RBC Rewards+ Visa
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RBC Rewards+ Visa Card
Pros
- No annual fee
- Earn points on all purchases
- Bonus points for grocery and gas spending
- Easy redemption options for travel and merchandise
Cons
- Limited travel insurance benefits
- Higher interest rates on cash advances
- Foreign transaction fees apply
Key Features
The RBC Rewards+ Visa card is designed to offer flexibility and value through its rewards program, catering to those who frequently spend on everyday purchases. Below are the core features of this credit card:
- Welcome Bonus: Currently, RBC offers a welcome bonus that varies, which may include a number of bonus points if you meet certain spending thresholds within the first few months. Check the RBC website for the most current offers.
- Annual Fee: The annual fee for the RBC Rewards+ Visa can vary. It’s essential to confirm the fee on the official RBC website, as promotions may influence this cost.
- Rewards Structure: Cardholders earn RBC Rewards points on every dollar spent. The standard earning rate typically includes:
- 1 RBC Reward point per dollar spent on everyday purchases.
- Increased points for spending in specific categories (if applicable).
- Redemption Options: Points can be redeemed for travel, merchandise, gift cards, or to offset account balances. Flexibility is a strong point of the RBC Rewards program.
- Insurance Coverage: The card may include travel insurance and purchase protection, which adds value for frequent travelers and online shoppers.
- No Foreign Transaction Fees: If applicable, this feature can be advantageous for those who travel internationally or make purchases in foreign currencies.
Pros & Cons
Like any financial product, the RBC Rewards+ Visa has its advantages and disadvantages. Here’s a breakdown:
Pros
- Flexible Rewards: The ability to redeem points for various options provides significant flexibility.
- Welcome Bonus: A lucrative welcome bonus can provide a substantial initial value if you meet the spending requirements.
- Insurance Benefits: Travel insurance and purchase protection can save you money on unexpected expenses.
- No Foreign Transaction Fees: This is valuable for international travelers.
Cons
- Annual Fee: Depending on the fee, it could outweigh the benefits if you're not a frequent spender.
- Interest Rates: With the prime rate at approximately 7.20%, carrying a balance can lead to high-interest costs. It's critical to pay off your balance in full each month.
- Eligibility Requirements: This card typically requires a good to excellent credit score (generally 650 and above) which may exclude some potential applicants, including newcomers with limited credit histories.
How It Compares
When considering the RBC Rewards+ Visa, it’s prudent to compare it with similar credit cards to ensure it meets your financial needs. Here are two comparable options:
1. TD Rewards Visa Card
- Annual Fee: Similar fee structure; check current rates.
- Rewards: Earn TD Rewards points on every dollar spent, with varying rates for specific categories.
- Welcome Bonus: Often includes a mix of bonus points for initial spending.
- Redemption: Points can also be used for travel, merchandise, and more, like RBC.
2. Scotiabank Gold American Express Card
- Annual Fee: Generally higher than the RBC card but offers extensive travel benefits.
- Rewards: Earn more points per dollar on dining and entertainment, which can be beneficial for lifestyle spenders.
- Welcome Bonus: Typically offers a substantial initial bonus of points.
- Redemption Options: Allows for flexible redemption, particularly in travel.
| Feature | RBC Rewards+ Visa | TD Rewards Visa | Scotiabank Gold Amex |
|---|---|---|---|
| Annual Fee | Varies | Varies | Higher than RBC |
| Welcome Bonus | Check current offer | Check current offer | Substantial bonus |
| Rewards Rate | 1 point per $1 | Similar structure | Higher for dining/entertainment |
| No Foreign Transaction Fees | Yes | No | Yes |
Who It's For
The RBC Rewards+ Visa card is ideal for individuals who:
- Have a good to excellent credit score (typically 650 or higher).
- Value flexible rewards that can be redeemed for a variety of options.
- Are frequent travelers or make purchases in foreign currencies, benefiting from no foreign transaction fees.
- Can pay off their balance in full each month to avoid high-interest charges associated with carrying a balance.
- Are looking for a card that provides additional insurance benefits related to travel and shopping.
Newcomers to Canada may find it challenging to qualify for this card due to credit history requirements, but those with a co-signer or established credit may have better luck.
How to Apply
Applying for the RBC Rewards+ Visa is straightforward. Here are actionable steps to ensure a successful application:
- Check Your Credit Score: Ensure it is in the good to excellent range (650+). If you're a newcomer, consider establishing a credit history first.
- Gather Required Documents: You will need identification (such as a driver's license or passport), proof of income (pay stubs or tax documents), and details of your employment.
- Visit the RBC Website: Go to the official RBC site and navigate to the credit card section to find the Rewards+ Visa application.
- Complete the Application: Fill out the online form accurately. Double-check your information before submission.
- Wait for Approval: RBC will review your application and notify you of the decision. This can take a few minutes to several days.
- Activate Your Card: Once approved, activate your card immediately upon receipt to start enjoying the benefits.
FAQ
What is the interest rate on the RBC Rewards+ Visa?
The interest rate on the RBC Rewards+ Visa varies but can be high, especially with the prime rate at around 7.20%. Always check the current rate on the RBC website and aim to pay off your balance in full to avoid interest charges.
Can I get this card if I'm a newcomer to Canada?
Yes, but it may be challenging due to credit history requirements. You may need to build some credit first or apply with a co-signer who has established credit in Canada.
Are there any foreign transaction fees?
No, the RBC Rewards+ Visa typically does not charge foreign transaction fees, making it suitable for international travelers.
How can I redeem my RBC Rewards points?
Points can be redeemed for travel, merchandise, or gift cards, among other options. The RBC website provides a user-friendly interface for point redemption.
What should I do if I can't pay my balance in full?
If you cannot pay your balance in full, consider making at least the minimum payment to avoid late fees. However, be aware of the accruing interest and create a plan to pay down your balance as quickly as possible.
Not financial advice. Rates and offers change. Read provider terms.
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BGR's editorial team evaluates every Canadian credit card using a 7-factor scoring model aligned with FCAC guidelines.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.