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Rogers Red World Elite® Mastercard®

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CIBC Costco Mastercard

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

Rogers Red World Elite® Mastercard®

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

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CIBC Costco Mastercard

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

Finly Rebate

$60 Cash Rebate from FinlyWealth

Finly Rebate

N/A

Rewards Breakdown

Annual Rewards

$720

First Year Bonus

Annual Fee

First Year Value

$720

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

First Year Bonus

Annual Fee

First Year Value

$347.33

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

Insurance Included

Extended Warranty

1 year

Purchase Protection

90 days

Car Rental Damage & Theft

$65,000

Emergency Out of province Medical

$1M, Up to 10 days

Emergency Medical Over 65

$1M, Up to 3 days

Trip Cancellation

$1,000/person, $5,000 maximum

Trip Interruption

$1,000/person, $5,000 maximum

Insurance Included

Extended Warranty

Up to a year

Purchase Protection

Up to 90 days

Mobile Device Insurance

$1000

Extra Benefits

Airport Lounge - Dragon Pass

Pass only, complimentary visits not included

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:

$80,000

Min Household Income:

$150,000

Income Required

Min Personal Income:

$15,000

Min Household Income:

N/A

Welcome Bonus

N/A

Welcome Bonus

N/A

Rewards Rate

3% cash back on all U.S dollar purchases
2% cash back on all regular purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
1.5% cash back on all purchases if you do not have 1 qualifying service

Rewards Rate

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

Is this card worth it?

This card is one of the best in Canada, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is higher than what almost any other card offers, even those with annual fees! Additionally, for a no-fee card, you gain access to an extensive list of travel benefits, many of which are typically offered only with cards that have annual fees. Therefore, we recommend this card to anyone who meets the income requirements, even if you are not a Rogers customer!

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 the Best Cash Back Card in Canada for Rogers, Fido and Shaw customers by FinlyWealth.
Voted the Best No Annual Fee Credit Card in Canada by FinlyWealth.
There is no annual fee which is a notable benefit for a card with such high rewards. Most cards with slightly lower reward rates typically include yearly fees.
Many favorable benefits for travelers.
Many benefits, such as trip cancellation insurance, are only available on credit cards with an annual fee. It is rare to see these benefits on a no-annual-fee card!
Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing your 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

Harder to qualify due to the high credit score and income requirements.
Out of all possible travel insurances, this card is missing Baggage delay and Hotel Burglary insurance. If these two insurances are essential to someone, this card needs to be paired with another travel card to cover them.

Cons