Dollarwise

RBC Visa Platinum Review

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Visa > RBC







Advertising disclosure









{{card.name}} Review







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★★★★★











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Annual Fee







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Annual Rewards







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Intro Offer









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Annual fee







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Annual rewards







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Intro offer
























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











{{factor_score_fee}}

















Fees











{{factor_score_perks}}

















Perks











{{factor_score_interest}}

















Interest rates













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Insurance











{{factor_score_acceptance}}

















Acceptance











{{factor_score_approval}}

















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}}




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 Visa Platinum credit card is a versatile card that has a lot to offer, especially to those who are looking for a basic credit card with a range of benefits. In this review, we will break down its earning potential, four key benefits, two drawbacks, and any other relevant information to help you decide if this is the right card for your financial needs.





Earning potential





The RBC Visa Platinum credit card does not have a specific rewards program; instead, it focuses on offering cardholders savings and discounts with select merchants.





Therefore, there are no specific reward rates associated with specific categories such as dining, travel, or groceries. Cardholders can take advantage of these savings and benefits through the available offers at participating merchants.





Benefits






  1. No Annual Fee: The first major advantage of the RBC Visa Platinum credit card is that it offers no annual fee. This means you don’t have to worry about the cost of maintaining the card and can focus on making the most of the benefits it offers.




  2. Purchase Security and Extended Warranty Protection: A second advantage is the purchase security and extended warranty protection offered by RBC.

    This feature provides cardholders with added peace of mind, as purchased items are protected against theft or damage for 90 days and can enjoy an extended warranty for up to one additional year.




  3. Travel Insurance Coverage: The RBC Visa Platinum credit card provides a respectable level of travel insurance coverage, including travel accident insurance and auto rental collision/loss damage insurance. This coverage can help protect cardholders from unexpected costs while on trips.




  4. Visa payWave Dontactless Payments: Cardholders can access Visa payWave contactless payments, making it easy and convenient to complete transactions at participating merchants. This feature can help save time and simplify the shopping experience.





Drawbacks






  1. Drawback: One significant drawback of the RBC Visa Platinum credit card is the lack of a traditional rewards program. Cardholders seeking cashback or points for redemption may find this card less attractive compared to other options available in the market.




  2. Drawback: The interest rates for this card on purchases, cash advances, and balance transfers are relatively high at 19.99% for purchases and 22.99% for cash advances and balance transfers.

    Cardholders who may not be able to pay off their balance each month could end up paying more in interest than they might with other cards.





Additional information





RBC offers its Visa Platinum cardholders the ability to add authorized users at no extra cost, allowing family members or trusted individuals to utilize the card’s privileges while contributing to the primary cardholder’s account. Keep in mind that the primary cardholder will be responsible for all charges made by the authorized user.





In conclusion, the RBC Visa Platinum credit card offers a range of benefits that can be appealing to those seeking a no-annual-fee credit card with purchase protection and insurance coverage.





However, for those who are after rewards or cashback, this card may not be the best fit due to its lack of a traditional rewards structure and high-interest rates.





Interested in other credit cards? Canadians that like the RBC Visa Platinum credit card also like the RBC Visa Classic Low Rate Option. If you’re looking for other options you should consider the RBC ION Visa, and the RBC US Dollar Visa Gold.





FAQ







With the RBC Visa Platinum credit card, cardholders can redeem points for a wide variety of rewards. Some of the available options include:






  • Travel rewards: Use your points to book flights, hotels, car rentals, vacation packages, and other travel experiences through RBC’s online travel portal.




  • Gift cards and merchandise: Redeem points for gift cards from popular retailers or choose from a vast selection of products including electronics, appliances, fashion items, and more.




  • RBC Financial Rewards: Apply points towards your RBC mortgage, loans, or investment accounts, providing savings on various financial products and services.




  • Statement credits: Convert points into statement credits, using them to offset your credit card balance.




  • Charitable donations: Donate your points to support charitable causes and make a difference in the community.





Note that the redemption value of points may vary depending on the reward chosen. It is advisable to review the RBC Rewards catalogue and terms for specific details and point requirements for each reward option.







The RBC Visa Platinum credit card has a foreign transaction fee of 2.5% on all non-Canadian transactions. This fee applies to purchases made in a foreign currency, which are then converted into Canadian dollars.





The 2.5% fee is added to the converted amount, leading to higher costs for cardholders when shopping abroad or making online purchases from international merchants.







The RBC Visa Platinum credit card does not have a minimum income requirement for applicants. This means that individuals of various income levels can apply, making it accessible for a wider range of individuals.







Key benefits






  • Interest Rate: 19.99% on purchases, 22.99% on cash advances




  • Credit Limit Range: $1,500 to $50,000




  • Grace Period: 21 days interest-free




  • Supplementary Cards: Up to 3 free additional cards




  • Rental Car Collision/Loss Damage Insurance: up to 48 days rental period




  • CardLock Protection: Temporary block feature for added security




  • Zero Liability Protection: Fraud protection against unauthorized charges




  • Mobile Payment Options: Apple Pay and Google Pay compatibility




  • Balance Protection Insurance: Optional coverage available




  • Access to Visa payWave: Convenient, contactless payments



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