FIDO MasterCard Credit Card Review
FIDO customers are some of the most loyal mobile customers in the country. With the FIDO MasterCard, FIDO just gave them another reason to fall in love all over again. In fact, there’s a very good reason every Canadian should have it – even if you’re not a customer.
To start, the FIDO credit card has no annual fee – EVER, and offers the richest unlimited cash back reward rates of 4% on all purchases in a foreign currency and 1.5% on all other purchases. There are absolutely no caps, tiers or limits on how much cash back you can earn. You can redeem your cash back as a statement credit, or against a FIDO service or product.
To make things even more attractive, you can get $50 in cash back rewards as a welcome bonus: $25 on your first purchase within 3 months of receiving your card, plus $25 when you register your Fido bill for pre-authorized payments (also, within 3 months of receiving your card).
With no annual fee, a $50 welcome bonus, the richest flat cash back rate of 1.5% for a no fee card in the country, and a massive 4% cash back on foreign purchases – FIDO is literally paying you to try the card. It’s a risk free entry into a standout product. Why say no?
FIDO MasterCard Credit Card Review:
- 1.5% Cash Back: The 1.5% cash back rate on all purchases is extremely rich when compared to the market for no fee cards. In fact, it’s the highest flat cash back rate of any no fee card in Canada. There are no tiers or limits to how much cash back you can earn – it truly is unlimited. Compare the FIDO MasterCard no annual fee cash back rate of 1.5% to the American Express Simply Cash earn rate of 1.25%, BMO CashBack MasterCard of 1%, RBC Visa Cash Back of 1%, CapOne Aspire Cash Back of 1% and TD Cash Back of .75%.
- 4% Cashback on Purchases in a Foreign Currency : The FIDO MasterCard, like it’s cousin the Rogers MasterCard, is one of the few Canadian credit cards to subsidize foreign transaction fees. It offers 4% cashback on foreign purchases (online, travel, cross-border shopping, etc…), making it the most rewarding and lowest cost method to shop or travel abroad! In fact, by offering 4% cash back on foreign purchases, the FIDO MasterCard becomes one of the cheapest ways to exchange your money. For example, let’s say your current credit card offer 1% cash back. When you make a foreign purchase you will be charged a foreign transaction fee of 2.5%. As a result, you will actually lose 1.5% (1% cash back – minus 2.5% fee) on each and every foreign transaction. With the FIDO credit card, you will earn 4% cash back on foreign purchases, but then be charged the foreign transaction fee of 2.5%. As a result, you will actually net 1.5% in cash back (4% cash back – minus 2.5% fee) on each and every foreign transaction. That’s a 3% cash back difference between the FIDO card and most other cards. With no annual fee, you should keep the FIDO card in your wallet and make all your foreign purchases with it. Even if you’re not a FIDO customer, you can redeem your cash back earnings as a statement credit at the end of each year.
- Cash Back Redemption: This is a true cash back credit card whether you’re a FIDO customer or not. You can redeem your cash back as a statement credit at the end of each year (apply your cash back against your credit card bill). Or, you can redeem for any FIDO service or product any time. Allowing cardholders to redeem as a statement credit makes it universally applicable, whether you’re a FIDO customer or not. In fact, BMO and Scotia have similar once a year cash back redemption policies themselves.
- No Annual Fee: There is no annual fee on the FIDO MasterCard ever.
- Welcome Bonus: FIDO currently offers a sign-up bonus of $25 when you make your first purchase within 3 months of receiving your card , and another $25 if you register your FIDO bill for pre-authorized payments. So even if you’re not a FIDO customer, with no annual fee, you’re getting a free $25!
Is the FIDO MasterCard Worth It?
1. For FIDO Customers: If you’re a FIDO customer there are four compelling reasons to get this card and keep it in your wallet.
- The highest flat cash back rate in the country of 1.5% for a credit card with no annual fee ever
- 4% cashback on all foreign purchases. If you cross-border shop, buy online, or travel out of Canada this card is for you
- No annual fee makes it free to try, with absolutely no risk
- $25 sign-up bonus after your first purchase within 3 months of receiving the card, plus another $25 if you register your FIDO bill for pre-authorized payment is $50 completely free
2. For Non-FIDO Customers: If you’re not a FIDO customer, this may still be the best credit card choice in Canada for you:
- You can redeem your 1.5% cash back as a statement credit – not just against FIDO services and products
- The 4% cash back rate on foreign purchases make it the best card for foreign transactions in Canada
- There is no annual fee – ever
- The sign-up bonus of $25 for a first purchase within 3 months is a sweet bonus, since there’s no annual fee