Amazon Rewards Visa or Rogers Platinum

RankCardBonusRatingApply
1 Amazon.ca Rewards VisaNo Foreign Fees *N/A
2
Rogers Platinum MasterCard
No Annual Fee, Why Not Apply Today? Apply NowReview
*Update: Jan 15, 2018 Chase Canada officially announced that as of March 2018 the only Canadian credit card offering 0% foreign exchange fee isno longer available. Nooooo. 

Prior to this announcement, on Apr 2017 Amazon.ca Rewards Visa was no longer available to new customers. While most close to this industry saw this coming, it’s still a blow to anyone that reaped the benefits. We anticipate another card stepping up. Stay tuned.

Published – June 2017

No Foreign Exchange Fees & 2% Cashback on Amazon.ca Purchases

Are you considering the Amazon.ca Rewards Visa? If so, there are two questions you should ask yourself:

  1. Do you spend an enormous amount on amazon.ca?
  2. Is it important for you to make withdrawals from ATMs in non-Canadian currencies?

If the answer to either of these questions is an emphatic “yes!”, then this is a great card for you. If not, then perhaps it is best to look elsewhere, as we explain below.

Why Pick the Amazon.ca Rewards Visa Card Over, say, Rogers Platinum?

Fees and Welcome Bonus

In terms of fees and sign up bonuses, the Amazon and Rogers Platinum Mastercard cards are a wash – Amazon has no fee and gives a $20 Amazon voucher upon card activation; Rogers offers a $25 welcome bonus without requirement, and waives the annual fee for customers (first-year fee waived regardless).

Which card is better comes down to two aspects – cashback and the foreign exchange fee waiver programs.

Cashback

With Amazon you’ll get a very nice 2% on Amazon purchases and 1% on everything else; Rogers gives a flat 1.25% on everything. For Amazon to win this battle, you need to spend more than 25% of all your charges on Amazon.ca. There are some that might indeed fit this category, but most would be better off with a flat rate.

Amazon pays cash back directly into customer accounts at $20 increments – so depending on your payment split, expect that $20 somewhere between $1000 (100% amazon spend) and $2,000 (no amazon spend). While automatic crediting is very convenient, $20 increments is rather large, and there is a good chance customers will experience some spillage, or unusable points.

Rogers offers a few options. You may automatically pay down your Roger’s bill every month with however much credit you’ve accrued; you may use a “pay with rewards” app which allows payment, no matter how small, with your accrued cash back at any MasterCard-accepting merchant; or once annually you can request a redemption of all accrued cash back as a statement credit. Some options more convenient than others, but you will leave no point behind.

On to Foreign Exchange

Amazon.ca Foreign Exchange Fees

If you make purchases in non-Canadian dollars, whether due to travel or online shopping, we behoove you to get yourself a card with no foreign transaction fees. And in our view, this is the best aspect of the Amazon card. Credit card users charge approximately 2.5% of a purchase price in foreign exchange fees, and this charge is waived in its entirety by the good folks over at Amazon.

However. Rogers doesn’t waive the fee; it offers 3% cashback on purchases in foreign currencies. Subtract the 2.5% exchange fee from 3% and you are left with .5% cash back on those purchases; Amazon waives those fees and offers 1% (remember, only amazon.ca purchases get 2%).

Foreign ATMs – an Amazon Exclusive!

Here is the one area where Amazon really shines. Amazon is the ONLY card in the marketplace (please let us know in comments if we are mistaken) that waives the approximate 2.5% exchange fee when withdrawing foreign currencies. This is a serious plus for anyone who ever finds themselves in the position of withdrawing USD, or EUR, or GBP, or whatever other currency is needed in your destination country.

Closing Balance

As you have most likely concluded by this point, the Amazon Reward’s credit card for Canada excels in some very specific spending niches, and falls a bit short in others. Our final verdict – if you shop almost exclusively at Amazon.ca OR you withdraw cash abroad from cash points – go for the Amazon card. Otherwise, our favorite cashback and foreign exchange card is Rogers Platinum, due both to a better flat cashback rate and a higher effective rate of return on foreign purchases.

RankCardBonusRatingApply
1 Amazon.ca Rewards VisaNo Foreign Fees *N/A
2
Rogers Platinum MasterCard
No Annual Fee, Why Not Apply Today? Apply NowReview
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2 Responses to “Amazon Rewards Visa or Rogers Platinum”

  1. hi thank you for this, i like the direct comparison between cards. for me the rogers seems superior to amazon – what about rogers versus the marriott for no-foreign exchange fee cards?

    1. Appreciate the kind words, and very chuffed you have found our site and taken the time to leave a comment! As you have noted, the Marriott is the third and final Canadian card that waives foreign exchange fees. Which is preferable depends greatly on your spending habits.

      The Chase Marriott welcome offer is one of the best in the market, and so if you are looking for instant gratification, sign up there and get gratified. However, not only does Rogers have the best cashback rate on foreign currency transactions, Marriott points are redeemable only for use at Marriott hotels. So come for the Marriott, stay for the Rogers?

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