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FIDO MasterCard Credit Card Review

FIDO MasterCard Credit CardFIDO 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?

Apply Now!

FIDO MasterCard Credit Card Review:

1. 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%.

2. 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.

3. 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.

4. No Annual Fee: There is no annual fee on the FIDO MasterCard ever.

5. 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
Apply Now!


  1. Hi GR,

    I have 2 questions with the caveat of being a NON-FIDO customer:

    1) What happens if you opt for the yearly credit statement, but the card owner passes away, what happens to the credit earned?

    I ask because when I compare this hypothetical yet practical example to say the Tangerine credit card, Tangerine allows you to apply the cash credit back into your Tangerine Savings account automatically on a monthly basis and so if the card owner happened to pass away, then that money is in the account and becomes part of the deceased estate and therefore beneficiaries will then have access to those earned funds. However, with FIDO, you must call in every year to have the annual credit applied to your card statement, which I would imagine that “beneficiaries” would not be able to access those funds because they are not authorized on the FIDO account to use the deceased’s card. What happens to those funds? Are they lost?

    2) What happens if you forget to call in to request the annual statement credit to your account? Does the card owner lose those credits or can it be rolled over to the next calendar year?


    • Hi Vito, and thank you for the unique question! We’re sure it will help many others in the future. To answer the first part, while the company does not specifically mention the situation you posed, you can choose when and how often to redeem your credit so long as you have a minimum of $20 in cash back rewards. Additionally, you can contact Rogers Bank once a year to receive a credit for the value of your rewards. Because you can automate how often you receive these rewards, as well as calling in, it could be that you can also automatically transfer those in case of a death in the family. To answer your second question, you can choose how frequently your rewards get credited to you, and the only requirement is that you have a minimum of $20. So if you forget to call before year’s end, you can still redeem your card’s rewards by going online. We hope this answers your questions, and definitely let us know if you find out anything else!

      GreedyRates Staff

  2. Hi Greedyrates,

    I just called Fido and asked about the cash back redemption on the Fido MasterCard. The representative told me that the cash back can only be redeem on Fido related product. So I cannot redeem cash back on the credit card bill.
    Can you confirm if this is true? This is different than the card description written on your website about being able to redeem the cash back on credit card bill. Thanks!

    • Hi Stephen, thanks for your comment. Fido and Rogers both allow easy redemption on their own products and services, but this doesn’t cover other items on the statement. For these other purchases, you’ll have to save up your cash back and request an annual statement credit before December. They will then credit you the year’s total in January – a feature that largely goes unadvertised between both issuers. It could be that the representative you talked to didn’t understand or phrased his or her answer in a bad way. Regardless, you can trust that what we’ve written is true. Thanks!

      GreedyRates Staff

  3. Hi GR,

    I read on some other reviews that if someone were to return merchandise from a foreign currency, then the 2.5% will be charged twice, thereby being in net -5%. Thoughts?

    • Hi Vito,

      Interesting question. We’ve never heard of customers being charged twice, once for a purchase and another time for the return. We assume that you’re worried about not getting the entire amount back when returning goods purchased with a foreign currency. However, we’re certain that you will only be charged once, and then returned the full amount (including the original fee charged for conversion).

      While most issuers charge a currency conversion fee based on spot rates (at the time of purchase), be warned that this rate may have changed slightly between the time of purchase and return, so this could account for any discrepancy you see.

      In the unlikely event you’re charged twice, please get in touch with us and let us know so that we can educate our readers about this phenomenon. Though it’s a dubious notion, we’d like you to follow up no matter the result. Thanks!

      GreedyRates Staff

  4. Hello Greedyrates,
    Thanks for your very useful reviews; I’m looking for a no fee MasterCard with the best cash back for long term use (3-5 years) to consolidated and replace all my current credit cards just as way to pay my day to day expenses. I’m not a customer of Rogers or Fido; which of them you think may be better for me?

    • Hi Emad!

      Thanks for your questions and request for advice – we can surely find a great card for you. Also, thank you for your praise: we work hard to give people here only the most accurate and relevant information.

      Since you mentioned that you want a cash back MasterCard with longevity, we have a single worthwhile suggestion to make. The Rogers Platinum MasterCard is one of the most powerful cash back cards we’ve ever reviewed, giving cardholders an amazing 1.75% cash back on every purchase made everywhere, with absolutely no limits on spending! You also earn 4% cash back on purchases made in a foreign currency – great for travel or for online shopping.

      If you spend just $10,000 on the card per year, in 5 years you will have saved over $700. You’ll be happy to know that it also has no annual fee. Try applying for this card. We think you’ll be very happy with Rogers. Good luck!

      GreedyRates Staff

  5. Hi GreedyRates, very informative site – thanks!

    I just had one question about this card and the Rogers Platinum Mastercard. For the statement credit you can choose to receive “once per year”, is that once per calendar or must you wait to have the card for a full year before redeeming? Not a big deal I guess, but I am curious as I don’t have a Fido/Rogers account and am not intersted in Jays or TSC merchandise. Thanks!

    • Hi Steven,

      You can request your statement credit once per calendar year, and you will receive it as a statement credit the following January. For example, if you make the request in December 2017, it would be applied to your statement in January 2018.

      Hope that helps,

      GreedyRates Staff

  6. Hey what criteria do MBNA use to evalaute the credit one can get. Do they offer line of credit and can one apply a line of credit and transfer some money to repay another credit card in another bank?

    • Hi Rose Ann,

      MBNA’s adjudication and credit line assignment criteria are proprietary. That said, the higher your credit score, the higher your income, the lower your expenses and the lower your total aggregate unsecured credit lines – the higher credit line you will be granted.

      Yes if you get the MBNA Platinum Plus MasterCard, you can transfer your balance from any other credit card, up to your MBNA credit limit, at 0% for 12 months – which is the best published balance transfer rate in Canada right now. You can arrange the balance transfer right on the application. You can see the card on our balance transfer page here: http://www.greedyrates.ca/cards/Low-Balance-Transfer-Credit-Cards

      Hope that helps,

      GreedyRates Staff

  7. When can you redeem the rewards toward fido cellphone bills? End of the year or monthly?

    Thank you.

    • Hi Markus,

      Great question. You can redeem whenever you want, and how often you want for any FIDO bill, when you have at least $20 cash back to redeem – once a week, once a month, once a year, whenever you want. If you want to redeem your cash back as a statement credit against non-FIDO purchases, you can do that at the end of every year.

      Hope that helps!

      GreedyRates Staff

  8. What is the exchange rate Fido uses? I find that my current Capital One World travel has an great exchange rate.

    • Hi,

      FIDO uses Mastercard’s exchange rate for all foreign currency transactions. In fact, in all cases Visa and/or MasterCard are responsible for setting th exchange rates, not the credit card company.

      As a result, FIDO uses the same exchange rate as Capital One’s Aspire Travel World Elite card – except you get 4% cash back as well, instead of Capital One’s 2% rewards rate.

      Hope that helps!

      GreedyRates Staff

  9. Hi Greedyrates, do you know if you get the other $25 bonus if you register your Rogers bill for pre-authorized payment, or only Fido? Thanks!

    • Hi Chris,

      You get the first $25 of the welcome bonus upon your first purchase and the second $25 when you register a FIDO bill. It has to be FIDO, can’t be a Rogers bill. That said, if you have a Rogers bill, why don’t you get the Rogers card? You get more cash back 1.75% versus 1.5%, a $25 welcome bonus and no annual fee when you register your Rogers bill for pre-authorized payment.

      Hope that helps,

      GreedyRates Staff

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