Ironically, the first thing people would notice about Rogers Bank is that it’s not really a bank. It offers no savings or checking accounts, no HISA, RRSP, RESP or any other investment vehicles, no loans or mortgages, none of that.
No, Rogers Bank is, for lack of a better term, a credit card provider. The range of their financial products and services comes down to two things: credit cards and protection services.
Rogers Bank Credit Cards
The three credit cards offered by Rogers Bank seem to stand out for most of the right reasons.
These are all cash back cards, and their perks and benefits also cover a wide range of eligible purchasing scenarios: travel, groceries, point-of-sale, sports game tickets, movies, and virtually everything else. Ineligible purchases include cash advances, fees, balance transfers, interest, returns or payments.
You get cashback in varying degrees, depending on the card you choose. All three credits have no annual or monthly fees, and you can redeem your cash back rewards anywhere, anytime, with no strings attached. Now let’s look at the three Rogers Bank credit cards:
Features and benefits of the Rogers Bank Mastercard
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The annual interest rates on purchases and fees for all three Mastercards are set at 19.99% and 22.99% for cash advances, balance transfers and cash-like transactions. However, if you miss up to two months in a 12-month period, the interest rates rise to 25.99% and 27.99%, respectively.
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Whichever Rogers Bank card you choose, you can receive up to 9 additional cards free of charge.
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Rogers Bank has a simple rewards calculator on their website which anyone can use to check how much they are eligible to receive as a reward.
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Cash Back rewards do not constitute true cash back on your card statement. They exist as points and, once redeemed, can only be applied to other purchases.
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Although it is by no means a complete bank, Rogers also offers an app for online banking needs. It’s designed for 24-hour access to your paper statements and also to stay on top of your card security. The Rogers Bank mobile app is available for Android and Apple devices.
Fido Mastercard
The Fido Mastercard works best for paying telecom bills, mobile devices and accessories, and more. That doesn’t mean you can’t use it for other things.
When you sign up and get the Fido Mastercard, you receive a $25 welcome bonus.
You must have made a purchase with your card within the first three months of obtaining the card to receive the welcome bonus.
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3% unlimited cash back on foreign currency purchases
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2% unlimited cash back on Rogers and Fido products
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25% unlimited cash back on all other CAD purchases
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Cashback rewards can be redeemed annually, monthly, or anywhere, anytime with a minimum threshold of $20.
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Apply your rewards to eligible purchases made in the last 90 days
Despite all its cash back benefits, the Fido Mastercard is not designed to offer travel benefits, as it does not offer any benefits or insurance for travel-related expenses.
Rogers Platinum Mastercard
The Rogers Platinum Mastercard has many similarities with the Fido Mastercard. They benefit from the same cash back rewards.
However, the Platinum Mastercard is designed more for point-of-sale purchases, game tickets, monthly bills, etc.
It also comes with a $25 welcome bonus.
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3% unlimited cash back on foreign currency purchases
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2% unlimited cash back on Rogers and Fido products
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25% unlimited cash back on all other CAD purchases
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Cashback rewards can be redeemed annually, monthly, or anywhere, anytime with a minimum threshold of $20.
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Apply your rewards to eligible purchases made in the last 90 days
Rogers World Elite Mastercard
The Rogers World Elite Mastercard has significant differences from the other two credit cards. This no-fee card is the best credit card offered by Rogers Bank. It offers a number of competitive rewards and benefits that make it a good travel card option.
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4% unlimited cash back on foreign currency purchases
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2% unlimited cash back on Rogers products and services
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75% unlimited cash back on all other CAD purchases
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Cashback rewards can be redeemed annually, monthly, or anywhere, anytime with a minimum threshold of $20.
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Apply your rewards to eligible purchases made in the last 90 days
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Comes with travel and medical insurance coverage (collision/rental car damage, trip interruption and cancellation, extended warranty and purchase protection, out-of-province/out-of-country emergency medical care).
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Comes with complimentary LoungeKey membership access to over 1,000 airport lounges in over 100 countries
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Free access to Boingo Wi-Fi for Mastercard® holders in over 1 million hotspots worldwide
While the Fido and Platinum cards only require applicants to complete a credit check, the Rogers World Elite Mastercard also has a minimum income requirement. For personal income, the minimum is $80,000 and for household income, the minimum is $150,000.
Rogers Bank Alerts and Mastercard Security Features
As a direct result of only offering Mastercard credit cards, the following security benefits apply to all Rogers Bank cards:
This protects you against point-of-sale debit transactions, unauthorized card use, and counterfeit fraud.
As a Rogers Bank cardholder, you also have choices a number of alert types to help you stay on top of your finances. These alerts will be sent by email or SMS.
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Bill Payment Alerts: This will alert you when your payment is due; when your payment is made; and when you missed a payment
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Budget management: thanks to this you will be able to track your daily balance; when your balance exceeds a specific amount; credit available; cash advances; when a purchase exceeds a specific amount; when your payments are due
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Fraud Protection: This will track changes to your credit limit and credit card PIN; request for new person; request or activation of additional card; online purchases by telephone or mail; changes to your personal information; balance transfer or cash advance requests; purchases outside of a specific location
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Transaction Monitoring: This will track all card purchases online, by phone or by mail; purchases of specific merchant categories such as alcohol, gambling, automobiles; cash advance made on the account, purchase beyond a specified amount or outside a specific location
A cardholder can choose any combination of alerts they want for their particular financial habits.
Rogers Bank Insurance Packages
This is the only other product offered by Rogers Bank besides its credit cards. The 3 types of insurance offered by Rogers Bank are:
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Travel insurance
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ProtectorInfo360
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Group balance protection
Travel insurance is provided by Allianz Global Assistance. This helps respond to a number of emergency situations while traveling. The benefits of travel insurance include:
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Extended warranty and purchase protection
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Out-of-Province/Out-of-Country Emergency Medical Care
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Trip interruption
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Trip cancellation
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Collision/damage to rental car
Travel insurance comes as an on-card solution with the Rogers World Elite Mastercard. For the Fido Mastercard and the Rogers Platinum Mastercard, you can purchase the insurance coverage offered by Rogers Bank.
Rogers Bank InfoProtector360
InfoProtector360 from Rogers Bank takes credit card security to another level. Although these security modules must be purchased separately with other cards, they are included with Rogers Bank cards. InfoProtector360 offers:
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Information Protection
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Lost wallet protection
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Travel protection
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Device protection
With this insurance package, you will receive alerts whenever your information appears anywhere online. This will allow you to respond quickly if it is not an authorized event. After a free month, this service will cost you $10.99 per month.
Rogers Bank Group Balance Protection
Rogers Bank Group Balance Protection not only covers you, it also extends to your loved ones. With Group Balance Protection Insurance, you can choose to benefit from coverage for all or some of the following events:
Group balance protection is only for people aged 18 to 64. The monthly premium cost on these insurance plans is $0.99 for every $100 of your Rogers Bank credit card monthly statement balance, plus taxes, if applicable.
Last words
Given that the Rogers World Elite Mastercard is by far the best of the three credit cards, it would make sense that everyone would want it. However, since the entry level for this card is high for a number of individuals and families, the other two cards are also worth considering.
Since all three cards are free and also come with their own benefits, they remain excellent choices. But you can always opt for a card from another bank or financial institution if you feel that Rogers Bank cards are not right for you.
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