Are you looking for a credit card but feeling unsatisfied by what you’d get from the big banks? The Rogers Platinum Mastercard is a little-known option that might just help you save some money on your Rogers bills.
Earn rewards at some of the highest rates for a no-fee credit card you’ll find in Canada.
|You Are Interested If||You are a Rogers customer and want a way to reduce your monthly bills with your credit card rewards.|
|Brief Description||The Rogers Platinum Mastercard is a no-fee credit card that offers excellent reward rates on paper, though there are some caveats to using it.|
|Main Requirements||This card has the same low income and credit requirements as most low-level cash back or rewards cards.|
|Card Type||This is a cash back card in name, but more of a rewards card in practice (see below).|
Fees and Interest
|Purchase Interest Rate||There will be a 19.99% yearly interest charge applied to normal outstanding statements.|
|Cash Advance||Any cash advances taken out will instead cost 21.50% in annual interest.|
|Balance Transfer||Outstanding balance transfers are also charged the 21.50% interest rate.|
|Income Requirements||There are no specific income requirements for this card.|
|Household Income Requirements||Household income does not have to meet a specific threshold either.|
|Annual Fee||There is no annual fee to pay for this card.|
|Welcome Bonus||When you make your first purchase with this card in the first 3 months of owning it, you’ll get $25 in cash back rewards.|
|How To Earn Points||This card will get you 3% cash back on purchases made in foreign currency, 2% back on Rogers products and services, and 1.25% back for everything else.|
|Benefits||This card does not come with any benefits other than the option to purchase additional balance protection coverage.|
About Rogers Platinum Mastercard
The Rogers Platinum Mastercard is advertised as a cash back card that is intended to rival the ones you would get from any other provider. It positions itself above those other cards with high reward rates right out of the gate; the base rate of 1.25% on all purchases is already a little bit higher than what most cards will give, and the added 2% back on Rogers products and services and especially the 3% back on foreign transactions (no matter whether they’re online or in person) make the whole thing look even better. This is a fairly generous rewards breakdown that is especially advantageous in the way that it offsets the 2.5% foreign transaction fees that are applied when you buy anything in another currency. These fees are standard in the industry and while some cards will waive them directly, those options usually charge an annual fee. This one effectively accomplishes the same thing without a fee and provides an appreciable amount of rewards on top of that. If you charged $1,500 of purchases a month to this card and spent $250 of it on your Rogers cable and cell phone bills as well as $100 of it on foreign purchases, you could earn nearly $22.40 a month.
One extremely important thing for you to know about these rewards, though, is that despite their labelling, they are not true cash back rewards. They can only be redeemed toward purchases of Rogers products (including Toronto Blue Jays tickets and merchandise and merchandise from Today’s Shopping Choice), chatr products or Fido products, or be applied to your bill from any of these companies. There is no way to use them on anything else. This is perhaps unsurprising considering that it’s a Rogers-specific card, but it makes calling these rewards cash back somewhat disingenuous. You are practically required to be a Rogers customer in order to actually use your rewards, even though that isn’t technically necessary to get the card. There are supposedly plans in the works to make these rewards redeemable at any location that accepts Mastercard payment, and this would greatly increase their utility and value. Until it actually happens, though, that potential can’t factor into this or any review of this card.
As if this rewards issue wasn’t enough, there’s another sub-optimal aspect to this card in its non-existent benefits package. While you’ll still get the extended warranty and purchase protection benefits that all cards come with, there are no other incentives to get this card – not even something like a nominal discount on Rogers products and services. You have to use your rewards to achieve that effect. This kind of thing isn’t necessarily a deal-breaker since many lower-level cards like this don’t come with any benefits of note, but it’s another negative point on top of the troublesome reward structure. Put together, these two things largely outweigh the card’s good points.
The Rogers Platinum Mastercard looks much better in theory than it does in practice, but it has the potential to be one of the best cash back cards in Canada if the promised reward changes go through. Until that happens, though, its utility is far too limited to appeal to most potential applicants. Considering that it also lacks any kind of insurance or other perks, there are few true advantages to using it at the moment.
About Rogers Bank
Rogers Bank is a very new and rather small financial institution, having been set up in 2013 for the express purpose of offering this card and two others. As you’d guess from its name, it is owned and operated by the same Rogers company you probably know from the telecommunications industry. It’s hard to say if Rogers will ever expand this bank’s operations beyond mere credit card support, but the possibility does exist.
What We Think
The Rogers Platinum Mastercard has good reward rates on paper, but just doesn’t deliver on the redemption side of things. If you really want to defray the cost of your Rogers bills or happen to be a big fan of the Blue Jays, you might enjoy this card. The general public, however, will get much more use out of just about any other credit card.