Now that globalization has spread its influence all over the world, it’s no longer that rare to have to make a purchase in a currency that is not Canadian dollars. Unfortunately, the fact remains that you still have to pay some moderate fees when you do this that can quickly add up if you’re not careful. Using the Rogers Platinum Mastercard to make these purchases could be a good way to get around this problem, provided that it comes up enough.
Checking Out the Rates
The Rogers Platinum Mastercard is cash back card made available to you by one of Canada’s top telecom companies, Rogers. Knowing that, you would expect it to be one of the more modest offerings available since it is difficult to compete with what the big banks can offer, but it is actually one of the more generous credit cards out there in terms of rewards – at least in the free tier, that is. With it, you could get 1.25% cash back on all standard purchases, 2% cash back on all Rogers products and services, and 3% cash back on any purchase that takes place using a foreign currency. It costs you nothing to get it or keep it and it is extremely easy to get, requiring only mediocre credit and a little bit of consistent income. It’s probably out of reach for you as a starter card, but it’s one you could consider upgrading to or adding as a backup to your wallet if you’ve had a truly basic card for a while and used it well. There is one specific reason why you would want to keep this card around even if you aren’t going to be using it every day, as we’ll get into below.
Bonus Categories For the 21st Century
One thing that immediately stands out about the Rogers Platinum Mastercard is its unusual, if somewhat expected, bonus categories. The nice thing about them is that they aren’t just unique; they’re also highly applicable to the average person’s life. Take the middle-level bonus category, for example. Telecom bills are a big expense in a modern household, often ranging into hundreds of dollars each month in bills when all the different services you might be using are accounted for together. Getting 2% cash back on all those bills can net you an appreciable sum of cash all on its own, and the fact that these types of bills are perfect to put on autopay with a credit card only makes the prospect better. Once you have things set up properly, you could theoretically be raking in a little extra cash each month just by taking care of your expenses in a more efficient manner. Of course, in order to this over the long term, you will have to be prepared to commit your business to Rogers for the foreseeable future, which not everyone may want to do. Nevertheless, at least some people are satisfied with their services and would not mind forgoing the option to switch. Getting your setup established will make things so easy and pleasant for you that you may not want to consider the idea for that reason alone.
Foreign Exchange Fees Are No More
The most noteworthy aspect of this card overall, though, is the fact that it can get rid of the impact of foreign transaction fees, albeit in an indirect manner. Foreign exchange fees are charged by most cards whenever you buy something in a foreign currency, the same conditions under which you qualify for this card’s 3% cash back rate. There are many cards out there that eliminate these fees altogether, producing nearly the same effect as the boosted reward rate you get here. The main differences between those cards and this one, though, have to do with both accessibility and the balance of rates. The first point is the most important one; although those types of cards certainly exist and are out there, they are generally high-tier cards that people with low incomes or unimpressive credit scores will not be able to get. This card is much easier to get than those elite versions and is also free, negating another potential reason why some people might have had to pass it up. This makes it possible for even those who would otherwise not be able to get a card that specifically waives the foreign transaction fee to buy in different currencies without paying extra to do it.
On top of this very important point, it’s also noteworthy that this card actually does better than just removing the fees – it actually allows you to profit off of those transactions a little bit by edging the bonus rate just a little bit higher than the fee charged. Since it sits at 3% on its own, you’ll come out 0.5% ahead each time you buy something and the 2.5% fee is charged. That actually makes it a superior option to those other cards anyway, at least in this single capacity. There are other things which individual consumers might like more about the other cards, but it you’re specifically looking for something to make cross-border shopping easier and less expensive, the Rogers Platinum Mastercard is probably your best bet regardless of what your other options are.
Could the Rogers Platinum Mastercard Be For You?
The Rogers Platinum Mastercard is a good enough card for general purpose use, but it really shines when used for its unusual ability to get around pesky fees. Frequent online shoppers in particular will love the opportunities it gets you to turn a transaction that usually costs you a bit more money into one that earns you a bit back instead. Dedicated Rogers customers who spend a fair amount of money on their phone, TV or internet bills each month might also appreciate the extra money they will get for those expenses, too. If neither of these apply to you, there’s nothing that special about this card to recommend it to you, but it isn’t offering a bad deal, either. You can take it or leave it, but if you do decide to use it, it will serve you just fine.