About Rogers Bank
Rogers Bank is a Canadian financial institution that provides services across the country. It is a Schedule I domestic bank and part of Rogers Communications, one of Canada's most significant communication and media companies. It was founded in 2013 in Toronto in order to provide customers with financial services and products. Rogers Bank is different from other banks as they have quite a small list of provided financial products.
Features
Rogers Bank, the wholly-owned subsidiary of Rogers Communication, was founded in 2013 in Toronto. Now they provide customers with different financial products. Rogers Bank offers customers only credit cards and cardholder protection plans. The bank offers five types of Mastercards and allows customers to connect these to mobile wallets like Apple Pay, Google Pay, and Samsung Pay. That makes the usage of these credit cards more convenient. Mostly, their credit cards have no annual fees, and customers can get several rewards for using them.
Customers can use credit cards provided by Rogers Bank as a regular payment method as they can be used everywhere where Mastercards are accepted. In addition, they can use their mobile wallets at nearly any contactless payment terminal.
Products
As noted above, Rogers Bank offers only one financial product: credit cards. Five variations represent credit cards provided by the bank:
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Rogers World Elite Mastercard. This credit card gives customers several perks, such as cash-back and travel insurance coverage. The annual fee is $0, and customers can get a welcome bonus of up to $25. Also, customers can use this card to make purchases in US dollars, and if they do, they will receive increased cash-back. Customers will have 1,5% cashback for all eligible regular purchases and 3% for purchases in US dollars. However, the requirements for this credit card are very strict. Customers must have an income of $80,000 annual personal income or $150,000 annual household income, and to maintain eligibility, they must have an annual spending of $15,000 each year.
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Rogers Platinum Mastercard. Customers who choose this credit card will receive fewer features but still will have some. There are no travel insurance coverage plans and other perks, and the cash-back rate is lower. Customers will receive only 1% back for their regular purchases but still will have 3% back on every purchase made in US dollars. There are no income requirements. To be eligible for this card, customers must have a credit score higher than 600. Also, there is still a $0 annual fee, and the welcome bonus is the same.
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Fido Mastercard. This credit card also has no annual fees and also has an up to $25 welcome bonus. However, the rewards system is a little bit different. Customers get 1% back on regular everyday purchases but also 1.5% in unlimited cash back rewards on all eligible recurring payments, including their Fido bill, utilities, streaming services, and more. However, there is no extra cash-back in US dollars.
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chatr Secured Mastercard. The chatr Secured Mastercard is suitable for building or repairing customers’ credit card responsibility and earning everyday cash-back rewards. Also, customers can have supplementary benefits such as zero liability, transaction monitoring, mobile wallet compatibility, Tap and Go shopping, etc. On the other hand, this is the only credit card that has a monthly fee which is $5. Customers will have 0,5% of cash back on regular purchases and 1% in unlimited cash back on chatr and Rogers products and services.
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chatr Mastercard. This credit card has almost the same features and conditions as the other ones. There are no annual fees, and the welcome bonus is up to $25. The cash-back rate is 1% on the regular. However, customers can have 3% in unlimited cash back on chatr and Rogers products and services.
Services
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Travel insurance. The bank partners with Allianz Global Assistance and provides customers with options to help cover unexpected expenses, such as trip cancellation, medical emergencies, etc. Several coverage programs may be very helpful for customers, such as Single Trip Emergency Medical, which entails coverage of up to $5 million for unexpected illness or injury while traveling abroad; Trip Cancellation and Interruption, which includes coverage to ease the unrecoverable cost of an unexpectedly canceled, interrupted, or delayed trip; Annual 10-Day Emergency Medical, that involves coverage for medical emergencies outside customers’ home province or territory for an unlimited annual trip and Comprehensive Travel program that involves coverage for almost all types of emergency situations.
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InfoProtector 360. This is a program that was crafted in cooperation with Sigma Loyalty Group. This plan offers customers protection of their information, devices, travel protection, and the lost wallet protection program.
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Optional Group Balance Protection Insurance. This program helps customers to reduce the financial impact of unforeseen events. It is underwritten by the Canadian Premier Life Insurance Company and is billed directly to customers’ Rogers Bank credit card accounts. This insurance plan covers such cases as involuntary job self-employment loss; becoming disabled; being hospitalized or diagnosed with a critical illness, and passing away.
Pros and cons
Rogers Bank has several advantages that can impact customers' decisions on whether to use its services.
Pros
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The bank operates across the whole country;
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The bank provides customers with balance protection plans;
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Customers can apply for one of the credit cards online;
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Customers can manage their credit cards and track all the transactions in the mobile app that can be downloaded on Android or iOS smartphones;
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Rogers Bank’s credit cards can be used anywhere where Mastercards are accepted;
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Customers can receive rewards for purchases;
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Customers can have up to $25 welcome bonuses.
However, some drawbacks also must be taken into account.
Cons
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The bank has a limited selection of credit cards: only five types;
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There are no products and services that are typical for other online banks, such as investment or savings accounts, insurance, or others;
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There are credit cards that are not available for new clients;
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Significant rewards can be received only by World Elite Mastercard holders;
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Insurance coverage is offered only to World Elite Mastercard holders;
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Customers can have only one credit card.
