Quick overview of the Rogers Red World Elite® Mastercard®
Rogers, a company better known for its communication and media business than its financial services, is clearly looking to shake up Canada’s credit card marketplace with the launch of their Rogers Red World Elite® Mastercard®.
We've thoroughly reviewed the Rogers Red World Elite® Mastercard® to help you determine if it aligns with your lifestyle and spending requirements.
Who's it for?
The Rogers Red World Elite® Mastercard® is a great option for Canadian travelers looking to make up for the foreign transaction fees they’re charged on US purchases, while still retaining the ability to generate significant cash back rewards on their purchases at home in CAD. All in all, if you’re looking for a no annual fee credit card that nullifies FX charges and offers an enticing lineup of other perks, the Rogers Red World Elite® Mastercard® is a superlative option.
Pros and cons
Pros
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Lucrative cash back rates on USD and CAD purchases, especially for Rogers, Fido or Shaw customers
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No annual fee with valuable insurance benefits
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Competitive against foreign transaction fee cards
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Convenient cash back redemption options
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Redemption bonus of 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases
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Travel insurance perks and airport lounge access
Cons
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High income requirement: $80,000 personal or $150,000 household
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Foreign transaction fee applies
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Limited redemption options for statement credits
How to earn rewards with the Rogers Red World Elite® Mastercard®
The Rogers Red World Elite® Mastercard® gives cardholders some of the best cash back rewards rates available for a no-fee card—for both USD and domestic purchases. Cardholders receive:
- 3% unlimited cash back rewards on purchases made in U.S. dollars
- 2% unlimited cash back on all eligible non-U.S. dollar purchases if you have one qualifying service with Rogers, Fido or Shaw
- Get 1.5x more cash back every time you redeem for Rogers, Fido or Shaw purchases
While it does charge a forex fee of 2.5% of the transaction in CDN, the fee is offset (and then some) by the cash back rewards rate of 3% on purchases made in US dollars.
1 Cash advances, balance transfers, interest, fees and foreign transactions (including online purchases in foreign currencies) are not eligible for CashBack Rewards.
How to redeem cash back with the Rogers Red World Elite® Mastercard®
Rewards can be redeemed for a statement credit against Rogers, Fido or chatr products or services — but also on-demand against other everyday items on your Rogers Red World Elite® Mastercard® balance such as gas, groceries, travel, restaurants and more. This is accomplished by redeeming as little as $20 at a time on the handy Mastercard Pay with Rewards application, but also the Pay with Rewards portal on the card website.
A once-yearly lump statement credit can be applied directly to the card balance during the month of January (whenever the statement arrives depending on the dates set by the cardholder for billing) if preferred. To receive the statement credit, a cardholder has two paths they can pursue:
- Call Rogers before December 1 to notify them that you want your cash back rewards in January
- Send secured correspondence through the Rogers customer support system (also before December 1). In-person or email activation of this option are unavailable.
Rogers Red World Elite® Mastercard® insurance benefits
The Rogers Red World Elite® Mastercard® comes with some travel insurance benefits which are a welcome addition to a no-fee card. These include:
- Extended warranty and purchase protection: You'll receive an extended 1-year warranty on items bought using this card, along with 90-day protection against theft or damage from the purchase date
- Rental car collision/Damage: This policy covers rental vehicles with an MSRP up to $65,000
- Out-of-province/Out-of-country emergency medical: You get $1 million in coverage for up to 10 days if you are 64 years or under and 3 days of coverage if you're 65+
- Trip interruption and trip cancellation: You are insured for $1,000 per person
Extra benefits
- Complimentary membership to Mastercard Travel Pass provided by DragonPass with access to over 1,300 airport lounges worldwide at USD$32 per person per visit
How the Rogers Red World Elite® Mastercard® compares
Rogers Red World Elite® Mastercard® vs. Tangerine Money-Back Card
The Tangerine Money-Back Credit Card offers a 2% unlimited cash back on purchases within two or three selected categories. This card allows you to choose the cash back categories of your choice. On the other hand, the Rogers Red World Elite® Mastercard® provides a 3% unlimited cash back solely on purchases made in US dollars, 2% unlimited cash back on all eligible non-U.S. dollar purchases (if you have one qualifying service with Rogers, Fido or Shaw)Therefore, if you frequently make transactions in US dollars, particularly during travel or online shopping, the Rogers Red World Elite® Mastercard® would be the preferable choice for you. Both cards have no annual fee.
When it comes to insurance benefits, the Rogers Red World Elite® Mastercard® provides you with more coverage.
Is it worth it?
With lucrative cash back rewards rates on both foreign currency and CAD purchases, as well as solid insurance benefits and no annual fee, this card may win over many Canadians looking for shelter from some foreign transaction fees and the chance to earn on their domestic purchases as well.
Eligibility
To apply for the Rogers Red World Elite® Mastercard® you must have a personal income of $80,000 or a household income of $150,000.
Lubna Umar has worked in the field of personal finance for over 5 years. She has produced a wide variety of content including personal finance guides and insurance reports for brands like RATESDOTCA and the Financial Post. In her free time, she can be found writing fiction or exploring the café culture in Toronto or any other major city.
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