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!

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. 

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.