FIDO Mastercard Credit Card Review

Sign Up Cash Value
$25
Annual Fees
$0
Purchase Interest Rate
19.99%
Min Personal Income Required
$15,000
Recommended Credit Score
740 850 670 739 580 669 0 579
Fair-Good
No annual fee ever, 1.25% cashback rewards on everything, 3% cashback rewards on foreign transactions, up to $25 welcome bonus!

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 and offers rich unlimited cashback rewards rates of 3% on all purchases in a foreign currency and 1.25% on all other purchases. There are absolutely no caps, tiers or limits on how much cashback rewards you can earn. You can redeem your cashback rewards as a statement credit, or against a FIDO service or product. Moreover, although not in effect yet, FIDO holders will earn 2% cashback rewards on FidoTM products and services charged to their card including Fido, RogersTM or chatrTM monthly bill as of May 23, 2018.

To make things even more attractive, you can get $25 in cashback rewards as a welcome bonus, just for making a purchase on the card within 3 months of receiving it.

With no annual fee, a $25 welcome bonus, a flat cashback rewards rate of 1.25% and a massive 3% cashback rewards rate on foreign purchases – FIDO is basically 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. 1.25% Cashback Rewards: The 1.25% cashback rewards rate on all purchases is extremely rich when compared to the market for no-fee cards. There are no tiers or limits to how much cashback rewards you can earn – it truly is unlimited. Compare the FIDO Mastercard no annual fee cashback rewards rate of 1.25% to the American Express SimplyCash earn rate of 1.25% or BMO’s CashBack Mastercard of 1%.
  2. 3% Cashback Rewards on Purchases in a Foreign Currency: The FIDO Mastercard, like its cousin the Rogers Mastercard, is one of the few Canadian credit cards to subsidize foreign transaction fees. It offers 3% cashback rewards on foreign purchases (online, travel, cross-border shopping, etc…), making it a rewarding and low-cost tool for shopping or travelling abroad! In fact, by offering 3% cashback rewards 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% in cashback rewards. 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 3% cashback rewards on foreign purchases, but then be charged the foreign transaction fee of 2.5%. As a result, you will actually net 0.5% in cashback rewards (3% cashback rewards – minus 2.5% fee) on each and every foreign transaction. That’s a major difference between the FIDO card and most other cards. Even if you’re not a FIDO customer, you can redeem your cashback rewards as a statement credit at the end of each year.
  3. Accelerated Cashback Rewards for FIDO: Earn 2% cashback rewards on all online and in-store Fido purchases, including your monthly Fido bill (as of May 23rd, 2018)
  4. Cashback Redemption: This is a true cashback rewards credit card whether you’re a FIDO customer or not. You can redeem your cashback rewards as a statement credit at the end of each year (apply your cashback rewards against your credit card bill). Or, you can redeem for any FIDO service or product. Allowing cardholders to redeem as a statement credit makes it universally applicable, whether you’re a FIDO customer or not.
  5. No Annual Fee: There is no annual fee on the FIDO Mastercard, ever.
  6. Welcome Bonus: FIDO currently offers a sign-up bonus of $25 when you make your first purchase within 3 months of receiving your card .

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.

  • A high flat cashback rewards rate of 1.25% for a credit card with no annual fee
  • 3% cashback rewards on all foreign purchases. If you cross-border shop, buy online, or travel out of Canada this card is for you
  • 2% cashback rewards on all online and in-store Fido purchases, including monthly Fido bills (as of May 23rd, 2018)
  • 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

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 1.25% cashback rewards as a statement credit – not just against FIDO services and products
  • The 3% cashback rewards rate on foreign purchases makes it one of the best cards for beating 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

Article comments

27 comments
Chris says:

How much credit limit?

The GreedyRates Team says:

Hi Chris,

Good of you to bring your question to GreedyRates. In terms of your potential credit limit with Rogers Bank—the issuer of the FIDO Mastercard—it’ll largely be related to your credit score and other determinants of creditworthiness. Rogers publishes no maximum or minimum credit limit for their FIDO card, so it’s not something you need to worry much about.

One’s approved credit limit is usually a function of the various components on their credit history, which Rogers looks at closely. You can try to estimate your credit limit by considering how much credit you were approved for from your last issuer, and then figure out if your financial situation has improved or declined since then. If you’ve reduced your debt, made timely bill payments, or paid off some other credit cards since your last approval, then the new credit limit will likely be higher.

Thanks again for your comment, and good luck with your application. The FIDO Mastercard is one of the best!

Richard says:

Is there a fee to sign up a second family member on the same account?

GreedyRates says:

Hi Richard, thank you for your question. When you say sign up a family member on the same account, we’re assuming that you want to make them a secondary cardholder and get them a copy of the credit card. We didn’t find anything in the fine print indicating that there would be a fee associated with adding secondary cardholders, so we think you’re okay here. Usually with cards that don’t have an annual fee, it’s also free to add other users to the account, but we suggest checking with Fido if you want a guarantee that there won’t be fees–even for printing the new card. Thanks for your question.

GreedyRates Staff

Michael says:

Hi
Regarding the Fido Mastercard
Along with the mentioned benefits does this card have car rental insurance and/or travel insurance included ?

GreedyRates says:

Hi Michael! Thanks for your question about the Fido Mastercard. It doesn’t have any kind of travel insurance or rental car coverage unfortunately, and instead focuses on cash back rewards. If you’re looking for a card with cash back and some insurance perks, your best bet is something like the BMO Cash Back World Elite Mastercard, which has compllimentary roadside assistance and travel medical protection as well. You can learn more about the card by reading our full BMO CashBack World Elite Mastercard review.

Another great option is the New Amex Simplycash card, which 1.25% cash back and 5.00% as a bonus for the first 6 months. It offers travel accident insurance, and car rental damage and theft coverage, along with some other nice purchase protection features. You can learn more about the card by reading our full SimplyCash Card from American Express review.

Let us know if you’d like to narrow your search further and we’ll gladly help!

GreedyRates Staff

Peter says:

Can I use my cash rewards to pay my credit monthly statement? Assume the current month balance is $50, the cash rewards is $100, can I use the rewards to pay off the balance? How often I may use?

Thanks

GreedyRates says:

Hi Peter, thanks for your question. You’re correct that you can use your cash back against your balance, but it’s only redeemable once per year. Here’s how it works: you’ll indicate to FIDO in December that you want to get your cash back credited to your account, and then it will appear in January. Then you can apply the full amount to your balance and wipe away all that debt in one go! If you have any other inquiries just let us know. Thanks again.

GreedyRates Staff

Vito says:

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?

Cheers!

GreedyRates says:

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

Stephen says:

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!

GreedyRates says:

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

Vito says:

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?

GreedyRates says:

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

Len says:

Yeh, they hit you twice on the foreign fx transaction fee. Happened to me at duty free. Charged me the wrong price on a bottle. They reversed (refunded my card) then charged the correct amount. When I get back home, the first (incorrect) amount was hit, the refund was hit AND the (third) correct amount was hit: three fx conversion fees for one purchase.. Check the amounts before authorizing the payment.

Emad Keryakos says:

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?
Thanks
Emad

GreedyRates says:

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

Steven Bradshaw says:

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!

GreedyRates says:

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

Rose Ann says:

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?

GreedyRates says:

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: https://www.greedyrates.ca/cards/Low-Balance-Transfer-Credit-Cards

Hope that helps,

GreedyRates Staff

Markus Yu says:

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

Thank you.

GreedyRates says:

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

fbdaf says:

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

GreedyRates says:

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

Chris says:

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!

GreedyRates says:

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