Rogers Platinum MasterCard Credit Card Review
Rogers customers should be ecstatic – and so should everyone else. The Rogers Platinum Mastercard is one of Canada’s richest cashback 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 one of the richest flat cashback rewards rates in all of Canada for a no-fee card: 1.25% on ALL spend, with no limits – rich, simple & transparent. Compare that to most other no-fee flat cash back rates and the value is compelling. Moreover, although not in effect yet, Rogers Platinum cardholders will earn 2% cashback rewards on RogersTM products and services charged to their card including Rogers, FidoTM or chatrTM monthly bill as of May 23, 2018.
But perhaps most valuable of all, the Rogers Mastercard is one of a few credit cards in Canada to subsidize foreign transaction fees – a huge benefit – offering 3% cashback rewards when travelling outside Canada or shopping in a non-Canadian currency.
Right now the Rogers Platinum Mastercard offers a $25 welcome bonus in cashback rewards when you make your first purchase within 3 months of receiving your card, and you will never have to pay an annual fee.
With no annual fee, a 1.25% flat cashback rewards rate on all Canadian spend and 3% cashback rewards on foreign purchases, 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.
Rogers Platinum Mastercard Review:
1) 1.25% Cash Back Rewards
The 1.25% flat cash back rewards rate on all purchases is one of the highest earn rates of any no-fee cash back card in Canada. You’ll earn 1.25% 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 1.25% to Amex Simply Cash (also at 1.25%) and BMO CashBack at 1%.
2) 3% Cashback Rewards on Purchases in a Foreign Currency
The Rogers Mastercard is one of the few Canadian credit cards to subsidize foreign transactions. Rogers now offers 3% in cashback rewards on foreign purchases, making it the “cheapest” method to shop or travel abroad!
By subsidizing foreign transaction fees, the Rogers Mastercard becomes one of the cheapest ways to exchange your money. Most credit cards offer 2% or less rewards per dollar spent and charge 2.5% in foreign transaction fees, for a net loss of .5%. Rogers offers 3% cashback rewards on foreign purchases, with a 2.5% foreign transaction fee, for a net cashback rewards gain of 0.5%.
3) No Annual Fee
Cardholders don’t have to pay to get their cashback rewards, because the card comes with no annual fee.
4) Accelerated Cash Back on Rogers Products
Get 2% cashback rewards on Rogers products and services, including Rogers, Fido and Chatr monthly bills (valid as of May 23rd, 2018)
5) Welcome Bonus
Rogers is currently offering a welcome bonus of $25 in cashback rewards when you make your first purchase within 3 months of receiving your card.
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 cashback 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, and tickets bought in person at the Rogers Centre ticket office (Blue Jays, Argos, concerts).
Rogers disclosure statements make 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 cashback rewards against any Rogers/FIDO bill or Rogers/FIDO store purchase, any time.
The statement credit can be applied directly to the card balance during the month of January (whenever the statement arrives depending on the dates set by the cardholder for billing). To receive the statement credit, a cardholder has two paths they can pursue:
- Call Rogers before December 1st to notify them that you want your cash back in January
- Send secured correspondence through the Rogers customer support system (also before December 1st). In-person or email activation of this option are unavailable.
Cashback rewards can be applied to other Rogers services by activating the option through the web portal. The rewards can be used to pay Rogers wireless communications bills and any other Rogers product or service. Automatic payments for Rogers services can be eligible, but the account holder must have a minimum of $20 in rewards in order to apply them to the statements of the other Rogers services.
Though the cashback rewards redemption process for this card is less than ideal, it’s worth the hassle for those who travel quite a bit and rack up substantial foreign trans fees. Those who are put off by the redemption process are recommended to check out the Home Trust Preferred Visa card, which waives foreign transaction fees entirely.
Is the Rogers Platinum Mastercard Worth It?
For Rogers customers: if you’re a Rogers, FIDO, or Chatr customer there are five compelling reasons to get this card and keep it in your wallet.
- One of the highest no-fee, flat cash back rewards rates in the country of 1.25%
- 3% cashback rewards on all purchases made in a foreign currency. If you travel, or buy non-Canadian products online, this card is for you.
- No annual fee makes it free to try
- The $25 sign-up bonus in cash back rewards (when you make your first purchase within 3 months of receiving your card) can be applied against any Rogers bill or store purchase – they’re paying you to try it out.
- 2% cashback rewards on Rogers products and services (as of May 23rd, 2018)
For non-Rogers customers it may still be an amazing value.
- You can redeem your 1.25% cashback rewards as a statement credit – not just against Rogers’ bills & services.
- There is no annual fee.
- Take advantage of the 3% cashback rewards on purchases in a foreign currency.