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Rogers World Elite Mastercard getting worse starting June 2, 2020
February 19, 2020
10:33 am
Peter
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Ref: https://www.rogersbank.com/legaldocs/en/change_in_terms_world_elite.pdf

Base earn rate decreasing:
* Old: 1.75% cash back on non-Rogers purchases; 2.00% cash back on Rogers products
* New: 1.50% cash back on all CAD purchases, including Rogers products

Foreign exchange purchases earn rate decreasing:
* Old: 4.00% cash back on all purchases made in foreign currencies
* New: 3.00% cash back on USD purchases only

If you have the Rogers Platinum Mastercard, the changes are similar (https://www.rogersbank.com/legaldocs/en/change_in_terms_platinum.pdf):

Base earn rate decreasing:
* Old: 1.25% cash back on non-Rogers purchases; 2.00% cash back on Rogers products
* New: 1.00% cash back on all CAD purchases, including Rogers products

Foreign exchange purchases earn rate decreasing:
* Old: 3.00% cash back on all purchases made in foreign currencies
* New: 3.00% cash back on USD purchases only

February 19, 2020
11:45 am
Slybanking
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That was my main card, especially good for traveling in Europe. Too bad.
But hey, they are adding something new.

NEW BENEFITS to enjoy including• Global WiFi for the Primary Cardholder. Whatever that is.
sf-smile

February 19, 2020
11:47 am
hwyc
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Plus annual min spend of $15,000 requirement or else ... sf-surprised

February 19, 2020
12:19 pm
jimy
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hwyc said
Plus annual min spend of $15,000 requirement or else ... sf-surprised  

Cancelling mine..15k..wtf..never heard of this for a credit card.

February 19, 2020
6:30 pm
Joe
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Wow...that was my favourite card.

Tangerine....Canada's best bank. LBC.............Canada's 2nd best bank.
Hubert.....worst bank in Canada.

February 19, 2020
10:40 pm
Loonie
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The minimum annual spend is based on a fiscal year starting August 1. It only applies to the World Elite card.

These are still excellent cards for USD purchases. And they didn't introduce a fee.

Thanks, Peter, for letting us know.

February 20, 2020
4:49 am
davidgeorge
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No annual fee and 2.5% foreign exchange fee.

February 20, 2020
6:09 am
beta2020
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That's too bad but not surprising I guess due to the reduction in interchange fees. Many people were warning this could happen. As far as I know, there aren't a lot of other good alternatives so I will keep using it for now. However I do see people on RFD talking about the HSBC World Elite card which might be a good option for some: https://www.hsbc.ca/credit-cards/offers/chooseworldelite/.

Regarding global wifi, I think that is for when your in one of those US airports that don't offer wifi unless you pay? See: https://redeem.boingo.com/mcsi/
Perhaps it works elsewhere too.

February 20, 2020
5:02 pm
dougjp
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My wife has a Platinum card. This all of a sudden makes it one of the worst no fee cards out there. She makes me lose my hair by not doing anything about it when this kind of thing happens. Banks think complacency is great/found money. 🙁

Lots of other better no fee card options, depending on how one uses their card. AMEX 1.25% on everything (but limited places that accept it, luckily big ticket item sellers do, eg: airlines). Tangerine 2% on 3 types of purchases if you have a savings account to credit the monthly cash back to (no minimum balance required). I chose grocery, restaurants and gas, but your choice. PC Elite Mastercard 3% at Loblaws, independent etc., 1% on others.

I would never use a Cdn. card in the US as there is an FX fee and poor exchange rates too. A US$ card and US account is the best way, pick your FX conversion times and amounts (larger amounts get better conversion rates some places).

"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green

February 20, 2020
5:08 pm
implode
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I called in to get a refund on my negative balance as I had redeemed a bunch of my points and had still paid off my balance in full. After I get the refund, I will call in again to cancel my World Elite.

February 21, 2020
7:34 am
Londonguy
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dougjp said
I would never use a Cdn. card in the US as there is an FX fee and poor exchange rates too. A US$ card and US account is the best way, pick your FX conversion times and amounts (larger amounts get better conversion rates some places).  

Just for the record, the Brim Financial no-fee MasterCard does not charge a FX fee and converts US$ / foreign purchases at MasterCard's exchange rates. You earn 1% cashback on everything you buy (as a credit against your purchases), 2% at Amazon.

The no-fee HomeTrust Preferred VISA also does not charge a FX fee and similarly earns 1% cashback, but they recently eliminated rewards for foreign purchases specifically, making it less attractive than the Brim MC

February 21, 2020
10:19 am
Nehpets
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For snowbirds living outside Canada for part of the year who do not use their Rogers MC Elite while absent, a minimum spending qualification, especially one as elevated as $15,000 can be unsustainable.

Cash back credit cards in Canada have taken a back seat to similar cards in the U.S. where there are virtually no restrictions on spending minimums and redeeming cashback can be redeemed from the first dollar.

What are the no fee cash back card options currently available in Canada to replace the once outstanding Rogers World Elite card?

Stephen

February 21, 2020
10:34 am
Loonie
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For reviews of Brim MC see previous thread
https://www.highinterestsavings.ca/forum/credit-card-reward-programs/brim-financial-mastercard/#p47687

Stephen, looks like Brim may the the only one at this time.

February 21, 2020
10:44 am
Briguy
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Nehpets said
For snowbirds living outside Canada for part of the year who do not use their Rogers MC Elite while absent, a minimum spending qualification, especially one as elevated as $15,000 can be unsustainable.

Cash back credit cards in Canada have taken a back seat to similar cards in the U.S. where there are virtually no restrictions on spending minimums and redeeming cashback can be redeemed from the first dollar.

What are the no fee cash back card options currently available in Canada to replace the once outstanding Rogers World Elite card?

Stephen  

Some people are speculating that Mastercard told Rogersbank to demand 15K for their World Elite card, so this may become the standard for all World Elite cards, but assuming it doesn't, here's my suggestions:

You would need a combination of no fee Tangerine, Triangle, Presidents Choice and either Stack or Brim.
Tangerine- 2 categories of your choice at 2% cashback ( 3 categories if your cashback goes to an account there )
Triangle- for shopping at CT, Marks, CT or Mobile Gas, roadside assistance and bill pay
Presidents Choice- for shopping at NoFrills,Loblaws, Esso
Brim- 1% cash back, no foreign transaction fee
Stack prepaid card- for no FX at foreign ATM

Annual fee cards:
I'd also recommend to churn Scotiabank Momentum Visa to get 300.00 back within 3 months ( 200.00 from Scotia for 2000 spend plus 100.00 from Peter on this site ).
If you don't want that card but still want to churn, try CIBC Dividend Visa Infinite or TD CashBack Visa Infinite for 200.00 cash back within 3 months if you spend 2000 . Or Amex Simply Cash Preferred: Cashback is 2% on everything, no categories. It has an annual fee of $99 but simply apply through Great Canada Rebatesand get $100 back so FYF.

February 21, 2020
5:46 pm
Save2Retire@55
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Ok. It was my favourite everyday use card! I used to even proudly market it to my family, friends, and colleagues. With these changes, it will be another "SUCKER".
Cancelling the cash back for all but USD is a very bad move! I barely go the states and I will NOT use this card for any non-USD related purchases which means I'd barely hit $15K a year.

Funny I got pre-approved for Tangerine CC just last week. An Email I ignored as always. I guess I am going to accept that offer. 2% is much better than 1.5% plus it is the "Amazing" Tangerine till it becomes a sucker too.

Which one is better? I cancel or let them cancel it?! Just wondering.

February 21, 2020
5:50 pm
Briguy
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Save2Retire@55 said
Ok. It was my favourite everyday use card! I used to even proudly market it to my family, friends, and colleagues. With these changes, it will be another "SUCKER".
Cancelling the cash back for all but USD is a very bad move! I barely go the states and I will NOT use this card for any non-USD related purchases which means I'd barely hit $15K a year.

Funny I got pre-approved for Tangerine CC just last week. An Email I ignored as always. I guess I am going to accept that offer. 2% is much better than 1.5% plus it is the "Amazing" Tangerine till it becomes a sucker too.

Which one is better? I cancel or let them cancel it?! Just wondering.  

They won't cancel it, they will just downgrade World Elite to the regular Rogers credit card. I wouldn't cancel as it won't be downgraded for over a year.

February 21, 2020
6:01 pm
beta2020
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Save2Retire@55 said

Cancelling the cash back for all but USD is a very bad move! I barely go the states and I will NOT use this card for any non-USD related purchases which means I'd barely hit $15K a year.

They are cancelling the cashback for foreign currency purchases not made in USD, like Euros or whatever. If its a purchase done in Canadian dollars you get 1.5% back.

So the Tangerine card gets 2% back in 3 categories.. I still don't think I would personally come out ahead over 1.5% back on every category.

February 21, 2020
7:51 pm
Save2Retire@55
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My MBNA is 2% on Grocery and Gas.
Also my Canadian Tire World Elite is 3% on Grocery (Except Walmart / Costco). Luckily most of my shopping is not Walmart and I don't even go to Costco.
I have been using Canadian Tire Card for groceries and also almost filling up at Gas+. When Walmart, I use MBNA.
If I keep the card, it will be for everything except Gas / Grocery in CAD.
It will not be used for non USD foreign transactions ever.

Seems I am going to apply for Brim and use it for purchases in foreign countries. Sad news .. No good travel insurance with Brim > I will end up buying it which is couple hundred $$ per year. Need to find a balance and go from there.

Why anytime we feel we found the best combination they screw it up!

February 21, 2020
9:03 pm
Save2Retire@55
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Ok. After lots of research, I think the winner is Meridian Visa Infinite. Great insurance (better than Scotiabank Passport Visa Infinite or HSBC World Elite Mastercard) and cheaper than both.

Scotiabank Passport Visa Infinite has an offer but it sucks that they don't allow conversion of Scotia Rewards to Aeroplan anymore.

HSBC has an offer too but again it is using their Travel Reward Redemption which I am not a fan of.

Bottom line: Meridian first year waived fees, amazing insurance (Never seen such coverage on any other CC) which will save me at around $400 just in travel insurances for family.

By end of July .. Rogers will be cancelled and Meridian added to the family of CCs.

February 21, 2020
9:22 pm
Loonie
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Save2Retire@55 said
Ok. It was my favourite everyday use card! I used to even proudly market it to my family, friends, and colleagues. With these changes, it will be another "SUCKER".   

Funny you should mention that. I no longer recommend any credit cards to anyone voluntarily. They have to pry it out of me. I found that people were blaming me when the card in question didn't live up to expectations, so I quit. Now, it's strictly "use at your own risk".

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