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Compare RBC Credit Cards in Canada

 
Welcome Bonus Value Estimated dollar value of the credit card welcome bonus
Annual Fee The annual fee on a credit card is a fee you pay each year to use the card
Purchase APR The interest Percentage Rate applied to all purchases you make with your credit card.
Cash Advance APR The Annual Percentage Rate applied if you used your card to get funds via ATM.
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Recommended credit score range required to be eligible for approval for the credit card

RBC Credit Cards

 

RBC tops Canada’s big five banks as the largest in Canada. Of its many services, they offer a wide range of credit cards processed by Mastercard and Visa. With so many choices you are sure to find the features that suit your needs. Here we review RBC credit cards, their benefits, and perks as well as their drawbacks.

RBC Credit Cards Overview

RBC credit cards are available in several categories including:

  • Travel
  • No fee
  • Rewards
  • Cashback
  • Low interest

They also add their own RBC rewards program into the mix allowing you to earn more rewards to go towards an endless list of purchases. You can even use RBC Rewards towards RBC debt.

 

RBC Credit Card Benefits and Perks

Here we look at the benefits and perks of the best card in each general category:

 

RBC Cash Back Mastercard With No Annual Fee

This credit card does not require a minimum income, although you will need a good credit score to qualify. It stands out in this category because it has a good earn rate at 1% cashback for all purchases up to $6000 per year as opposed to the usual 0.5%. They offer 2% for groceries for up to $12000 per year.  Other perks include:

  • 3¢/L on fuel and 20% more Petro-Points at Petro-Canada
  • A 90-day purchase security and up to 1 year extended warranty protection
  • Zero liability protection

 

RBC Cash Back Preferred World Elite Mastercard

The annual fee is quite reasonable at $99, considering you earn cashback on everything at a rate of 1.5% on all purchases up to $25,000 with 1% cashback for purchases over $25K. There is no limit on how much cashback you get, and you have tons of perks including:

  • 3¢/L on fuel and 20% more Petro-Points at Petro-Canada
  • Rental car insurance
  • 120-day purchase security and up to a 2 year extended warranty protection
  • Boingo Wi-Fi account for mobile internet access
  • Complimentary LoungeKey membership for airports

 

RBC Rewards+ Visa

There is no minimum income required for this card and you should qualify as long as you have a good credit score. One of the biggest selling points for this card is that it also offers RBC rewards at 20% at Petro-Canada. You can also use points to get popular $25 gift cards for just 2500 points compared to the usual 3500 for RBC-specific cards. So you can spend at popular places like Amazon and Starbucks. Other perks include:

  • 1 point p/$1 spent on gas, grocery, and drug store purchases
  • 1 point p/$2 spent on all other purchases
  • 3¢/L on fuel and 20% more Petro-Points at Petro-Canada
  • 20% more RBC Rewards points at Petro-Canada
  • 90-day purchase security
  • Up to 1 year extended warranty protection
  • Zero liability protection

 

Signature RBC Rewards Visa

This card requires no minimum income and also comes with a student rebate. It does have an annual fee, but it is quite low at just $39. In the case of post-secondary students, this fee can be waived if you bundle your Visa with an RBC Student Banking or RBC No Limit Banking for Students account. This is an RBC Rewards card and you get a point per $1. Bonus points are added when you shop at one of RBC’s partner retailers. Other perks include:

  • You get high value by redeeming for travel rewards
  • When you meet the annual spend of $10000 you get at least the same number in points which is equal to $100 worth of travel
  • Your RBC points can be transferred to popular travel programs like WestJet or for other rewards points like Hudson’s Bay and more
  • Travel and rental car insurance
  • 90-day purchase security and up to 1 year extended warranty protection
  • 3¢/L on fuel and 20% more Petro-Points at Petro-Canada and 20% more RBC Rewards points at Petro-Canada

 

RBC Visa Classic Low Rate Option

This low interest rate of just 12.99% means you don’t have to worry about fluctuating interest rates like many low-rate options. Many low rates are based on a low rate plus the current bank interest rate. Perks include:

  • Low annual fee of just $20
  • 3¢/L on fuel and 20% more Petro-Points at Petro-Canada
  • Link this card with your Rexall Be Well card to earn 50 Be Well points for every $1 spent on eligible products at Rexall
  • Redeem Be Well points faster with 25,000 Be Well points = $10

 

RBC Credit Card Drawbacks

In general, you’re looking at standard, high interest rates of 19.99% on purchases and 22% on cash advances. As well, when looking at the cash back rate, you start at a far better rate than you end up with once you reach the spending threshold. For example, your 2% on groceries drops way down to 0.5%. It can also be harder to qualify for cards like the RBC Cash Back Preferred World Elite Mastercard. As the name implies it has a high minimum income of $80,000 personal and $150,000 household and your credit score is preferred in the excellent range as opposed to just being good.

 

How do RBC credit cards compare to other banks?

All in all RBC credit cards aren’t much different than the other big five. What might attract more people to the RBC cards is their RBC Rewards program. RBC Rewards allow you to earn more points faster and redeem them in what seems to be an endless list of options whether it is towards travel, shopping with partner retailers or even paying down RBC debt. You also get access to all kinds of special offers and discounts from your favourite brands which you won’t find elsewhere. It is Canada’s largest bank-owned loyalty program.

 

How to choose the right RBC credit card for your need?

As with any credit card, it really depends on several factors including:

  • Your income
  • Your credit score
  • Whether you travel or not
  • Whether you want cashback or not

When it comes to special groups such as students, you can’t go wrong with the RBC Visa Classic Low Rate Option. Those earning over $60,000 and who like to travel would enjoy the perks of the RBC Avion Visa Infinite, while those looking for rewards would be best with the RBC Rewards+ Visa. If you earn over $70,000 and are looking for the best cashback card, you can go with the RBC Cash Back Preferred World Elite Mastercard. Last but not least between their two low interest rate cards, overall the RBC Visa Classic Low Rate Option is best.

 

FAQ

What is the best RBC credit card?

While this is a common question, there really is no single answer. As mentioned above, there are too many factors to consider when it comes to choosing the best RBC credit card, as it is very individualized. You can use their online tool to find the best results for your needs.

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