Rogers™ World Elite® Mastercard® Review

Rogers, a company better known for its communication and media business than its financial services, is clearly looking to shake up Canada’s credit card marketplace with the launch of an exciting new ‘free premium’ card.

With lucrative cash back rewards rates on both foreign currency and CAD purchases, as well as solid insurance benefits and no annual fee, Rogers’ new offer may win over many Canadians looking for shelter from some foreign transaction fees and the chance to earn on their domestic purchases as well.

Rogers™ World Elite® Mastercard® Cash Back Rewards Structure

The Rogers™ World Elite® Mastercard® gives cardholders some of the best cash back rewards rates available for a no-fee card—for both USD and domestic purchases. Cardholders receive:

• 3% unlimited cash back rewards on purchases made in U.S. dollars
• 1.5% unlimited cash back rewards on all other Canadian dollar purchases

While it does charge a forex fee of 2.5%, the fee is offset (and then some) by the cash back rewards rate of 3% on purchases made in U.S. dollars. Certainly, the Rogers™ World Elite® Mastercard® will provide competition for popular no foreign transaction fee cards like the Home Trust Preferred Visa, which has no annual fee but only offers a uniform 1% cash back¹ on eligible purchases. For some, it may also outshine the Scotiabank Passport® Visa Infinite* Card, which has no foreign transaction fees and great perks but comes with an annual fee of $150.

For domestic cash back, comparable no-fee cards are the Tangerine Money-Back Credit Card and the SimplyCash® Card from American Express. The Tangerine Money-Back Credit Card gives 2% unlimited cash back, but only in 2 or 3 categories of the cardholder’s choice. All other purchases earn only 0.50% cash back. The SimplyCash® Card from American Express earns 2% cash back on eligible gas purchases in Canada, 2% cash back on eligible grocery purchases in Canada (up to $300 cash back annually), and 1.25% cash back on all other eligible purchases. But the Rogers™ World Elite® Mastercard® combines both foreign and domestic cash back rewards in the same card.

Other Notable Perks

The Rogers™ World Elite® Mastercard® comes with some travel insurance benefits which are a welcome addition to a no-fee card. These include:

• Extended Warranty and Purchase Protection
• Rental Car Collision/Damage
• Out-of-Province/Out-of-Country Emergency Medical
• Trip Interruption
• Trip Cancellation
• Complimentary membership to Mastercard Travel Pass provided by DragonPass with access to over 1,300 airport lounges worldwide at $32 USD per person per visit

You’ll also get a welcome bonus of $25 in cash back rewards for making your first purchase on the card within the first 3 months. Conditions apply.

Cash Back Rewards Redemption Policy

Rewards can be redeemed for a statement credit against Rogers, Fido or chatr products or services—but also on-demand against other everyday items on your Rogers™ World Elite® Mastercard® balance such as gas, groceries, travel, restaurants and more. This is accomplished by redeeming as little as $20 at a time on the handy Mastercard Pay with Rewards application, but also the Pay with Rewards portal on the card website.

A once-yearly lump 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) if preferred. 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 rewards 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.

Who’s the Card For?

The Rogers™ World Elite® Mastercard® is a great option for Canadian travelers looking to make up for the foreign transaction fees they’re charged on U.S. purchases, while still retaining the ability to generate significant cash back rewards on their purchases at home in CAD. All in all, if you’re looking for a no annual fee credit card that nullifies FX charges and offers an enticing lineup of other perks, the Rogers™ World Elite® Mastercard® is a superlative option.

But before you get too excited about Roger’s offering, there is an important caveat to be aware of: to apply for the World Elite Mastercard you must have a personal income of $80,000 or a household income of $150,000. If you fit those requirements it’s an attractive option for a credit card with premium perks, without the premium price tag. If you don’t meet those requirements, you should consider one of the alternative cards we mentioned.