RBC Rewards+ Visa Credit Card Review 2022

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by Enoch Omololu, MSc (Econ)

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Advertiser Disclosure

The RBC Rewards+ Visa Card is one of three student credit cards offered by the bank. The two other student cards are the RBC Cash Back Mastercard and the Signature RBC Rewards Visa.

Students who are looking for a credit card often consider factors like no-annual fees and a flexible rewards program. The RBC Reward+ Visa delivers on both fronts.

This RBC Reward+ Visa review covers its benefits, downsides, and alternatives.

RBC rewards+ Visa

RBC Rewards+ Visa Features and Benefits

$0 annual fee: This card does not charge an annual fee.

RBC Rewards points: Cardholders earn 1 RBC Rewards point for every $1 spent on gas, grocery, and drugstore purchases. On all other purchases, the earn rate is 1 point per $2 spent.

You can easily redeem RBC Rewards points for merchandise and popular gift cards like Amazon, Starbucks, Indigo, and Winners.

Save on gas: When you link your RBC credit card to your Petro-Points card, you save 3 cents per litre when you purchase gas at Petro-Canada gas stations.

Purchase security and extended warranty: Purchases made with your card are protected against theft, damage, or loss for up to 90 days. The RBC Rewards+ Visa card also doubles the manufacturer’s warranty for up to 1 extra year.

Other rewards: You can link your card to the Be Well card and earn points on eligible purchases at Rexall. Also, new cardholders can get a 3-month complimentary DashPass subscription for DoorDash orders.

Optional features: Cardholders can pay to access extra benefits like travel insurance, roadside assistance, identity theft and credit protection.

Interest rate: It has a 19.99% interest rate for purchases and 22.99% for cash advances.

Downsides of the RBC Rewards+ Visa

This card’s 1% cash back offer is limited to only gas, grocery, and drug store purchases. There are no-annual-fee credit cards offering a higher cash back rate.

It is also lacking in travel insurance coverage if this is a benefit you require.

RBC Rewards+ Visa vs. Other RBC Student Credit Cards

The Signature RBC Rewards Visa has a $39 annual fee. This fee is waived for students and other clients who have an RBC Signature No Limit Banking account.

Cardholders earn 1 RBC Rewards point per $1 spent on all purchases. This card also includes travel accident insurance, car rental insurance, standard purchase protection, and extended warranty coverages.

The RBC Cash Back Mastercard has no annual fees. It pays up to 2% cash back on groceries (maximum $6,000 spend) and 0.50% to 1% cash back on other purchases.

Like the RBC Rewards+ Visa, this card is one of RBC’s entry-level credit cards.

 RBC Rewards+ VisaSignature RBC Rewards VisaRBC Cash Back Mastercard
Annual fee$0$39$0
Rewards1 point/$1 on gas, grocery, drugstore purchases; 1 point/$2 spent elsewhere1 point/$1 spent on all purchasesUp to 2% cash back on groceries ($6,000 annual cap), 1% back on another purchases ($6,000 annual cap); 0.50% back otherwise
Purchase protection and extended warrantyYesYesYes
Travel benefitsNoYesNo

Alternative Cash Back Credit Cards

The following cash back credit cards do not have annual fees and they are easy to qualify for.

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card offers 2% unlimited cash back on 2-3 purchase categories. You can choose to earn the 2% rate on spending related to groceries, gas, restaurants, recurring bills, entertainment, public transit, and more.

All other purchases outside of the 2% categories you choose earn at a 0.50% rate.

This card includes purchase protection and extended warranty coverage, and new clients can take advantage of the 1.95% promotional balance transfer interest rate.

To qualify for this card, you need a $12,000 annual income and a credit score of 600 or higher.

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

Neo Financial Mastercard

The Neo Financial Mastercard offers up to 5% cash back at over 7,000 retailers (Neo partners) in Canada.

This no-annual-fee credit card also guarantees an overall 1% cash back across all purchases subject to a maximum spending of $5,000 each month.

Learn more about its features in this Neo Credit Card review.

Neo Mastercard (Standard)

Rewards: Average of 5% cash back at partners and a minimum of 1% cash back across all purchases

Welcome offer: Get 15% cash back on your first purchases; plus a $25 welcome cash bonus.

Interest rates: 19.99% – 24.99% on purchases; 21.99% – 26.99% for cash advances.

Annual fee: $0

RBC Rewards+ Visa FAQs

How much are 1,000 RBC Rewards points worth?

1,000 RBC Rewards points are worth at least $10 when redeemed for travel at a rate of 100 points = $1 CAD.

Can you convert RBC points to Aeroplan or other loyalty programs?

You can convert RBC Rewards points to Avios, Asia Miles, AAdvantages miles, or WestJet dollars.

Does RBC rewards+ Visa provide car rental insurance?

No, the RBC Rewards+ Visa Card does not offer car rental insurance as part of its free perks.

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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