Which card is better for groceries, Neo Mastercard or Tangerine Money-Back Mastercard?

The Neo Mastercard earns 4% on groceries, while the Tangerine Money-Back Mastercard earns 0.5%. The better choice depends on your grocery spending and the specific merchants you shop at.

Neo Mastercard vs Tangerine Money-Back Mastercard — Which Is Better? | Churnr

Header Quick Take Value Earn Rates Merchants Wallet Bonus FX Benefits Eligibility Perks Downgrade Verdict

Neo Mastercard wins by $978/yr — strongest in groceries

Neo Mastercard earns $447 more on groceries
Neo Mastercard earns $168 more on bills & utilities

Groceries: +$447Bills & Utilities: +$168Gas: +$126

Neo Mastercard: $30/yr in foreign transaction fees

Tangerine Money-Back Mastercard: $30/yr in foreign transaction fees

Showing Year 1 analysis

Dollar Value

Winner

$1,121

/first year

2.7% effective$93/mo

vs 1% no-fee card: +$702

Annual rewards earned+$1,126

Welcome bonus+$25

FX costs−$30

Annual fee−$0

$143

/first year

0.3% effective$12/mo

vs 1% no-fee card: −$275

Annual rewards earned+$173

FX costs−$30

Annual fee−$0

Best for your spendingNeo Mastercard—$1,121Year 1 value

+$978 more than Tangerine Money-Back Mastercard

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The Bottom Line

Neo Mastercard wins by $978/yr — strongest in groceries

Neo Mastercard earns $447 more on groceries
Neo Mastercard earns $168 more on bills & utilities

Groceries: +$447Bills & Utilities: +$168Gas: +$126

Showing Year 1 analysis

Neo Mastercard wins in both Year 1 and Year 2+ — consistent long-term value.

Data Sources

Issuer terms & conditions (verified Feb 2026)

Merchant MCC verification (239 merchants)

Insurance certificates (PDF review)

Reward program documentation

User-reported acceptance data

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Neo Mastercard

Tangerine Money-Back Mastercard

Neo Mastercard wins by $978/yr — strongest in groceries

Dollar Value

Show calculation breakdown

Show calculation breakdown

Earn Rates by Category

Merchant Reality Check

Wallet Optimizer

Welcome Bonus

Fees & Foreign Exchange

Insurance & Benefits

Eligibility

The Bottom Line

Data Sources

Neo Mastercard

Tangerine Money-Back Mastercard

Neo Mastercard wins by $978/yr — strongest in groceries

Dollar Value

Show calculation breakdown

Show calculation breakdown

Earn Rates by Category

Merchant Reality Check

Wallet Optimizer

Welcome Bonus

Fees & Foreign Exchange

Insurance & Benefits

Eligibility

The Bottom Line

Data Sources