FIDO Mastercard Credit Card Review
To start, the FIDO credit card has no annual fee and offers rich unlimited cashback rewards rates of 3% on all purchases in a foreign currency and 1.25% on all other purchases. There are absolutely no caps, tiers or limits on how much cashback rewards you can earn. You can redeem your cashback rewards as a statement credit, against a FIDO or Rogers service or product, or against everyday purchases like gas, groceries, restaurants, flights and more. Additionally, FIDO holders will earn 2% cashback rewards on FidoTM products and services charged to their card including Fido, RogersTM or chatrTM monthly bill.
To make things even more attractive, you can get $25 in cashback rewards as a welcome bonus, just for making a purchase on the card within 3 months of receiving it.
With no annual fee, a $25 welcome bonus, a flat cashback rewards rate of 1.25% and a massive 3% cashback rewards rate on foreign purchases – FIDO is basically paying you to try the card. It’s a risk free entry into a standout product. Why say no?
FIDO Mastercard Credit Card Review:
- 1.25% Cashback Rewards: The 1.25% cashback rewards rate on all purchases is extremely rich when compared to the market for no-fee cards. There are no tiers or limits to how much cashback rewards you can earn – it truly is unlimited. Compare the FIDO Mastercard no annual fee cashback rewards rate of 1.25% to the American Express SimplyCash earn rate of 1.25% or BMO’s CashBack Mastercard of 1%.
- 3% Cashback Rewards on Purchases in a Foreign Currency: The FIDO Mastercard, like its cousin the Rogers Mastercard, is one of the few Canadian credit cards to subsidize foreign transaction fees. It offers 3% cashback rewards on foreign purchases (online, travel, cross-border shopping, etc…), making it a rewarding and low-cost tool for shopping or travelling abroad! In fact, by offering 3% cashback rewards on foreign purchases, the FIDO Mastercard becomes one of the cheapest ways to exchange your money. For example, let’s say your current credit card offer 1% in cashback rewards. When you make a foreign purchase you will be charged a foreign transaction fee of 2.5%. As a result, you will actually lose 1.5% (1% cash back – minus 2.5% fee) on each and every foreign transaction. With the FIDO credit card, you will earn 3% cashback rewards on foreign purchases, but then be charged the foreign transaction fee of 2.5%. As a result, you will actually net 0.5% in cashback rewards (3% cashback rewards – minus 2.5% fee) on each and every foreign transaction. That’s a major difference between the FIDO card and most other cards. Even if you’re not a FIDO customer, you can redeem your cashback rewards as a statement credit at the end of each year or on non-FIDO-related purchases like groceries and gas.
- Accelerated Cashback Rewards for FIDO: Earn 2% cashback rewards on all online and in-store Fido purchases, including your monthly Fido bill.
- Cashback Redemption: This is a true cashback rewards credit card whether you’re a FIDO customer or not. You can redeem your cashback rewards as a statement credit at the end of each year (apply your cashback rewards against your credit card bill). Redemption is also encouraged for gas, groceries, restaurants and more. Or, you can redeem for any FIDO service or product. Allowing cardholders to redeem as a lump-sum statement credit makes it universally applicable, even if you’re waiting until the end of the year.
- No Annual Fee: There is no annual fee on the FIDO Mastercard, ever.
- Welcome Bonus: FIDO currently offers a sign-up bonus of $25 when you make your first purchase within 3 months of receiving your card .
Is the FIDO Mastercard Worth It?
1. For FIDO Customers: If you’re a FIDO customer there are four compelling reasons to get this card and keep it in your wallet.
- A high flat cashback rewards rate of 1.25% for a credit card with no annual fee
- 3% cashback rewards on all foreign purchases. If you cross-border shop, buy online, or travel out of Canada this card is for you
- 2% cashback rewards on all online and in-store Fido purchases, including monthly Fido bills
- No annual fee makes it free to try, with absolutely no risk
- $25 sign-up bonus after your first purchase within 3 months of receiving the card
2. For Non-FIDO Customers: If you’re not a FIDO customer, this may still be the best credit card choice in Canada for you:
- You can redeem your 1.25% cashback rewards as a statement credit and on everyday purchases – not just against FIDO services and products
- The 3% cashback rewards rate on foreign purchases makes it one of the best cards for beating foreign transactions in Canada
- There is no annual fee – ever
- The sign-up bonus of $25 for a first purchase within 3 months is a sweet bonus, since there’s no annual fee
*This post was not sponsored. The views and opinions expressed in this review are purely my own.