Rogers Bank Review – No Annual Fee Mastercard With 4% Cash Back

Ironically, the first thing people would notice about Rogers Bank is that it’s not really a bank. It does not offer savings or checking accounts, no HISAs, RRSPs, RESPs, or any other investment vehicle, no loan or mortgage package, none of that.

No, Rogers Bank is, for the lack of a better term, a credit card provider. The range of their financial products and services boils down to two things: credit cards and protection services.

Rogers Bank Credit Cards

The three credit cards on offer from Rogers Bank seem to stand out for mostly the right reasons.

They are all cashback cards, and their benefits and perks also cover a wide range of eligible purchase scenarios: travel, grocery shopping, retail outlets, sports game tickets, movies, and basically everything else. Non-eligible purchases include cash advances, fees, balance transfers, interest, returns, or payments.

You get cashback to varying degrees, depending on the card you choose. All three credit credits have no annual or monthly fees, and you can redeem your cash back rewards anywhere, any time, no strings attached. Now, let’s look at Rogers Bank’s three credit cards:

The Fido Mastercard
The Rogers Platinum Mastercard
The Rogers World Elite Mastercard

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Rogers Bank Mastercard Features and Benefits

Annual interest rates on purchases and fees for all three Mastercards are pegged at 19.99% and 22.99% for cash advances, balance transfers, and cash-like transactions. However, if you miss up to two months in any 12-month period, the interest rates go up to 25.99% and 27.99% respectively
No matter the Rogers Bank card you choose, you are eligible to receive up to 9 additional cards at no cost
Rogers Bank has a simple rewards calculator on their website that anyone can use to check how much they are eligible to get back as rewards.
Cash Back rewards do not come as actual cashback into your card statement. They exist as points and when redeemed can only be applied towards other purchases
While not a full-featured bank by any means, Rogers also has an app for online banking needs. It is designed for round-the-clock access to your paper statements and also to stay on top of your card’s security. The Rogers Bank Mobile App is available for both Android and Apple devices

Fido Mastercard

The Fido Mastercard works best for paying telecom bills, mobile devices and accessories, and more. This doesn’t mean that you cannot use it for other stuff as well.

When you register and get the Fido Mastercard, there’s a welcome bonus of $25.

You need to have made a purchase with your card within the first three months of getting the card to gain the welcome bonus.

3% unlimited cash back rewards on foreign currency purchases
2% unlimited cash back rewards on Rogers and Fido Products
25% unlimited cash back rewards on all other purchases in CAD
Cashback rewards can be redeemed annually, monthly, or anywhere, anytime with a minimum threshold of $20
Apply your rewards to eligible purchases made in the last 90 days

With all its cashback goodness, the Fido Mastercard is not built for travel benefits as there are no perks or insurance for travel-based spending.

Rogers Platinum Mastercard

The Rogers Platinum Mastercard bears a lot of similarities with the Fido Mastercard. They have the same cash back rewards.

However, the Platinum Mastercard is designed more for retail outlet purchases, game tickets, monthly bills, and more.

It also comes with a $25 welcome bonus.

3% unlimited cash back rewards on foreign currency purchases
2% unlimited cash back rewards on Rogers and Fido Products
25% unlimited cash back rewards on all other purchases in CAD
Cashback rewards can be redeemed annually, monthly, or anywhere, anytime with a minimum threshold of $20
Apply your rewards to eligible purchases made in the last 90 days

Rogers World Elite Mastercard

The Rogers World Elite Mastercard poses some significant differences from the other two credit cards. This no-fee card is Rogers Bank’s best credit card on offer. It boasts a number of competitive rewards and perks that make it a good travel card option.

4% unlimited cash back rewards on foreign currency purchases
2% unlimited cash back rewards on Rogers products and services
75% unlimited cash back rewards on all other purchases in CAD
Cashback rewards can be redeemed annually, monthly, or anywhere, anytime with a minimum threshold of $20
Apply your rewards to eligible purchases made in the last 90 days
Comes packed with travel and medical insurance coverage (rental car collision/damage, trip interruption and cancellation, extended warranty and purchase protection, out-of-province/out-of-country emergency medical
Comes with free LoungeKey membership access to over 1000 airports lounges in over 100 countries
Free access to Boingo Wi-Fi for Mastercard® holders at more than a million hotspots across the globe

While the Fido and Platinum cards only require applicants to scale through a credit check, the Rogers World Elite Mastercard also has a minimum income requirement. For personal income, the minimum is $80,000 and for household income, the minimum is $150,000.

rogers bank credit cards comparison

Rogers Bank Alerts and Mastercard Security Features

As a direct result of offering only Mastercard credit cards, the following security benefits accrue to all Rogers Bank cards:

This protects you in the events of POS debit transactions, unauthorized use of cards, and counterfeit fraud.

As a Rogers Bank cardholder, you also get to choose from a number of alert types to help you stay on top of your finances. These alerts will be sent by email or text.

Bill Payment Alerts: This will alert you for when your payment is due; when your payment is made; and when you have missed a payment
Budget Management: With this, you’ll be able to track your daily balance; when your balance exceeds a specific amount; credit available; cash advances; when a purchase surpasses a specific amount; when your payments are due
Fraud Protection: This will track changes to your credit limit and credit card PIN; new person request; additional card request or activation; online purchases via phone or mail; changes in your personal information; balance transfer or cash advance requests; purchases outside a specific location
Transaction Monitoring: This will track all card online, phone, or mail purchases; specific merchant category purchases like liquor, gambling, automotive; cash advance made on the account, purchase beyond a specific amount or outside a specific location

A cardholder can pick any mix of alerts they want for their particular financial habits.

Rogers Bank Insurance Packages

This is the only other product on offer from Rogers Bank besides its credit cards. The 3 insurance types on offer from Rogers Bank are:

Travel insurance
InfoProtector360
Group Balance Protection

Travel insurance is provided by Allianz Global Assistance. This takes care of a number of emergency situations while on travel. The benefits of Travel insurance include:

Extended warranty and purchase protection
Out-of-Province/Out-of-Country Emergency Medical
Trip interruption
Trip cancellation
Rental Car Collision/Damage

Travel insurance comes as a card-embedded solution with the Rogers World Elite Mastercard. For the Fido Mastercard and Rogers Platinum Mastercard, you can purchase the insurance coverage that Rogers Bank offers.

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Rogers Bank InfoProtector360

Rogers Bank InfoProtector360 takes credit card security to another level. While these security add-ons will have to be purchased separately with other cards, they come bundled with the cards from Rogers Bank. InfoProtector360 offers:

Info Protection
Lost Wallet Protection
Travel Protection
Device Protection

With this insurance package, you’ll receive alerts whenever your information pops up anywhere online. This will enable you to respond quickly if it is not an authorized event. After one free month, this service will set you back $10.99 monthly.

Rogers Bank Group Balance Protection

Rogers Bank Group Balance Protection does not only cover you but extends to your loved ones. With the Group Balance Protection Insurance, you can choose to receive cover for any or all of the following events:

Involuntary loss of self-employment
Involuntary loss of job
Passing away
Disability
Critical illness diagnosis
Becoming hospitalized

Group Balance Protection only caters to individuals from the ages of 18 – 64 years old. The monthly premium cost on these insurance packages is $0.99 for every $100 on the monthly statement balance of your Rogers Bank credit card, plus taxes where applicable.

Final Words

Since the Rogers World Elite Mastercard is the best of the three credit cards by a mile, it would make sense that everyone would want that one. However, considering that the entry-level for this card is steep for a number of individuals and families, the other two cards are worth considering as well.

Given that all three cards are free to own and come with benefits of their own as well, they are still great choices. But you can always opt for a card from another bank or financial institution if you feel Rogers Banks’ cards are not a good fit for you.

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