Rogers World Elite MasterCard Review

I applied for this card after my beloved MBNA World Elite Mastercard sent me a letter announcing that they were going to start charging an annual fee, in addition to devaluing the cash back points (but keeping the points for travel the same).  I then researched 5 alternatives to the MBNA World Elite Mastercard that did not charge a fee and also provided cash back.

After much deliberation, I decided to apply for the Rogers World Elite MasterCard.  The Rogers World Elite Mastercard is a cashback card in disguise.  Here’s my review.

First of all, I was quite impressed that it came in the mail so quickly!  However, I didn’t get a confirmation email like it said on the credit card application page.  However, one small annoyance was that the ‘activate now’ sticker was REALLY sticky and basically my card is all sticky with sticker residue.  Nothing a little oil won’t get rid of, but still.  When you get a World Elite card you expect nothing but the best, right? (jk!!)

Once you get your card, you can also sign up for a Rogers Bank credit card account to monitor your credit card statements and spending, online here.

Here’s my review after using the Rogers World Elite MasterCard for a few years. The card itself has a black sleek design and does look pretty high-end and has been released since 2018.

The Rogers Mastercard Rewards

• There is a $25 cash back rewards welcome bonus if you make a purchase within the first 3 months (to be frank this is a little on the low side for a World Elite card welcome bonus…but hey it is better than nothing)
• 1.50% return on cash back rewards with no maximum spend (a lot of no fee programs or credit card allows you a low fee but the quality of the air isn’t that great.)
• 3% on unlimited cash back rewards on purchases made in foreign currency (they will charge you a 2.5% foreign currency conversion) but you will net 0.5%-ish if you don’t include the crappyish exchange rate the credit card companies will give you
• Can redeem you points using the Mastercard Pay with Rewards app (you have to download it) and you can redeem for whatever you want on your statement (it will show you whether your purchase is eligible for redemption or not)

The Perks

• The Rogers World Elite Mastercard insurance are excellent for a World Elite Mastercard.  The additional perks that you would expect from a World Elite card are (here is a link to the certificate of insurance for more details):
  • Extended Warranty (they will double the manufacturer’s warranty up to a maximum of one year, with limitations, for example, smartphones and drones are excluded from this)
  • Purchase Protection  (the insurer will pay for the replacement or the purchase price of any covered item when it is damaged or stolen within 90 days of purchase on the card)
  • Rental Car Collision/Damage (if the rental was charged to the World Elite Mastercard)
  • Out-of-Province/Out-of-Country Emergency Medical (if you, your spouse and dependents are under age 75 and for the first 10 days if you are under 65 and for 3 days if you are age 65 to 75.  Pre-existing conditions are not covered).  You don’t have to charge your trip on this card to be covered (bonus!).
  • Trip Interruption (up to $1000)- The Rogers World Elite Mastercard insurance
  • Trip Cancellation (up to $1000)

To Get Approved

To get approved you will need a minimum income of more than $80,000 or a household income of more than $150,000 and an approved credit check.

You also need to have a $15,000 minimum spend the year before.  Frankly I have not spent this much but they have not contacted me to tell me I am ineligible to have the card anymore yet.

The Annual Fee

$0.

None!  It’s free!

Supplementary cards are free too.  Music to my ears.  It is one of the few World Elite MasterCard cards that do not charge an annual fee.

Genymoney.ca’s Opinion:

In my opinion, if you want a card that gives a straight up 1.50% cash back with no annual fee, I think you should get this card if you like a straight up 1.50% cash back instead of having to second guess through different categories (like 4% on groceries or something).

I will stay loyal to this card just as I was loyal to the MBNA World Elite credit card for over 12 years.  There aren’t many no fee cash back cards that give 1.50% return.  Most have categories or maximum spends. There are some such as the Tangerine Money Back card that gives 2% cash back, but on other purchases, it equates to 0.5%, which is not very good if you’re looking for ‘one card’ to simplify things.  For the purchases that I tend to make with this card, using this card rather than the Tangerine card will work better for me and give me better ROI.

There are also 10% cash back credit cards available but they are only promotional and not ongoing.

It offers a lot of huge perks, such as out of country travel medical insurance for up to 10 days (if you are under 65) and extended warranty protection and purchase protection.

It also is a great card if you want to travel outside of Canada and want to avoid the foreign conversion fee that most credit card issuers slap on (well you will still have to pay it but it will be compensated with the cash back of 3%).

Related: Equifax vs Transunion , Why the Difference Between the Two?

See the screen show below on how to pay with rewards.  I didn’t download the app but tinkered around with the online option.

Readers, do you have the Rogers World Elite Mastercard?  What do you think of it?

genymoney

GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.