Rogers Platinum MasterCard Credit Card Review

Rogers MasterCardRogers customers should be ecstatic – and so should everyone else. The new Rogers Platinum Mastercard is one of Canada’s richest cash back cards with a surprising one of a kind feature that makes it stand out from the pack – even if you’re not a Rogers customer, it’s worth a look.

To start, the Rogers MasterCard has the richest flat cash back rate in all of Canada for a no-fee card of 1.75% on ALL spend, with no limits – rich, simple & transparent. Compare that to most other no fee flat cash back rates of .75% to 1.25% and the value is compelling.

But perhaps most unique and valuable of all, the Rogers MasterCard is one of a few credit cards in Canada (other than Chase cards) not to charge a foreign transaction fee – a huge benefit – and savings of 2.5% whether shopping online or travelling outside of Canada.

Right now the Rogers Platinum MasterCard offers a $35 welcome bonus, and you will never have to pay an annual fee as long as your Rogers bill is set up as a pre-authorized payment – regardless, there’s no annual fee in the first year for everyone – Rogers customer or not.

With no annual fee, a whopping 1.75% flat cash back rate on all spend and a savings of 2.5% on foreign transactions there’s every reason to give this card a try, and few reasons not to have this card in your wallet – Rogers customer or not.

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Rogers Platinum MasterCard Review:

1. 1.75% Cash Back: The 1.75% flat cash back rate on all purchases is simply the highest earn rate of any no-fee cash back card in Canada. You’ll earn 1.75% on all purchases, whether it’s at Rogers or elsewhere, with no earning limits or categories.

Compare the Rogers MasterCard no-fee flat earn rate of 1.75% to Amex Simply Cash at 1.25%, BMO CashBack at 1%, RBC Visa Cash Back at 1%, CapOne Aspire Cash Back at 1% and TD Cash Back at .75%.

There seems to be some confusion around what you can redeem for on this card. Let’s be clear. You’ll be able to redeem your cash back rewards as a statement credit OR towards any Rogers product or service including any Rogers, FIDO or Chatr bill, any purchase in a Rogers or Fido store, the Shopping Channel, and tickets bought in person at the Rogers Centre ticket office (Blue Jays, Argos, concerts).

Rogers disclosure statements makes it clear that “you can contact Rogers Bank once per year to receive an annual statement credit for the value of the rewards you have earned during that period.” Or you can apply your cash back against any Rogers/FIDO bill or Rogers/FIDO store purchase, any time.

With the option to redeem your cash back as a statement credit, this card is just as good for non-Rogers customers as it is for Rogers customers! At 1.75% cash back, it’s the richest no restrictions cash back card in Canada.

2. No Foreign Transaction Fees: The Rogers MasterCard is one of the few Canadian credit cards not to charge any foreign transaction fees. Almost every other credit card issuer in Canada, other than Chase, charges 2.5% on any purchase you make in a foreign currency, over and above the exchange rate.

By not charging foreign transaction fees, the Rogers MasterCard becomes one of the cheapest ways to exchange your money. You will only be charged the VISA or MasterCard exchange rate, which comes close to the spot rate. It will beat the exchange rate you get with your debit card, bank branch, airport or exchange bureau by a long shot.

 3. No Annual Fee: There is no annual fee in the first year. Thereafter, there is no annual fee as long as your Rogers bill is set up as a pre-authorized payment on your Rogers credit card. If you do not set-up your Rogers bill as a pre-authorized payment in your second year, the annual fee is $29.

4. Welcome Bonus: Rogers is currently offering a welcome bonus of $35. The way we look at it, the welcome bonus, plus the annual fee waiver make this card free for 2 years for everyone, regardless of whether you’re a Rogers customer or not.

Is the Rogers Platinum MasterCard Worth It?

1. For Rogers Customers: If you’re a Rogers, FIDO, or Chatr customer there are four compelling reasons to get this card and keep it in your wallet.

  • The highest no-fee, flat cash back rate in the country of 1.75%
  • One of only credit cards in Canada not to charge a 2.5% foreign transaction fee. If you travel, or buy non-Canadian products online, this card is for you.
  • No annual fee makes it free to try
  • $35 sign-up bonus, can be applied against any Rogers bill or store purchase – they’re paying you to try it out

2. For Non-Rogers Customers: If you’re a non-Rogers customer, this may still be the best credit card in the Canadian market for you.

  • You can redeem your 1.75% cash back as a statement credit – not just against Rogers’ bills & services
  • There is no annual fee in the first year, making it free to try for at least a year
  • The sign-up bonus of $35 covers the $29 annual fee in the second year, making it free to try for two years
  • Take advantage of the no foreign transaction fees for at least the first two free years. You’ll save 2.5% on your non-Canadian transactions
Apply Now!

13 comments

  1. Will the yearly fee be waived if I set up automatic fido payments with the card?

  2. Hi can you pay your rogers mastercard at the roger’s store using a debit card?

    • Hi Woes,

      Unfortunately you can’t pay your Rogers bill in a Rogers store. However, since you have a debit card, you can add Rogers as a Payee through your bank and pay off your credit card online – you can do it from the comfort of your couch.

      GreedyRates Staff

  3. Hello GreedyRates,

    I found that when it comes to foreign transaction, MasterCard (includes this card, footnote #3) does double conversion that first converts to USD then to CAD. Visa card also does the same but it converts directly to CAD if you made a foreign transaction in specified currencies such as GBP, EUR, USD etc.

    I am not sure how that 1.75% cash-back would benefit the double conversion rate, and I would appreciate if you could compare it with Amazon Visa card that has NO FOREIGN TRANSACTION FEE but gives only 1% of cashback.

    Thanks,

    Daniel

    • Hi Daniel,

      There should be absolutely no impact on the cost of your foreign exchange, this is a big misconception. Whether Rogers converts directly from Euros to CDN, or from Euros to USD, and then USD to CDN, makes no mathematical difference. We’ll show you the math using the the real exchange rates MasterCard used for Feb 11, 2016.

      1. Euro to USD =.886289. US to CDN =.713725. Now multiply .886289 X .713725 =.632566
      2. Euro to CDN = .632567

      You can see there is absolutely no difference, except for what amounts to a rounding error.

      MasterCard isn’t charging a tansaction fee everytime it performs a currency conversion. It’s using wholesale rates. As a result there’s no impact on your exchange rate by using the USD as the base currency. The only difference that will impact the cardholder will be the exchange rates used by Visa and MasterCard. To that effect, we have seen some discrepencies, where sometimes Visa is more expensive, and other times MasterCard. However, we have noticed that when Visa is more expensive it deviates from the mean to a greater extent then MasterCard.

      Hope that helps clarify our understanding.

      GreedyRates Staff

      • Thank you so much clarifying this with mathematical formula. Now i see there is no difference, I will definitely go and apply for the card. You guys are absolutely the best when it comes to credit card comparison. 🙂

  4. I applied for this card last year but when it arrived I was still a bit confused by the “statement credit”. When I phoned for clarification I was told that the “statement credit” was for Rogers services. This would be fine if I was a Rogers customer but I am not. Your article states that the credit could go against the actual credit card statement upon request. It’s too bad the agent didn’t mention this as I cancelled the card before using it and went for the MBNA World Elite. I might switch back over to the Rogers card at the end of the MBNA card year.

    • Hi Mike,

      We are positive you’re allowed to redeem once per year as a statement credit. We called in ourselves. Not only that, we verified their terms. Right in footnote 2 you have the following:

      “You can redeem points towards an eligible purchase made with your Rogers Platinum MasterCard® equal to or greater than $20.00 and up to the full transaction amount, or the cash value of your rewards balance, whichever is less. Or, you can contact Rogers Bank once per year to receive an annual statement credit for the value of the rewards you have earned during that period.”

      It’s a shame you were provided with incorrect information, unless the term is new, since Rogers did revamp the card in 2015. No matter the company, relying on call center staff is dicey. In the future, if your gut tells you the rep is wrong, ask to escalate, or call back and deal with another customer service rep.

      Hope that helps,

      GreedyRates Staff

      • Actually, the MBNA World Elite Card – thanks to this site – has been working out even better with the 2%, $100 gift, and first year waived fee. I am planning to cancel this card before the $89 fee kicks in and try the Rogers card again. Hopefully the first year waived fee deal and $35.00 gift will still apply as, technically, I won’t be a “new” user.

        I am curious if the annual MC statement credit is a relatively new term as a response to non-Rogers customer inquiries or the call center person didn’t know or didn’t bother to check.

        No harm done as the MBNA card is still the better deal for now.

        Cheers,

        Mike

        • I was originally using the MBNA SmartCash card and decided to switch over to the MBNA World Elite. I had accumulated $35 on the SmartCash Card which is under the $50 minimum redemption. I was hanging on to this card but decided to cancel it last evening. When I phoned the card centre I asked about transferring the points before cancelling and the agent placed 3500 points – the equivalent of $35 – to my World Elite account. I am very impressed with the MBNA card and the service.

          Cheers,

          Mike

          • Great feedback. Thanks Mike. Are you paying the $89 annual fee on the MBNA World Elite account now, or did they waive the fee first yeat?

          • I started using the card in November and there was no fee. The $100 sign up gift was applied in two $50 statement credits on the first two statements.

            I’ll have to see how my spending is until October as I’ll need to compare a 2% reward total after the $4450 spend to cover the MBNA fee versus a 1.75% reward total after the $1657 spend to cover the Rogers fee.

            Cheers,

            Mike

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