Fido Mastercard- Awesome Cashback & More

March 27, 2020
Blog
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If the majority of your spending is in foreign currency, then the Fido Mastercard will not disappoint you. Not only will you get plenty of rewards in return, but the earn rates are also pretty amazing. And all that for $0 every year! Don’t miss out on the opportunity to make the most of your purchases in Fido/Rogers Bank products.

The Fido Mastercard, a flat cashback rewards system
Welcome Bonus1
Rewards Program10
Earning Rates5
Travel Benefits0
Annual Benefits vs. Annual Fee5
Referral Program0
Travel Insurance0
Purchase Coverage0
Foreign Transaction Fees4
Customer Service & Online Experience7
Total32
We recommend the Fido Mastercard: For students who like to travel. There is no annual fee, no caps, tiers or limits on the amount of cashback you can earn plus the card has a rich unlimited cashback rewards rate of 3% on all of the purchases made in foreign currency.

 

We don’t recommend the Fido Mastercard: If you’re looking for a high-end travel card. This card does not have any travel insurance or other benefits, for that matter. You can check our post on top travel credit card choices, where you’ll find info on other choices like the BMO World Elite or the TD Cash Back Visa Infinite Card, although those come with annual fees.

Features & Benefits Of The Rogers Bank Fido Mastercard

Welcome Bonus$25 in cashback rewards upon making your first purchase within 3 months of receiving your card
Earn Rate on Purchases in Foreign Currency3% Unlimited Cash Back Rewards
Earn Rate on Rogers/Fido Products2% Unlimited Cash Back Rewards
Earn Rate on All Other Purchases1.25% Unlimited Cash Back Rewards
Foreign Transaction Fee 2.50%
Annual Fee0

#1 Welcome Bonus

Firstly, you get a $25 welcome bonus in cashback rewards when you make your first purchase within 3 months of receiving the card. With no annual fee, no minimum income requirement, a flat cashback rewards rate of 1.25% and a 3% cash back rewards rate on all your foreign transactions, this is a deal like no other. This is a risk-free entry card. 

Fido Mastercard Welcome Bonus Score: 1/10

#2 Fido Mastercard Rewards Program

Secondly, whether you are a FIDO customer or not, this card is a through-and-through cashback rewards card. You can redeem your Cash Back Rewards as a credit statement at the end of the year as it happens with most cashback cards. However, Rogers Bank and the Fido Cash Back Rewards Program give you the best flexibility of any cashback card, anywhere. This is because you can also choose to receive your rewards as monthly statement credits, or you can download the Pay with Rewards app and redeem as little as $20 towards any eligible purchase as soon as you pay with your Fido card. That’s a 10 out of 10 for the Fido Mastercard!

Fido Mastercard Rewards Program Score: 10/10

#3 Earn Rates with the Fido Mastercard

Spending CategoryPoints Earned Per Dollar Spent
Travel1.25
Food & Drinks1.25
Gas & Groceries1.25
Other1.25 – 3

The earn rate categories on the Fido Mastercard are broken down like this:

  • 3% cash back rewards on foreign currency purchases

The FIDO card subsidizes foreign transaction fees and it’s one of the few Canadian credit cards that do this. As a matter of fact, you earn 3% cash back rewards on foreign transactions and you are charged 2.5% in foreign transaction fees. You will receive a net 0.5% in cashback rewards for every foreign purchase (3%-2.5%).  Additionally, for every purchase made in foreign currency on travel, cross-border shopping, online purchases and so on, the FIDO Mastercard is also among the cheapest ways to exchange your money.

  • 2% Cash Back rewards for all in-store and online FIDO purchases, which includes your monthly FIDO phone bill.
  • 1.25% cashback rewards earned on all other purchases

For a no-fee card, this is a sweet deal. As there are no limits or tiers to how much Cash Back rewards you can earn, the sky is the limit. 

Fido Mastercard Earn Rates Score: 5/10

#4 Travel Benefits

The Fido Credit Card is not created for the traveller in mind. Therefore, it doesn’t bring any special benefits for frequent flyers like travel insurance, lounge access and the like. This is only to be expected from a card that doesn’t have an annual fee. Check out our top picks for travellers’ card if you’re looking for cards with travel perks.

Fido Credit Card Travel Benefits Score: 0/10

#5 Annual Benefits vs. Annual Fee

This card has no annual fee or even a minimum income requirement. It doesn’t charge you for additional cards either, so it’s basically a win-win situation with this card. You can use the calculator on their website to get an estimate of the annual rewards you will earn. For instance, if you spend:

  • $200/ month on gas
  • $800/month on groceries
  • $200/month on restaurants
  • $400/month on department store purchases 

You can earn $396 /year plus a $25 welcome bonus in cashback rewards on first card purchase.

Fido Card Annual Benefits vs. Annual Fee Score: 5/10

#6 Referral Program

This card does not have any referral program. However, if you are looking for cards with a good referral program, check out the Amex Platinum Referrals instead.

Fido Card Referral Program Score: 0/10

#7 Travel Insurance

The card was not built for travellers in mind. It does not have any travel benefits neither does it have any travel insurance. So if you are looking for cards with travel perks, you can check out these amazing cards with travel insurance.

Fido Card Travel Insurance Score: 0/10

#8 Purchase Coverage

While you do get alert notifications via text or email, the protection ends there. This card does not come with any purchase coverage.

Fido Purchase Coverage Score: 0/10

#9 Foreign Transaction Fees

The Fido Mastercard’s 3% Cash Back rewards rate on any of your foreign purchases makes it a desirable card if you are looking for a card that subsidizes foreign transactions in Canada.

However, they do still charge the common 2.5% in all foreign currency transactions. They also charge a $5 fee on cash advances, whether inside or outside Canada, which is not huge, but it still hurts.

Cobalt Card Foreign Transaction Fees Score: 4/10

#10 Customer Service & Online Experience

As a FIDO Mastercard Cardholder, you have a Roger’s Bank Online account which gives you access to your card’s information 24 hours a day, 7 days a week. Not only that, you now have easy access to your dashboard, can view your transactions as and when they occur, your current balance, credit limits as well as any due payments. Most importantly, you have quick access to your e-Statements that you can view, print or save. Not only that, but notifications from card activity, changes, transactions, etc. on your card activity are also in real-time via email or text.

Fido Mastercard Customer Service & Online Experience Score: 7/10

Alternatives To Fido Mastercard

While the cashback is great, this card does not fare well when it comes to travel, so if you regularly cross the border to shop or travel out of Canada, you’ll benefit more by choosing other cards such as the BMO World Elite Card. Also, if you want a bigger signup bonus, then you might want to try TD Cash Back Visa Infinite Card instead, although it does come with annual fees.

BMO World Elite Card

This is the best travel rewards Mastercard in Canada for two reasons: First, frequent travellers will rack up points really quickly: 3 points for every dollar spent on travel, entertainment, and restaurants expenses (the equivalent of 2.4% in travel rewards); 2 points (1.4%) for everything else. Second, you can redeem your points, on your agenda, for some top-notch travel perks. You’ll get a 15% discount on Air Miles flights within North America, MasterCard Airport Experience airport lounge access and four complimentary passes per year ($140 value), among other perks.

Read our post on the BMO World Elite Mastercard to learn more.

TD Cash Back Visa Infinite Card

The annual fee for this card is $120. However as one would expect, the welcome bonus is pretty sweet. The TD Cash Back Visa Infinite offers a 6% cashback welcome bonus on all purchases for the first three months, up to a total spend of $2,000. Totalling a maximum of $200, that is enough to upset the annual fee ($120) and still net your $80. TD also waives the annual fee for this card (equal to $120) the first year, this applies to the primary and first additional cardholder. Be aware that this offer is limited though, and available until May 31, 2020.

Read our post on the TD Cash Back Visa Infinite card to learn more.

Who Should Get The FIDO Mastercard?

The Fido Mastercard’s high flat cashback rewards system of 1.25% with no annual fee is one of the main reasons why this card should be in your wallet. Students and young adults looking to get their first credit cards would benefit from this no-frills card.

Have you used the Fido Mastercard before? Tell us all about your experience by writing a comment below. Also, if you have any questions, we’ll gladly answer them right away.

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