Having a credit card in your wallet that offers good cash back always comes in handy, especially if you are in the habit of shopping more through plastic cards than paper bills. However, it gets quite tiresome to find out a single best cash back credit card.
Rogers World Elite Mastercard could be an excellent choice for you if you spend a considerable amount of money through cards, travels a lot, and make purchases in other currencies.
Rogers is a wireless telecommunication company, and when it introduced its Mastercard credit cards in 2018, I was surprised and a bit skeptical as well. But in the last two years or so, Rogers’s credit cards have come a long way and taken away my skepticism. It is now among the best Mastercards in Canada.
Here, I am going to give you a rundown on Rogers World Elite Mastercard. I will talk about its outstanding features, cash back details, fees, and whether it is the right choice for you to make your everyday transactions.
Use: Credit card
Wealthawesome Score: 3.5/5
- No annual fee
- Lucrative cash back rewards
- Welcome bonus
- Good emergency medical insurance
- Unlocks Mastercard Airport Experiences
- A high-income requirement— $80,000 personal or $150,000 annual household income
- June 2020 changes will greatly devalue this credit card
Summary: Great credit card.. for now. On June 2020, downgrading its cash back reward and increasing minimum annual spend requirement, making it much less appealing.
No-fee credit card
Rogers World Elite Mastercard Review
You can’t evaluate the use of Rogers credit card without looking at its different features in detail. So, let’s delve into this detail.
Cash Backs Covers All Avenues of Spending
Whether you are spending in Canadian or foreign currency, you get cash back rewards with Rogers World Elite Mastercard. Rogers also offers a high cash back rate on its own services and products as well. The details of cash back rates in all these different instances are:
- 4% cash back on purchases made in foreign currencies
- 1.75% cash back on purchases made in Canadian dollars
- 2% cash back on Rogers services and products
Keep in mind that you have to pay a 2.5% foreign transaction fee to avail 4% cash back reward. Despite this deduction, the cash back reward is still better than that of many no-foreign currency transaction fee Canadian credit cards. Also, you get a $25 welcome cash back on the first purchase you make within 90 days after receiving your card.
Overall, it is a good cash back program for a no-annual-fee credit card.
Easy and Instant Redemption of Cash Back Rewards
With Rogers Elite Mastercard, you don’t have to wait all year long to redeem your cash back reward. Nor can you redeem it only on Rogers services and products. You can ask for cash back for the last 90 days on any of the eligible (minimum $20) purchases via Mastercard Pay with a Reward app on your phone. You can also automate the redemption on your next eligible purchase via the app.
One of the Best Travel Insurance Benefits
As mentioned earlier, this Mastercard credit card is perfect for those who tend to travel more often. Therefore, Rogers customer reward program with this card includes a list of travel insurance benefits. For starters, you get a straight $1,000,000 medical insurance for up to a 10-day trip if you are 64 or younger. Then you are also covered for trip cancellation/interruption, rental car damage, general purchases, and warranties.
Note: To make the most of your travel insurance benefits, you have to pay the full amounts of the services mentioned above through your Rogers card. There is no such requirement for medical insurance.
Mastercard Airport Experience
Again, it is a feature you will love if you are a frequent traveler. Roger World Elite Mastercard lets you access over 850 lounges on more than 400 airports all over the world on discounted rates. You also get to avail discounts on hundreds of spas, duty-free shops, and restaurants at the airports.
Watch Out for June 2020 Changes
Excellent cash back reward program, solid travel insurance, and airport perks all around the world— Rogers World Elite Mastercard is one of the better no-annual fee credit cards. However, things are going to change from June 2020.
Rogers has decided to revise its cash back rates and minimum annual spending requirements from June 2, 2020. Rogers is going to slash cash back on purchases made in foreign currencies to 3%. Moreover, the 2% and 1.75% cash back on Rogers product/services on general purchase respectively is being rounded off to 1.5%.
On top of that, Rogers is also increasing the minimum annual expenditure limit to $15,000. If your annual spent doesn’t cross this threshold, your card and cash back reward will be downgraded further.
These changes are quite stringent and may drive many people to consider other cash back credit cards.
Rogers World Elite Mastercard vs. Other Cash Back Credit Cards
For now, Rogers World Elite Mastercard is among the best cash back credit cards in Canada. However, some other cards are also offering lucrative cash back reward programs that are in close range of Rogers. I have found these cards to be close competitions of Rogers World Elite Mastercard.
Tangerine World Mastercard: offering 2% general cash back on three spending categories plus Mastercard Airport Experiences and some travel insurances.
PC Financial World Elite Mastercard: This is the second Elite Mastercard after Rogers that comes with no annual fees. It offers 3% cash back on PC products and 1% on regular purchases.
Scotia Momentum VISA Infinite Card: It is offering a whopping 4% cash back on overhead bill payments and grocery shopping. You also get 2% cash back on transit purchases. However, you have to pay a $120 annual fee to use this card.
Is Rogers World Elite Mastercard Right for You?
If you are a Rogers customer, travel a lot, and fall within a high-income bracket, you can opt for Rogers World Elite Mastercard. The card is particularly useful for all the shopping being paid in a foreign currency.
You get to pay the foreign transaction fees while availing the 1.5% straight cash back in rewards. Also, the 1.75% cash back on general purchases in the Canadian dollar is not bad, given that it is a no-annual fee card.
However, if you are supposed to spend more on groceries and other domestic chores, you may need to look elsewhere.