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Signature RBC Rewards Visa Review 2024

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The Signature RBC Rewards Visa is one of RBC’s entry-level credit cards and a low-fee credit card option for students.

With its $39 annual fee, you get travel insurance perks that are not offered by the three other RBC cards in the ‘student’ category, i.e. RBC Cash Back Mastercard, RBC ION+ Visa, and RBC ION Visa.

This Signature RBC Rewards Visa review covers its benefits, downsides, and alternatives.

The Signature RBC Rewards Visa and RBC Rewards+ Visa cards are no longer accepting applications. You can apply for the RBC ION Visa or RBC ION+ Visa cards instead (see details below).

Signature RBC Rewards Visa Alternatives

RBC ION+ Visa

Entry-level RBC credit card

Annual fee: $48

Welcome offer: Get 3,500 bonus Avion points following approval, and earn 3,500 bonus points when you spend $500 in the first 3 months.

Rewards: Earn 3x Avion points per $1 spent on groceries, rides, gas, streaming, subscriptions, digital gaming, and EV charging; 1 Avion point for every $1 spent on all other purchases.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: None

Recommended credit score:
660
900

Good or better

rbc ionplusvisacc-img

On RBC’s website

  • Earn 3 Avion points for every dollar you spend on groceries, rideshare, daily public transit, gas, streaming, subscriptions, and digital gaming.
  • Earn 1 Avion point for every dollar you spend on all other qualifying purchases.
  • Save 3¢/L on fuel purchased at Petro-Canada when you link your credit card to your Petro-Canada Card.
  • Redeem your points for air travel, gift cards, merchandise, statement credits, dining, etc. The minimum redemption is only $10.
  • Get a 3-month complimentary DashPass subscription, valued at almost $30.
  • Offers mobile device insurance and optional travel insurance coverage.
  • Includes Purchase Security and Extended Warranty Insurance.

Competitive purchase APR at 19.99%

Attractive point redemption options

No minimum income threshold

Limited insurance benefits

The conversion rate for points is not as enticing

The RBC ION+ Visa is a step up from the RBC ION Visa, with double the points on specific purchases. It is an excellent choice for students or newcomers looking to get approved for their first credit card in Canada.

RBC ION Visa

Entry-level RBC rewards credit card

Annual fee: $0

Welcome offer: Get 3,500 bonus Avion points following approval.

Rewards: Earn 1.5x Avion points per $1 spent on groceries, rides, gas, streaming, subscriptions, digital gaming, and EV charging; 1 Avion point for every $1 spent on all other purchases.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: None

Recommended credit score:
660
900

Good or better

rbc ion visacard-img

On RBC’s website

  • Earn 1.5 Avion points for every dollar you spend on groceries, rideshare, daily public transit, gas, streaming, subscriptions, and digital gaming.
  • Earn 1 Avion point for every dollar you spend on all other qualifying purchases.
  • Save 3¢/L on fuel purchased at Petro-Canada when you link your credit card to your Petro-Canada Card.
  • Redeem your points for air travel, gift cards, merchandise, statement credits, dining, etc. The minimum redemption is only $10.
  • Get a 3-month complimentary DashPass subscription, valued at almost $30.
  • Includes Purchase Security and Extended Warranty Insurance.

Competitive purchase APR at 19.99%

Attractive point redemption options

No minimum income threshold

Limited insurance benefits

The conversion rate for points is not as enticing

The RBC ION Visa is an excellent choice if you are a student or newcomer looking to get approved for a credit card with little to no credit history. It has no annual fees, and the Avion points you earn are easy to redeem.

Signature RBC Rewards Visa Features and Benefits

$39 annual fee: This card has a $39 annual fee which is waived if you are a student or an RBC Signature No Limit Banking client.

Rewards: Cardholders earn 1 RBC point for every $1 spent on purchases.

Save on fuel at Petro-Canada: When you link your credit card to your Petro points card, you save 3 cents per litre on gas purchased at Petro-Canada locations.

Maximize rewards at Rexall: You can link the signature RBC Rewards Visa to a Be Well card and earn 50 Be Well points for every $1 spent on eligible products at Rexall.

Travel insurance: This card includes travel accident insurance and car rental insurance.

Free DashPass subscription: New cardholders get a 3-month complimentary DashPass subscription. This means you pay $0 delivery fees on DoorDash orders of $12 or more when you pay with your RBC credit card.

Optional features: You can pay extra to access features like RBC Road Assist, Balance Protector Insurance, and comprehensive travel insurance benefits.

Interest rates: This card has a 19.99% interest rate for purchases and 22.99% for cash advances.

Signature RBC Rewards Visa Insurance

This card offers:

  • Travel accident insurance
  • Auto rental collision/loss damage insurance
  • Purchase security insurance
  • Extended warranty insurance

Downsides of the Signature RBC Rewards Visa

There are no-annual-fee cash back credit cards that offer more than 1% back on all purchases, such as the SimplyCash Card from American Express.

To waive the annual fee, you must either be a post-secondary student, or you need to have an RBC Signature No Limit Bank account that has a $15.95 monthly fee.

Signature RBC rewards Visa

How To Redeem RBC Rewards Points

You can redeem RBC Rewards points for:

Travel rewards: Book flights, hotels, car rentals, and vacation packages.

Merchandise: Purchase thousands of products online, including electronics, kitchen appliances, fashion, and more.

Gift cards: Exchange your points for gift cards from 100+ brands

Financial rewards: Use your points to contribute to investment accounts or to pay down your loans.

Statement balance: Pay down your credit card balance with points or use them to pay for your bills.

Charitable donations: You can use RBC Rewards points to make a charitable donation.

Signature RBC Rewards Visa vs. RBC ION+ Visa vs RBC ION Visa

The RBC ION+ Visa Card has a $48 annual fee, while the RBC ION Visa has no annual fee. Here is how they compare:

 Signature RBC Rewards VisaRBC ION+ VisaRBC ION Visa
Annual fee$39$48$0
Rewards1 point/$1 spent on all purchases3 points/$1 spent on gas, grocery, food delivery, streaming, digital gaming, and daily transit; 1 point/$1 spent elsewhere1.5 points/$1 spent on gas, grocery, food delivery, streaming, digital gaming, and daily transit; 1 point/$1 spent elsewhere
Travel benefitsYes (travel accident and rental car insurance)NoNo
Purchase protection & extended warrantyYesYesYes
Mobile device insuranceNoYesNo

Alternative Cash Back Credit Cards

The cash back credit cards below offer a decent cash back rate with no- or low-annual fees.

Scotiabank Momentum Visa Card

The Scotiabank Momentum Visa has a $39 annual fee and offers 2% cash back per $1 spent on gas, grocery, drugstore purchases, and recurring bill payments. It also pays 1% cash back on all other purchases.

Cardholders can save up to 25% on car rentals at AVIS and Budget locations.

This card includes standard purchase protection and extended warranty insurance coverage for insurance benefits.

Current offers: Get a 0.00% introductory rate on balance transfers for the first six months.

Get more details in our detailed Scotiabank Momentum Visa review.

Tangerine Money-Back Credit Card

The Tangerine Money-Back Credit Card is the top no-annual-fee cash back card in Canada.

It offers 2% unlimited cash back in two purchase categories (you can choose from 10 spending categories), and 0.50% cash back on all other spending.

In addition, new cardholders can transfer balances at a low rate of 1.95% for six months.

Current offer: Earn 10% cash back on up to $1,000 spent in your first two months ($100 value).

You can get more details about this Tangerine card in our full review.

FAQs

Do RBC Signature Rewards points expire?

RBC Rewards points expire three years after earning them.

What is the income requirement for the Signature RBC Rewards Visa?

The Signature RBC Rewards Visa does not have a minimum income requirement. To apply, you must be a Canadian resident and the age of the majority in your province or territory of residence.

Related:

Best Credit Offers in July 2024

Get the top savings and spending account and stop paying costly bank fees ($20 Bonus)

Save on fees and access unlimited transactions, eTransfers & bill payments.

Get a $20 instant bonus after completing your first purchase.

Earn up to 5% unlimited cash back and up to 5% interest on your balance.

Guaranteed instant approval with any credit score + free budgeting app.

Earn a non-promotional 5.00% interest on your savings account

One of Canada's top high-interest savings accounts with up to 5%.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.50% cashback on all purchases.

No monthly or annual fees.

Stop paying monthly fees with a free chequing account + $400 bonus

Get a $400 cash bonus when you set up a qualifying direct deposit.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly or annual account fees.

Earn a high interest rate on your savings (5.90% interest rate offer).

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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2 thoughts on “Signature RBC Rewards Visa Review 2024”

  1. Gravatar for Bennett

    Thanks for your summary. I have a signature rewards card. I would like to keep it because of the insurance on car rental. Would I be forced to choose another card or can I continue to use it?
    Thanks

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Bennet: Unfortunately, I don’t know what will happen with the card. We are in the same boat.

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