Fido MasterCard Review

Fido MC

Fido MasterCard

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Fido MasterCard
8 / 10 Our Vote
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Pros
4% cash back on foreign currency transactions
1.5% on all other purchases
Welcome bonus of $25
Cons
No promotional balance transfer rates
No travel, product or purchase insurance
Summary

When you see a credit card that has no annual fee then you definitely take a second look and start to think about rewards. With the Fido MasterCard, you may not be disappointed at all with the highest cash back rate of 4% on all foreign transactions. Whether you travel abroad or shop for international products from the comfort of your home. All other purchases earn you 1.5% which is another plus point against most other cards that hardly give you 1% cash back. There is no limit on your cash back earnings and has flexible redemption offers.

Just in case you were still not nodding your head in approval then you may check out the welcome bonus of $50. You get $25 with your first purchase and another $25 when you pre-authorize this card on your Fido bill. There is no annual fee for this card and it has all the good reasons to find a place in your wallet. The risk is very less for just trying out and if you happen to be a Fido customer too then saying no to this card gets tougher. The Fido and Rogers Bank team seems to be a winning combination in more ways than one to earn you handsome returns.

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Our Review on Fido MasterCard

Fido MasterCard Pros

As a Fido MasterCard member, you do enjoy few perks that come with their cash back rewards card.

  • Get 4% cash back on foreign currency transactions, whether you travel or not. This is the richest foreign currency rewards by any card and actually nets you a 1.5% gain after the conversion fee of 2.5%. The only other comparable card is from Rogers.
  • Earn 1.5% on all other purchase which is good when you compare to other cards that barely give you 1% cash back.
  • The welcome bonus of $25 for your first purchase and $25 for pre-authorization of Fido bills is an attractive offer. So even if you are not a Fido customer, you still earn $25 bonus.
  • You are able to redeem your cash back as a statement credit at the end of the year. All you need to do is call customer care. Or you may redeem for Fido services or products too and the lowest limit you may redeem is for $20.
  • Since there is no annual fee at all you may try to maximize your earnings with additional cards.

Fido MasterCard Cons

The Fido MasterCard has some drawbacks as follows.

  • This card does not have a comprehensive travel, product or purchase insurance coverage like some other cards.
  • There are no promotional rates for cash advances or balance transfers on this card now. You may find other cards with lower 0% or 1.99% rates that may help you to transfer balances and pay off debt.
  • There are other cards in the market with lower interest rates on purchases and may help you to manage your card balance better.

Fido MasterCard Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on Fido MasterCard Features & Benefits

Some of the main features of the Fido MasterCard are as follows.

Annual Fee

This card has no annual fee for the primary or additional cards. You may ask for more cards and get more users to earn rewards faster. There are other cards in the market with no annual fee but they may not give comparable cash back rewards.

Interest Rate

The annual interest rate for purchases at 19.99% is not exactly impressive if you carry a balance. You may find other cards with lower rates if you know that you may not be able to pay off your balance sooner. In case you default on your payments twice in a year then this rate increases to 25.99%.

Balance Transfer

There are no promotions on balance transfer rates for this card at the moment. The interest rate for balance transfers is 21.50% which may look good when you compare with other cards having an interest rate of 22.99%. Or if you happen to have a card with a promotional 0% or 1.99% rate then you may not like this card for a balance transfer. If you miss payments twice in a year then this rate increases to 25.99%.

Cash Advance

They charge an interest rate of 21.50% for cash advances with a fee of minimum $3.50 per transaction. If you do not pay your minimum payments twice in a year then, this rate increases to 27.99%. That is not a rate at which you may want to carry your card balance and lose your savings.

Foreign Currency Conversion Fees

Any foreign currency transaction that you conduct with this card is converted to Canadian dollars and the exchange rate is set by MasterCard. They charge a 2.5% conversion fee on the converted amount. Since this card gives a 4% cash back rate on foreign currency transactions, you still gain 1.5% even after paying the 2.5% conversion fee.

Credit Score Rating

You may be eligible for this card with a good credit score and it does not need you to have an excellent rating. It is easier to qualify for this card and also gives you good returns.

Rewards

This card gives you 4% cash back on all foreign currency transactions including online and purchases abroad. All other purchase gives you 1.5% cash back which is a good deal when compared to other cards that barely give 1% cash back. If you happen to purchase a lot online and convert currency then you stand to gain more rewards in the long run.

Insurance Features Of Fido MasterCard

The Fido MasterCard does not have the extensive travel or product purchase features that some other cards have. There are other cards in the market that has better insurance benefits, purchase security and extended warranty. You may purchase optional balance protection coverage.

Where Can You Use Fido MasterCard

You may use this card at millions of payment terminals and locations that accept MasterCard. Contactless payment features are also present on this card and you may make secure payments with zero liability and MasterCard SecureCode.

Fido MasterCard Reward Redemption

The cash back rewards can be redeemed from as low as $20 with this card. You may login online and redeem your rewards points. Or you may request a statement credit by calling the Rogers Bank customer care department. Usually, they credit the rewards collected until December in the month of January next year.

Fido MasterCard Contact Information

  • Customer Service Number: 1855 775 2265
  • Fax: 1855 572 7961
  • Mailing Address: PO Box 1417, Sudbury Postal Station B, Sudbury, ON P3E 5K4

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

Fido is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://rogersbank.com/legaldocs/en/Cardholder_Agreement.en.pdf

https://rogersbank.com/legaldocs/en/Fido_MC_Rewards_Terms_and_Conditions.en.pdf


 

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