affiliates carry on business in Canada under the name 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 credit card.

®Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

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This article or video (the “Content”), as applicable, is provided for information purposes only. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this content, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and Tangerine Bank is not responsible to update this information. References to any third party product or service, opinion or statement, or the use of any trade, firm or corporation name does not constitute endorsement, recommendation, or approval by Tangerine Bank of any of the products, services or opinions of the third party. All third party sources are believed to be accurate and reliable as of the date of publication and Tangerine Bank does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific financial, investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.

Tangerine Investment Funds are managed by 1832 Asset Management L.P. Tangerine Investment Funds Limited is the principal distributor of Tangerine Investment Funds. Tangerine Investment Funds Limited and 1832 Asset Management L.P. are wholly owned subsidiaries of The Bank of Nova Scotia. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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 is 20.95% and Cash Advances (including Balance Transfers) is 22.95%. Rates are subject to change. If you don't make 2 consecutive monthly Minimum Payments, or at any time thereafter, an interest rate of 25.95% will apply to your Account on Purchases and 27.95% on 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 2.50% to the converted transaction amount.

See your Information Box in the application for full details or visit Tangerine.ca/CreditCardLegal. Rates and fees are subject to change.

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.

5 Benefits include:

Rental Car Collision/ Loss Damage Insurance: Damage and theft protection for your car rental when you rent for up to 31 consecutive days and charge the full cost of your rental to your Card.

Mobile Device Insurance: Protection on new cell phones, smartphones or tablets when you charge the full cost to your Card, or when you purchase it through a plan and charge all of your wireless bill payments to your Card. Covers up to $1,000 if your mobile device is lost, stolen, accidentally damaged or experiences mechanical failure.

Purchase Assurance and Extended Warranty: For most new purchases made anywhere in the world using your Tangerine Credit Card, you may receive a lifetime maximum of up to $60,000 for the following insurance coverage:

• Purchase Assurance to automatically cover loss, theft or damage on most new insured items for 90 days from the date of purchase
• Extended Warranty which may double the period of repair services to a maximum of one year

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.

See the Credit Card Cardholder Agreement for complete benefits and terms.

†In addition to Tangerine’s credit approval criteria, new applicants for the Tangerine World Mastercard® Credit Card Account must meet one of the following minimum criteria: $50,000 gross annual income, $80,000 gross household income, or $250,000 in Tangerine Savings Accounts(s) and/or Investment Fund Accounts(s).

13Booking.com: Mastercard cardholders will receive up to 7% off when booking accommodations marked with the Mastercard label and prepaying for such accommodations using an eligible Canada-issued consumer or small business Mastercard credit card, excluding any such cards that are used through a mobile wallet solution (e.g. Apple Pay, Google Pay, etc.), at booking.com/mastercardCanada.

Offer Period: April 1, 2024 – September 30, 2025, subject to early termination. Mastercard reserves the right to modify or cancel this offer at any time without notice. Neither Mastercard nor any participating financial institution card issuer has any involvement in or responsibility for Booking.com products or services and are not responsible for any claims or damages arising from the use of the Booking.com products or services.

Eligibility: This offer is available to Canadian residents who are holders of consumer credit and small business Mastercard credit cards issued in Canada.

Exclusions: Reservations booked but not prepaid are excluded from the promotion. Must select “Pay now” on the checkout page to receive the offer.

14FlexiRoam: Valid from 10/01/2024 and can be redeemed once per calendar year. Eligible World Mastercard cardholders can redeem a FlexiRoam eSIM and a 1GB of global** data roaming, and Mastercard World Elite cardholders can redeem a FlexiRoam eSIM and a 3GB of global** data roaming plan at no additional cost by using your eligible Mastercard payment card (the "Program Benefit"). Eligible cardholders will need to register by creating a FlexiRoam account. To determine eligibility, enter your full 16-digit Mastercard card number when prompted in the FlexiRoam Mobile Application or on the FlexiRoam website. Upon verification of your eligibility, you must complete the full enrollment process to utilize the Program Benefit.

The FlexiRoam eSIM and the 1GB or 3x1GB global data roaming plans must be activated within the calendar year following enrollment and each will be valid for 5 days from the date of activation.

Benefit can only be redeemed once. For subsequent purchases, a 15% discount will be automatically applied.

Terms, conditions, pricing, special features, and service and support options subject to change or cancellation without notice. Mastercard reserves the right to modify or cancel this Program Benefit at any time without notice. In order to redeem the Program Benefit, you acknowledge that you are entering into an agreement with FlexiRoam. By agreeing to the terms thereof, you acknowledge and agree that neither Mastercard nor any participating financial institution card issuer has any involvement or responsibility for the provision of any FlexiRoam benefit, subscription, products or services and are not responsible for any claims or damages arising from their use thereof.

This Program Benefit is non-transferable and may be terminated for any breach of the FlexiRoam terms and conditions. The offer cannot be combined with any other FlexiRoam offer. Your use of the Program Benefit is subject to FlexiRoam’s terms and conditions and other applicable legal terms and conditions available at https://www.flexiroam.com/terms-and-conditions/. Additional eligibility restrictions, exclusions and terms apply. See full terms and conditions.

The following cards issued in Canada: World Mastercard and World Elite Mastercard, if eligible. Check here for eligibility: mastercard.flexiroam.com/canada.

Cardholders cannot data roam using FlexiRoam in North Korea, Ukraine, Western Sahara & Tanzania.

15 Fubo TV: Eligible Mastercard* cardholders who are new subscribers** of Fubo will receive a C$30 discount on Fubo Canada Sports quarterly plan when they pay with their Eligible Mastercard. Offer not available to Quebec-based cardholders. The offer is valid one time only. Each eligible World and World Elite cardholder will receive the C$30 discount on his or her first payment only (total first quarterly payment with discount applied will be equal to C$49.97*** + applicable taxes) and thereafter, the quarterly subscription will automatically renew at a cost of C$79.97*** per quarter + applicable taxes until cancellation. To access the offer and subscribe to a Fubo Sports Quarterly plan, you must register at https://fubo.tv/stream/ca/mastercard. The $30 discount on the Sports Quarterly plan will be deducted from the cost of the plan at the time of checkout. Additional taxes may be applied.

Additional terms and conditions apply. Your subscription is subject to Fubo’s Terms of Service and Privacy Policy available at: Fubo Terms of Service. Terms, conditions, subscription pricing, features, programming, and service and support options subject to change without notice. You can cancel your subscription through your Account Page at any time before renewal, visit Fubo TV website (My Account). In the event of cancellation, no credits or refunds will be provided for subscription fees already paid. Mastercard and Fubo reserve the rights to modify or end this offer at any time and for any reason, without notice.

Neither Mastercard or any participating financial institution card issuer has any involvement in or responsibility for the provision of any Fubo subscriptions, products, or services, and are not responsible for any arising claims or damages. 

*The following cards issued in Canada: World Mastercard, World Elite Mastercard, and Muse by Mastercard if eligible. Check here for eligibility: https://fubo.tv/stream/ca/mastercard. Offer not available to Quebec-based cardholders.

**A “new subscriber” eligible for the one-time C$30 discount is someone who has not registered for Fubo services previously as determined solely by Fubo. Subscribers who have a subscription to Fubo services would not be eligible to redeem this offer.

*** Price subject to change. Visit checkout page or My Account page for current subscription price.

16 Mastercard Travel Pass: Certain terms, conditions and exclusions apply. For full details, please visit: https://mastercardtravelpass.dragonpass.com/terms-and-conditions.