Credit cards in Canada may confuse you in terms of their features. Let us compare the Tangerine Money-Back Mastercard and the Laurentian Bank Visa Infinite card.
Tangerine Money-Back Mastercard
The Tangerine Money-Back Mastercard can be the best fit for balance transfer cards.
The Tangerine Money-Back Mastercard saves money with everyday transactions with its money-back rewards.
Let us discuss its various features, such as eligibility, welcome bonuses, and other aspects below-
The eligibility criteria for this card are:
- You need to be a permanent resident of Canada and be of the required age.
- Your minimum income should be $12,000 annually or more.
- You should not have a bankruptcy record for a minimum of 7 years.
The bank will not charge you any annual fees on this card. ($0).
Interest charged on the balances-
The balance transfer interest rate on this card is 19.95%. If we talk about the cash advance interest rate, it is also 19.95%. The interest rate also stands at the same.
Rewards and Cashback-
Next, you can earn up to a 2% back reward on the three distinct categories you choose. Everyday purchases earn you 2% on this card.
You can choose any three from ten categories: grocery, entertainment, and furniture.
Also, the money back rewards each month. There is no cap on the amount you earn on your transactions.
|Eligibility||A permanent resident of Canada of age. |
The minimum income should be $12,000 annually or more.
Should not have a bankruptcy record for a minimum of 7 years
|Interest charged on Balances||Balance transfer interest rate– 19.95% |
Cash advance interest rate– 19.95%
Interest rate– 19.95%
|Rewards and Cashbacks||2% money back reward on the three specific categories. |
Everyday purchases earn you 2%.
|Other Features||Choose from 10 options for your 3 categories. |
No cap amount on the money back you earn with each transaction.
Laurentian Bank Visa Infinite card
The Laurentian Bank Visa Infinite card is a reward card. It is a good option for those who want good travel cards in Canada.
Let us explore the various features of this card here below:
The minimum income should be $60,000 annually. Also, a credit score of 760+ is required.
Annual fee of $130 for this card.
Interest charged on balances-
The balance transfer interest rate on this card is 21.99%. If we talk about the cash advance interest rate, it stands at 21.99%. The purchase interest rate is 19.99%.
On this card, you can earn 3 points on bills, two points on groceries, gas, travel (hotel, taxi, flights, etc.), and one point on all other purchases. The benchmark is when you spend $1 you earn.
Other than these features, on this card, you will earn a welcome bonus of 5000 points, approximately $50.
|Eligibility||The minimum income should be $60,000 annually. |
Credit score of 760+
|Interest charged on Balances||Balance transfer interest rate– 21.99%. |
Cash advance interest rate– 21.99%
Purchase interest rate – 19.99%.
|Rewards/Cashback||3 points on bills, 2 points on groceries, gas, travel (hotel, taxi, flights etc.) and 1 point on all other purchases as well|
|Other rewards||Welcome bonus of 5000 points|
|Criteria||Laurentian Bank Visa Infinite card||Tangerine Money-Back Mastercard|
|Additional Benefits||Welcome bonus of 5000 points||Choose from 10 options for your 3 categories. No cap amount on the money back you earn with each transaction.|
|Welcome Offer||Welcome bonus of 5000 points||–|
|Minimum income requirement||$60,000 annually||Minimum income $12,000 annually|
|Condition of Canadian Resident||Yes||Yes|
Opinion of Expertbyarea-
We compared the two best credit cards in Canada – the Laurentian Bank Visa Infinite card and the Tangerine Money-Back Mastercard.
If you are looking for a card to earn more cash rewards with no cap, the tangerine money back Mastercard is our pick. And, if you want to get a pleasant bonus and keep gaining with every transaction, the Laurentian Bank visa card can suit you.