RBC ION Visa Review
Pros
- No annual fee
- Earn RBC Rewards points on eligible purchases
- Introductory 0% interest rate for the first six months on balance transfers
- Free supplementary cards for additional users
- Access to RBC Mobile Wallet for convenient payments
Cons
- No bonus reward categories for higher earnings
- Limited travel insurance coverage
- No welcome bonus offer
- Lower reward earning rate compared to other RBC credit cards
- May not be suitable for individuals seeking cashback or air miles rewards
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With RBC ION Visa, here’s how you earn rewards:
| Gas | 1.50 points |
| Groceries | 1.50 points |
| All Other Spend | 1 point |
How much your rewards are worth
The dollar value of your rewards depends on the specific RBC rewards program and what you choose to redeem your points for.
For RBC ION Visa in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Redeem for travel | $158.34 |
| Apply to statement credit | $158.34 |
| Charity | $273.00 |
| Gift cards | $196.56 |
| Merchandise | $240.24 |
| Transfer to WestJet | $273.00 |
| RBC financial products | $226.59 |
Calculating your annual rewards
$24,000.00 annual spending x $1.14% return on spending = $273.00 annual rewards
$273.00 annual rewards – $0.00 annual fee = $$273.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 760 – 900 |
| Interest Rates | |
|---|---|
| Purchase | 20.9% |
| Cash Advance | 22.9% |
| Balance Transfer | 22.9% |
| Fees | |
|---|---|
| Extra Card Fee | $0 |
| Card type | Visa |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
RBC ION Visa Review
The RBC ION Visa credit card is designed to offer a wide range of rewards and benefits that appeal to a variety of consumers. This review covers the card’s earning potential, benefits, drawbacks, and other relevant information to assist Canadians in deciding if this card is the perfect fit for their needs.
1. Earning Potential with the Card: The RBC ION Visa credit card allows cardholders to earn RBC Rewards points with every purchase they make. Cardholders will receive 1 RBC Reward point for every $1 spent on all purchases. Unfortunately, this card does not offer boosted rewards rates for specific categories like dining, travel, or groceries. However, the accumulated RBC Rewards points can be redeemed for a variety of options such as travel, gift cards, merchandise, and more.
2. Benefit 1: No Annual Fee: A major advantage of the RBC ION Visa credit card is that there is no annual fee. This makes the card accessible to a wide range of potential cardholders, who can enjoy its rewards and benefits without worrying about extra costs each year.
3. Benefit 2: Introductory Offer: The RBC ION Visa credit card offers an appealing introductory offer. New cardholders can earn 5,000 bonus RBC Rewards points after their first purchase within the first three months of the account opening. This bonus can help kickstart your rewards earning potential from the get-go.
4. Benefit 3: Purchase Security and Extended Warranty: The card comes with valuable insurance coverages such as purchase security and extended warranty. This benefit offers protection for your purchases against theft, damage, or loss for up to 90 days after purchase as well as extending the manufacturer’s warranty for up to an extra year on eligible items purchased with the card.
5. Benefit 4: Travel Benefits and Emergency Services: RBC ION Visa credit cardholders enjoy a range of travel perks and assistance services. These include access to unique experiences and offers from the Visa Infinite Luxury Hotel Collection, as well as 24/7 emergency services like lost or stolen card assistance and emergency card replacement, which can offer incredible peace of mind when traveling.
6. Drawback 1: No Tiered Rewards System: A significant drawback of the RBC ION Visa credit card is the lack of a tiered rewards system that offers higher rewards rates for specific categories like dining, travel, or groceries. This means cardholders will need to rely solely on the standard 1 RBC Reward point per $1 spent on all purchases to maximize their earning potential.
7. Drawback 2: Foreign Currency Conversion Fee: Another notable drawback is the 2.5% foreign currency conversion fee on foreign transactions. This fee can deter those who frequently travel or make online purchases in foreign currencies, adding costs to their transactions. Several other travel-focused cards on the market waive these fees, making this feature a disadvantage for this particular card.
8. Additional Information: Although the RBC ION Visa credit card does not offer a lucrative rewards system, its lack of annual fee, introductory bonus, and added insurance benefits make it a robust contender for those seeking a straightforward rewards credit card without any complex features or high costs. For individuals who prioritize simplicity and ease of use, this card might be a great option to consider.
Is the RBC ION Visa not convincing you? Consider the WestJet RBC MasterCard or the RBC Avion Visa Infinite. Still not the right credit card? Make sure not to miss the RBC Cathay Pacific Visa Platinum.
FAQ
Key benefits
- Offered by Royal Bank of Canada (RBC)
- Visa payment network support
- RBC Rewards program membership
- Ability to redeem points for merchandise, travel, and gift cards
- 19.99% standard purchase interest rate
- 1 RBC Rewards point per $1 spent on eligible purchases
- 0% interest rate on balance transfers for the first 6 months
- Customer-focused mobile app with card management features
- Protection against unauthorized transactions with Zero Liability
- Visa PayWave support for contactless payments
