Card Details
Interest Rates
Purchase: 29.99
Cash Advance: 29.99
Annual Fee
$120
Annual Income
Personal: N/A
Household: N/A
Credit Score Estimate
Welcome Bonus
N/A
Card & Reward Type
Card Type: Credit
Reward Type: None
Our Rating
0/5
Institution
Fidem Finance
Rewards
This card has no rewards
Insurance & Benefits
No insurance coverage information available for this card.
No additional benefits available for this card.
Fidem Mastercard® Review
Today you're going to see why the Fidem Mastercard is one to avoid if you are trying to improve your credit score.
Why is that?
High fees and interest rates, no rewards, and poor customer service are to name a few...
Beyond that, there are also much better cards out there that can help to improve your credit score with better customer service, good rewards and practically no fees.
Let's dive right into the good and bad of Fidem while also learning about much better alternatives.
Fidem Mastercard - The Good
There are a few good things about the Fidem Mastercard, but even those don't stand a chance compared to cards like the Neo Secured Credit Card that basically gives a guaranteed approval.
1. Monthly report to credit bureaus
How is having your credit history reported to the Credit Bureau every month a good thing?
Well, if you are trying to improve your credit score quickly, it will help you out a lot.
Why?
It will simply help to update your credit score by giving confidence to creditors that you are capable of making payments on-time and on a monthly basis.
Not every credit card will give you that benefit with confidence.
Technically, there are no set dates to report such information and the frequency of reporting is unknown, hence making your credit score fluctuations more unpredictable.
And did you know that credit reporting is a voluntary practice?
The director of public relations and communications at credit bureau Equifax noted:
It can be anywhere from quarterly to daily for an individual consumer’s information, depending on the choices and practices of the lender or creditor
2. Personalized monthly payment plans
Are you struggling with the monthly credit payments or just want to lower your payments to more manageable portions?
Fidem finance will help you get your finances under control through personalized plans.
Most credit cards have a hard set payment type and schedule but with Fidem, you may be able to create a custom plan to improve your financial conditions. They are also very transparent about their fee structure, although their fees are high so be careful.
3. Easier to get approved
Many credit card providers require an above average credit score to give you approval. With high inflation and higher interest rates, many people may be struggling financially to make ends meet.
Their credit card solution is designed to help those with a less-than-stellar credit score get the financial support they need.
However, their fees are simply too high and not worth it.
Fidem Mastercard - The Bad and The Ugly
1. Very high fees and interest rate
The monthly fee for the Fidem Mastercard starts at $10 per month. That translates to $120 per year for a card that gives you no rewards...
The annual interest rate percentage starts at 29.99%, which is quite high for someone who might be struggling to make their payments.
For a credit card lender that touts about helping consumers improve their credit scores, those fees seem a bit absurd, especially for someone who may be struggling financially.
2. No cashback or rewards
That's right. The Fidem Mastercard gives you no cashback or rewards when you use it for your bills and daily expenses.
The Neo Secured Credit Card (best alternative to Fidem) however gives you one of the highest cashback rates in Canada.
3. Poor or non-existent customer service
Customer service is a very essential part of every financial product, especially one that is trying to help you improve your credit score.
A poor customer service makes your life much more difficult as the card user.
You don't even have to believe me for this.
Check out the Fidem Finance customer reviews for yourself.
Best Alternatives to the Fidem Mastercard
1. Neo Secured Credit Card (with Guaranteed Approval)
Our choice for: Guaranteed approval and earning cashback
Neo Secured Mastercard®
Neo Secured Mastercard®
4.5
go to Neo Financial's website
Welcome Bonus
N/A
Rewards Rate
1% - 4%
Annual Fee
$60
$5 Paid Monthly
Interest Rates
19.99% - 29.99%□ / 22.99% - 31.99%□
If you have a poor credit score and are looking to rebuild it with a secured card, then the Neo Financial Secured Credit Card is the best card to go for. This card offers so much more compared to other secured credit cards on the market, including no monthly fees, a low deposit amount needed to get started, and it is the only credit card that offers some rewards on your purchases!
Pros
- The minimum deposit requirement is only $50, making it accessible to all consumers
- High cashback rates of up to 5% on average at Neo Partners
Cons
- Interest rate could go really high for some customers
- A monthly fee of $5
Rewards
- 1% cash back on grocery purchases up to $500 spending per month (3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to the 0.5-1% cash back tier after hitting spend cap
- 1% cash back on gas purchases up to $500 spending per month (3% cash back with $5k in a Neo everyday account, and 4% cash back with $10k in a Neo everyday account) - drops to the 0.5-1% cash back tier after hitting spend cap
- 0% cash back on all other purchases with $0 in a Neo everyday account, or 0.5% cash back with $5k in a Neo everyday account up to $1,667 spending per month, or 1% cash back with $10k in a Neo everyday account up to $1,667 spending per month - drops to 0% cash back again after hitting spend cap
- +5% earned on average at Neo Partners.
Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.
Benefits
Details
Neo Premium ($4.99/month)
optional.svg)
Neo Travel Benefits ($4.99/month)
optional
Neo Food Cashback boost ($1.99/month)
optional
Neo Mind and Body Perks ($9.99/month)
optional
Eligibility
Credit Score
PoorAnnual Income
N/A
What makes Neo shine compared to Fidem's poor features?
- No monthly, annual or over-limit fees.
- Guaranteed Approval if eligibility requirements are met.
- Small $50 minimum deposit.
- 5% average cashback at thousands of Neo partners. 0.5% cashback guaranteed at Neo partners.
- A modern and user friendly mobile app.
- Auto-pay. (set and forget)
- Top notch customer service.
It's fair to say that Neo stands out as a much better alternative to the Fidem Mastercard. It will help you build your credit history and improve your credit score all the while earning 5%+ cashback at thousands of Neo partners.
This card was also voted Canada's best cashback card as awarded on October 19, 2021 by votes cast in the RewardsCanada.ca Canada’s Choice awards.
We've written an in-depth Neo Credit Card Review that you can read to make a more informed decision and help you compare the Neo Secured card to the Fidem Mastercard.
2. Home Trust Secured Visa
Home Trust Preferred Visa
Home Trust Preferred Visa
3.5
go to Home Trust's website
Welcome Bonus
N/A
Rewards Rate
0% - 1%
Annual Fee
$0
Interest Rates
21.99% / 21.99%"
The Home Trust Visa card is the only no-annual-fee credit card in Canada that offers no foreign transaction fees, which is a significant benefit for frequent travelers. The big catch is that you don't earn any rewards on foreign purchases, so if you have a credit card that gives you a cashback rate close to 2.5%, it might not be worth the hassle to get this card. Other than this benefit, there are no compelling reasons to use this card as your primary credit card.
Pros
- The only No Annual fee Credit Card in Canada that offers No Foreign Transaction Fees
Cons
- Rewards are very average
- No Extended Warranty benefit on this card
Rewards
- 1% cashback on all eligible purchases.
- Foreign transactions don't receive cashback!
Insurance
Coverage
Purchase Protection
Up to 90 days
Benefits
Details
No Foreign Transaction Fees
Eligibility
Credit Score
FairAnnual Income
N/A
This card is simply better than the Fidem Mastercard because it offers 2 fee options:
- $0 fee card
- $59/year fee card
What makes them different?
The $0/year fee option comes with a higher interest rate of 19.99% versus the $59/year option that comes with a lower interest rate of 14.90%.
Depending on how frequent you're able to make your payments, choose the option that works best for you.
Pros:
- Low interest rates
- Payments are reported to both credit bureaus in Canada (TransUnion and Equifax)
- Fraud protection
Cons:
- Approval requires you having a source of income and cannot be in bankruptcy
- $500 minimum security fund deposit is required
- No rewards
The Bottom Line
Overall, the Fidem Mastercard is an "okay" card if you're looking to improve your financial situation and improve your credit score, as long as you can stay on top of the payments and don't mind the monthly $10 fee.
However, the Neo Secured Credit Card is the best alternative choice when it comes to getting a credit card that helps with improving your credit score, not paying a monthly fee and earning cashback at the same time.
Make sure to stay on top of your payments every month, your credit score will visibly improve over time.
But if you're looking for better credit cards that will earn you cash back or points rewards, checkout the best credit cards tool.