Rogers World Elite Mastercard Review

As mentioned last week, today I am reviewing my most used credit card, the Rogers World Elite Mastercard. Many of you may be surprised that Rogers, a telecommunications company, has their own line of credit cards. I was also surprised myself when this credit card was first introduced to me last year by my colleagues at work. About a third of the office had this credit card due to its amazing value and perks. Flash forward to today, this is still my most used credit card. Let’s begin by talking about it pros.

  • Some of its pros include:
    • No annual fee
    • Various insurance benefits
    • Mobile wallet compatible (Apple pay, Google pay, Samsung pay)
    • Among the best in terms of cash back rewards (1.5% on all purchases, 3% on US purchases)

What catches most people’s attention including mine is the cash back rate. The card has an industry leading 1.5% cash back on ALL purchases. Most credit cards hover around the 1% range or 2% on certain categories. At 1.5%, this card is versatile and provides great value no matter what kind of purchase you make. Having no annual fees is another amazing perk. Most cards with a cash back rate over 1% typically come with annual fees such as the Scotia Momentum Visa Infinite Card and the TD Cash Back Visa Infinite Card.

  • Some of its cons include:
    • Minimum income requirement ($80,000 personal or $150,000 household)
    • To maintain eligibility, you need to have minimum spend of $15,000/yr
    • Perks were downgraded this June (used to be 1.75% on all purchases, 4% on all foreign purchases)

It is unfortunate that the rewards were downgraded this past June. Before the downgrade, I dare say that it is undisputedly one of the best credit cards in Canada. I can live with the 0.25% cash back reduction on purchases but the cash back on foreign purchases was hit way too hard. Going from 4% on all foreign purchases to 3% on US purchases is harsh. On top of the cash back rate changes, they also added a minimum spend of $15,000 per year to maintain eligibility. This makes it difficult for students and young adults like me to stay eligible. I know for a fact that I will be on the lookout for a new credit card next year unless the change is reverted.

Final thoughts

This credit card is no longer as good as it once was. If you are someone that prefer cash back credit cards, and are able to meet and maintain the eligibility, the Roger World Elite Credit Card may be for you. However, if you are a young adult that still lives with their parents and/or just starting out your career, I suggest avoiding this card. As mentioned, the changes in June has made it difficult for me to continue using this card and I will definitely be shopping around for a new credit card next year.

Next week, I will discuss the concepts of saving vs. investing.

Photo Credits: Rogers Bank

Leave a Reply

Your email address will not be published. Required fields are marked *