Rogers Red Mastercard® vs CIBC Costco Mastercard: Which one is better?

Rogers Red Mastercard®

4.5

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

CIBC Costco Mastercard

3.4

More Details

RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Finly Rebate

$60 Cash Rebate from FinlyWealth

Finly Rebate

N/A

Rewards Breakdown

Annual Rewards

$720

Welcome Bonus

$90

Annual Fee

First Year Value

$810

$720 in years after

Based on $2,000/mo average spending and assuming you have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user. Calculate your rewards.

Rewards Breakdown

Annual Rewards

$347.33

Welcome Bonus

Annual Fee

First Year Value

$347.33

Based on $2,000/mo average spending. Calculate your rewards.

Insurance Included

Balance Protection

Minimum payments

Insurance Included

Mobile Device Insurance

$1000

Purchase Protection

Up to 90 days

Extended Warranty

Up to a year

Extra Benefits

No Cost roaming

5 days

Extra Benefits

N/A

Interest Rates

Purchase:

19.99%

Cash Advance:

22.99%

Interest Rates

Purchase:

20.75%

Cash Advance:

22.49%

Annual Fee

Income Required

Min Personal Income:

N/A

Min Household Income:

N/A

Income Required

Min Personal Income:

$15,000

Min Household Income:

N/A

Welcome Bonus

$60 cash back when you make a mobile wallet purchase within the first 90 days and 6 automatic payments within the first 8 months for your Rogers, Fido or Shaw postpaid service ($90 if redeemed for Rogers, Fido or Shaw purchases).

Welcome Bonus

N/A

Rewards Rate

2% cashback on all purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
2% cashback on all U.S dollar purchases and 1% on all other eligible purchases if you do not have a qualifying Rogers, Fido or Shaw service
1.5x redemption bonus on your earned cash back value when used on Rogers, Fido and Shaw purchases – that’s a 3% cash back value

Rewards Rate

3% cashback on Restaurants and CostcoGas
2% cashback on Costco.ca purchases (Max $160 yearly)
2% cashback on Gas (Max $100 yearly)
1% on everything else

Is this card worth it?

This card is one of our top-ranked options in terms of rewards, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is a higher rate than almost any other card offers, even those with annual fees! If you have a high income of $80K or a household income of $150K, you can apply for the World Elite version of this card, which comes with additional insurance and benefits like a lounge pass.

Is this card worth it?

The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.

Pros

Voted as the Best Cash Back Card in Canada for Rogers, Fido and Shaw Customers by FinlyWealth.
There is no annual fee, a notable perk for a card with such high reward multipliers. Most cards with slightly lower reward rates typically have annual fees.
Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing the value of your earned rewards.
The roam-like benefit is a benefit unique only to this card.
It is accepted at nearly all locations as it's a Mastercard.

Pros

Decent reward rate for a no annual fee credit card
One of the highest cashback rates for restaurant purchases in Canada
Has Mobile insurance

Cons

No real insurance coverage (only balance protection), not even purchase protection or extended warranty which are pretty standard benefits for almost all credit cards.
Low rewards multiplier if you don't have an eligible Rogers, Shaw, or Fido service.

Cons