PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
the Rogers Platinum Mastercard
24 Jun 2019

Never Worry About Foreign Currency Purchases Again With the Rogers Platinum Mastercard

Not all credit cards accomplish the same things; some of them excel at performing certain roles for you. The Rogers Platinum Mastercard is one of those cards. Its rewards structure is a bit unusual, but because of that, you can use it for both general uses and recoup some of the money you pay in fees for certain credit card purchases. You can also redeem these rewards in an exceptionally convenient way. There are many ways in which it is a unique offering among Canadian credit cards, and that’s why it merits further investigation.

A Card In Flux

The Rogers Platinum Mastercard has gone through several reinventions at this point, and it’s important to examine this evolution to see what we can learn from it. The first major set of changes occurred in May 2018, when the $29 annual fee that the card originally charged was dropped to $0 (it still is a free card to this day) and adjusted the reward rates slightly to compensate for that change: the 4% cash back rate on all foreign currency purchases dropped to 3% and the 1.75% you used to be able to get on anything you bought in CAD was split into a 2% rate on Rogers products and services and a 1.25% rate on everything else. The second set of changes was finalized in early 2019 and turned the rewards on this card (which had previously only been applicable to purchases you made through Rogers, effectively limiting their use to people who used this company for their telecom needs as well) into a true cash back system that let you apply your credits to your credit card bill regardless of what purchases had gone into running up that balance.

Although the rates have not gone up as a general rule, the final new product has always been at least arguably more favourable to the consumer than what it was previously. The latest change took it from a card with the only niche uses for certain users to one that could potentially have an important place in anyone’s wallet. Rogers has been actively trying to make this card better and more appealing than it was when they first created it, and that means nothing but good things for consumers like you. It’s somewhat likely that there will be more changes made to it in the future, but precedent suggests that these will be done in a way that will make you happy that they were carried out. Rogers is committed to being fair to the borrowers who keep their business running and they have demonstrated as much through their track record since putting this card on the market, letting you feel confident that there may be even more improvements to come.

Redeeming Rewards Has Never Been Easier

We’ve already mentioned that this card’s cash back rewards can be applied to a balance outright in their current form, but the method by which you do that is somewhat unique and deserves to be talked about separately from that mention. Instead of having to log in to the card’s online portal to tap into your rewards, you can do it on the go with the Mastercard Pay With Rewards mobile app. This app is not exclusive to this card, but it does make using it a whole lot more appealing. If you want to buy something while you’re away from home and know that you want to use your rewards to set against the cost, you can do so almost right away. All you have to do is buy the item, as usual, then open up the app and find the relevant purchase record in the list you’ll see there. From there, you can apply any reward money you currently have to that purchase in increments of at least $20 (you can go up by the dollar from there). You can pay it off entirely or just reduce the cost a little if you choose – whatever suits you best at the time. This makes it easy to use your rewards whenever you’d like, even if you only have a little to your name at the time.

You can get the app through the Apple Store or Google Play depending on the operating system that is running on your device. Either version is completely free and can be used at any time to help you manage your rewards and your credit card bills. This extra capacity will be especially appealing to Millennials who are used to doing everything with their phones; not all credit card providers are equally up-to-date with the possibilities of modern technology and many users find it frustrating to lack these kinds of options when they know that they would be relatively easy to implement. That won’t be a problem with the Rogers Platinum Mastercard.

Get Around Those Pesky Foreign Transaction Fees

If you’ve ever bought something with a credit card that was priced in a foreign currency, you probably already know what a foreign transaction fee is. If not, it’s a small sum of money (usually about 2.5% to 3% of the full purchase price, any taxes included) that you are responsible for paying to your credit card provider when you make a purchase in a currency other than CAD. This fee is intended to help cover the expense that the provider incurs when they have to fund the payment in a currency that they don’t necessarily have on hand. These types of payments often require more time and administrative work to handle, too, which also calls for more funding. What we’re getting at is that these fees exist for a reason and your credit card company isn’t charging them to you to rip you off. That admittedly doesn’t make them any more fun to pay, though.

The Rogers Platinum Mastercard actually offers you a way to get out of paying these charges, albeit only in an indirect way. The card doesn’t omit the fees entirely and still charges a fee of 2.5%, but since 3% is still the higher value of the two, the charge will be effectively wiped out and you’ll even get to keep the additional 0.5% cash back that you’ll get on top of it. This transforms purchases made in foreign currency from an expense into a net gain for you, even if it is only a small one. With this rate effective on any foreign currency purchases you make, you won’t have to worry about paying those fees ever again, and that’s something to celebrate even if you rarely had cause to worry about it before.

How Happy Does the Rogers Platinum Mastercard Make Its Users?

The Rogers Platinum Mastercard is not generally known as a well-liked card, but that reputation may be somewhat deceiving. The vast majority of the complaints are focused directly on the customer service that users received (or didn’t receive, as it were) when they had problems with their card. While it’s not ideal to think that you might have a hard time getting your problems addressed when any of them crop up, you should also remember that not everyone will ever need to have any extended interactions with the customer service staff. It’s fairly rare to have any major issues with your card, and if you manage to get by without any disasters, this sub-standard aspect of the card won’t bother you. On the other hand, the way it allows you to get the upper hand during foreign transactions is very well-liked overall, and that doesn’t depend on having any external support to allow you to use it. That’s probably the better benchmark for you to use when judging whether this card will meet your needs.

Do You Want to Use the Rogers Platinum Mastercard?

The Rogers Platinum Mastercard is a more unique credit card option than most of the cards you’ll find in the free tier with it. It makes a much better backup card than it does a card for everyday use. As decent as this card’s reward rates are at the moment, they won’t be of much use to you if you don’t buy a lot of the things they give bonus rewards for. The basic rate is good, but there are cards that can do better and you can probably qualify for them if you seek them out. Keep your eyes fixed on this one if you’re going to be doing a lot of shopping in other countries or online, though – you just can’t beat that 3% rate on foreign currency purchases, and that’s the primary reason for people to be interested in this card. Since it’s free, it’s also not necessarily a bad idea for anyone to keep it around just in case they have occasion to make a purchase in another currency. You never know what life may have in store for you.