RBC ION Visa Review

3.50

$0.00

Annual Fee

$273.00

Annual Rewards

3,500 points

Intro Offer

$0.00

Annual fee

$273.00

Annual rewards

3,500 points

Intro offer


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:

Gas1.50 points
Groceries1.50 points
All Other Spend1 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 methodAnnual 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 Score760 – 900
Interest Rates
Purchase20.9%
Cash Advance22.9%
Balance Transfer22.9%
Fees
Extra Card Fee$0
Card typeVisa

Insurance coverage

Extended Warranty1 year
Purchase Protection90 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

With the RBC ION Visa credit card, cardholders can redeem their points for a variety of rewards, such as:

  • Gift cards: Redeem points for gift cards from popular retailers, restaurants, and services across Canada.
  • Travel rewards: Use points to book flights, hotel stays, car rentals, cruises, and vacation packages through the RBC Rewards travel portal.
  • Merchandise: Exchange points for a wide range of products, including electronics, home goods, fashion items, and more through the RBC Rewards online catalogue.
  • RBC Financial Rewards: Apply points towards your RBC mortgage, personal loan, or investments held at RBC Direct Investing or RBC Dominion Securities.
  • Charitable donations: Donate points to various local and international charities supported by the RBC Rewards program.
  • Apple and Best Buy products: Redeem points for Apple and Best Buy products directly through the RBC Rewards portal.
  • Pay with Points: Enjoy the flexibility of using points to pay for eligible purchases made with your RBC ION Visa credit card.

Note that the specific rewards and redemption rates may change over time, so it’s important to review the RBC Rewards program terms and conditions for the most up-to-date information.

The RBC ION Visa credit card charges a foreign transaction fee of 2.5% on transactions made in a foreign currency. This fee is applied to both purchases and cash advances made while traveling internationally or shopping online with merchants located outside of Canada. It’s essential for cardholders to factor in this fee when making decisions regarding their credit card usage while abroad or making transactions with international merchants.

The RBC ION Visa credit card does not have a specific minimum income requirement. Applicants are evaluated based on their credit history, existing financial obligations, and overall financial standing. It is ultimately up to the bank’s discretion whether or not to approve an application.

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

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