Dollarwise

RBC ION+ Visa Review

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Visa > RBC







Advertising disclosure









{{card.name}} Review







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★★★★★











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Pros











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Cons











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Editorial Note: DollarWise may earn a commission on sales made from partner links on this page.





Performance test results





At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.





You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.





The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).









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Rewards











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Perks











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Interest rates













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Insurance











{{factor_score_acceptance}}

















Acceptance











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Approval











The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.





These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.





This weighting allows us to judge cards on their merits and the customers they are designed for.





For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.





Rewards





With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:





Bills{{reward_bills}}
Pharmacy{{reward_drug}}
Gas{{reward_gas}}
Groceries{{reward_grocery}}
Restaurants{{reward_restaurant}}
Specific Stores{{reward_store}}
Travel{{reward_travel}}
All Other Spend{{reward_other}}




Calculating your annual rewards





We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.





Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.





We found that you'd earn this per category:





Bills{{bills_dollarrewards}}
Pharmacy{{drug_dollarrewards}}
Gas{{gas_dollarrewards}}
Groceries{{grocery_dollarrewards}}
Restaurants{{restaurant_dollarrewards}}
Specific Stores{{store_dollarrewards}}
Travel{{travel_dollarrewards}}
All Other Spend{{other_dollarrewards}}




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Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.





This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.





The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.





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We can compare this card to other options by looking at the earn rate by category.





This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.





For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.





In this example, that's a 10% earn rate on gas.





SpendThis CardAverage
Bills{{bills_earnrate}}{{averages.mean_bills_earnrate}}
Pharmacy{{drug_earnrate}}{{averages.mean_drug_earnrate}}
Gas{{gas_earnrate}}{{averages.mean_gas_earnrate}}
Groceries{{grocery_earnrate}}{{averages.mean_grocery_earnrate}}
Restaurant{{restaurant_earnrate}}{{averages.mean_restaurant_earnrate}}
Store{{store_earnrate}}{{averages.mean_store_earnrate}}
Travel{{travel_earnrate}}{{averages.mean_travel_earnrate}}
Other{{other_earnrate}}{{averages.mean_other_earnrate}}
Above, we've calculated the earn rate for the {{card.name}} for every spend category and compared it to the average for all Canadian credit cards.




Redemption methodAnnual rewards
Transfer to partner airlines{{transfer_airlines}}
Fixed points travel{{fixed_points_travel}}
Transfer to partner hotels{{transfer_hotel}}
Redeem for travel{{redeem_travel}}
Apply to statement credit{{statement_credit}}
Ticketmaster{{ticketmaster}}
Charity{{charity}}
Gift cards{{gift_cards}}
Amazon.ca{{amazon}}
Merchandise{{merchandise}}
Make investments{{investments}}
Enjoy experiences{{experiences}}
Car rentals{{car_rental}}
Vacations{{vacation}}
Attractions{{attractions}}
Cash rewards{{cash_rewards}}
Grocery rewards{{grocery_rewards}}
Restaurant rewards{{restaurant_rewards}}
Movie rewards{{movie_rewards}}
Apple / BestBuy{{apple_bestbuy}}
Flight rewards{{flight_rewards}}
Airlines Rewards (Charts){{airlines_rewards_chart}}
CIBC financial products{{cibc_financial_products}}
Air travel - redemptions (scheduled){{air_travel_redemptions_schedule}}
RBC travel{{rbc_travel}}
Transfer to WestJet{{transfer_westjet}}
Transfer to Hudson Bay{{transfer_bay}}
RBC financial products{{rbc_financial_products_rewards}}
Air Canada gift cards{{aircanada_gift_card}}
Air Canada vactions{{air_canada_vacations}}
Electronics gift cards{{electronics_gift_cards}}
Cash - World Elite{{cash_worldelite}}
Cash - Platinum Plus{{cash_platinumplus}}
Banking plans{{banking_plans}}
Desjardins financial products{{desjardins_financial_products}}
Expedia travel{{expedia_td}}
Educational rewards{{education_rewards}}
HSBC financial products{{hsbc_financial_products}}
Walmart{{walmart_rewards}}
Triangle (Canadian Tire){{triangle_rewards}}
Meridian travel{{meridian_travel}}
Direct deposit{{direct_deposit_rewards}}
Costco gift cards{{costco_gift_cards}}
Wireless Rogers rewards{{wireless_rogers_rewards}}
1 Rogers rewards{{1_roger_rewards}}
Other Rogers rewards{{other_roger_rewards}}
Other 1 Rogers rewards{{other_1_roger_rewards}}




For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.





That's equivalent to a {{total_earn_rate}} return on spending.





The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.





This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.





In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.





Fees





The {{card.name}} has a {{card.annualFee}} annual fee.





The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.





Perks





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We manually review the perks of each credit card to determine how they compare to other cards.





The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.





The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.





Interest Rates





Purchase{{purchase_interest_rate}}%
Cash Advance{{cash_advance_interest_rate}}%
Balance Transfer{{balance_transfer_interest_rate}}%




The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.





For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.





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Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.





Insurance coverage





InsuranceThis CardAverage
Extended Warranty{{warranty}}{{averages.median_warranty}}
Purchase Protection{{purchase_protection}}{{averages.median_purchase_protection}}
Travel Accident{{travel_accident}}{{averages.median_travel_accident}}
Emergency Medical Term{{emergency_medical_term}}{{averages.median_emergency_medical_term}}
Emergency Medical over 65{{emergency_medical_65}}{{averages.median_emergency_medical_65}}
Trip Cancellation{{trip_cancellation}}{{averages.median_trip_cancellation}}
Trip Interruption{{trip_interruption}}{{averages.median_trip_interruption}}
Flight Delay{{flight_delay}}{{averages.median_flight_delay}}
Baggage Delay{{baggage_delay_insurance}}{{averages.median_baggage_delay_insurance}}
Lost or Stolen Baggage{{stolen_baggage}}{{averages.median_stolen_baggage}}
Event Cancellation{{event_cancel}}{{averages.median_event_cancel}}
Rental Car Theft & Damage{{rental_theft_damage}}No
Rental Car Personal Effects{{rental_personal}}{{averages.median_rental_personal}}
Rental Car Accident{{rental_accident}}{{averages.median_rental_accident}}
Hotel Burglary{{hotel_burglary}}{{averages.median_hotel_burglary}}
Mobile Phone Insurance{{mobile_insurance}}{{averages.median_mobile_insurance}}
Personal Effects Insurance{{personal_effects}}{{averages.median_personal_effects}}
Price Protection Insurance{{price_protection}}{{averages.median_price_protection}}




We scored it {{factor_score_insurance}} out of 5 for insurance.





It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.





Approval and qualifying







Do I qualify?
Estimated Credit Score{{credit_score_low}} - {{credit_score_high}}
Personal Income{{personal_income}}
Household Income{{household_income}}






Fees
Annual Fee{{card.annualFee}}
Extra Card Fee$0
Card type{{card_type}}






We scored it {{factor_score_approval}} out of 5 for approval.





We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.





This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.





The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.





This puts it in the {{decile.personal_income}} of cards by the income required to qualify.





The RBC ION+ Visa credit card is a solid choice for individuals who want to earn potential rewards across different spending categories while enjoying various benefits. In this review, we will discuss the card’s earning potential, four significant benefits, two drawbacks, and additional relevant information.





Earning potential





This card allows users to earn a variety of points or cash back based on their different spending habits. Some categories, like dining and travel, often have their rewards rates, while other categories like groceries, gas, or recurring bill payments may also see significant earn potentials.





The RBC ION+ Visa offers flexibility in accumulating rewards, making it appealing for various spending preferences and habits.





Benefits






  1. Travel Insurance: The first major benefit of the RBC ION+ Visa card is its extensive travel insurance. Cardholders receive travel medical, trip interruption, trip cancellation, loss or delay of baggage, and auto rental collision or loss damage coverages.

    This comprehensive protection is invaluable for frequent travelers and can save cardholders a considerable amount on separate insurance premiums.




  2. Price Protection: The second major advantage of this card is price protection. If a cardholder makes a purchase and then discovers the same item at a lower price later, RBC ION+ Visa’s price protection can help refund the price difference, offering significant savings and peace of mind when shopping.




  3. Purchase Security and Extended Warranty: The third major advantage of the RBC ION+ Visa card is the addition of purchase security and extended warranty protection for items bought using the card.

    Purchase security helps cover eligible items against damage or theft for a specific period, while the extended warranty protection doubles the manufacturer’s warranty period, up to a maximum extension.

    These features can save cardholders from unforeseen expenses related to repairs or replacements.




  4. RBC Rewards Program: The fourth major advantage of the RBC ION+ Visa card is its participation in the flexible and comprehensive RBC Rewards Program. Cardholders can redeem their rewards points for travel, merchandise, gift cards or cash back, offering numerous options to suit different redemption preferences.





Drawbacks






  1. Annual Fee: A significant drawback of this card is the annual fee, which may deter some potential users. While similar cards on the market might have a lower fee, it’s crucial to weigh the benefits and rewards potential against the costs to determine if the RBC ION+ Visa card is still a good fit for you.




  2. Foreign Transaction Fee: Another drawback of the RBC ION+ Visa card is the foreign transaction fee. For transactions in a foreign currency, the card charges a fee, which may increase costs for frequent international travelers or online shoppers purchasing from international merchants.

    It’s important to consider if this drawback outweighs the travel insurance and rewards program’s advantages when making a decision.





Additional information





The RBC ION+ Visa card also offers an extensive concierge service to help with travel and event planning, further enhancing the travel experience. Additionally, many partner discounts and promotions can add value to this card depending on individual preferences and habits.





Interested in other credit cards? Canadians that like the RBC ION+ Visa credit card also like the RBC ION Visa. If you’re looking for other options you should consider the WestJet RBC MasterCard, and the RBC Avion Visa Infinite Privilege.





FAQ







With the RBC ION+ Visa credit card, you can redeem your points for a variety of rewards through the RBC Rewards program. Here are some detailed options for redemption:






  • Travel: You can redeem points for flights, hotels, car rentals, cruises, and vacation packages. RBC features a user-friendly online travel portal that allows you to book your travel directly and apply your points towards the cost.




  • Merchandise: Choose from a wide variety of products such as electronics, home appliances, fashion, accessories, and more. The RBC Rewards catalogue offers items from reputable brands for you to exchange your points for.




  • Gift Cards: You can convert your points into gift cards from popular retailers, restaurants, or entertainment outlets, giving you the freedom to spend your rewards where you choose.




  • RBC Financial Rewards: Use your points to contribute towards your financial goals by redeeming them for credit on your credit card statement, contributions to an eligible RBC investment account, or payments towards an RBC mortgage.




  • Experiences & Charitable Donations: Redeem your points for exclusive experiences, such as gourmet dining, spa days, or attending special events. You can also choose to donate your points to a charitable organization through the RBC Rewards platform.







The RBC ION+ Visa credit card does charge foreign transaction fees, which is commonly a factor Canadians consider when using credit cards for international purchases.

These fees are typically applied when making purchases in a foreign currency. They are a percentage of the converted Canadian Dollar transaction amount, and with the RBC ION+ Visa credit card, this percentage is 2.5%.





This means that if you spend $100 CAD equivalent in a foreign currency, you will be charged an additional $2.50 as the foreign transaction fee.







The RBC ION+ Visa credit card does not have a specific minimum income requirement to be eligible for the card. However, it is essential for applicants to have a good credit score and meet other basic credit card approval criteria, such as age and residency requirements.







Key benefits






  • Flexible reward earning based on spending categories




  • Access to Visa Tap to Pay for convenient transactions




  • Complimentary travel insurance for trip cancellation, interruption, or emergency medical




  • Extended warranty and purchase protection on eligible items




  • Option to increase credit limit over time upon eligibility




  • Potential for rental car insurance upon enrolment




  • RBC Mobile app and online banking services for easy account management




  • Fraud detection and 24/7 customer service for added security




  • Emergency card replacement service worldwide



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