Signature RBC Rewards Visa Review 2022

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by Enoch Omololu, MSc (Econ)

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Advertiser Disclosure

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 two other RBC cards in the ‘student’ category i.e. RBC Cash Back Mastercard and RBC Rewards+ Visa.

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

Signature RBC rewards Visa

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.

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 Review

Signature RBC Rewards Visa vs. RBC Rewards+ Visa

The RBC Rewards+ Visa Card has no annual fees and offers:

  • 1 RBC Rewards point for every $1 spent on gas, grocery, and drugstore purchases
  • 1 RBC Rewards point for every $2 spent on all other purchases

This credit card does not provide travel insurance.

 Signature RBC Rewards VisaRBC Rewards+ Visa
Annual fee$39$0
Rewards1 point/$1 spent on all purchases1point/$1 spent on gas, grocery, & drugstore purchases; 1 point/$2 spent elsewhere
Travel benefitsYes (travel accident and rental car insurance)No
Purchase protection & extended warrantyYesYes

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.

For insurance benefits, this card includes standard purchase protection and extended warranty insurance coverage.

Current offers: Get a 0.00% introductory rate on balance transfers for the first 6 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 spendings.

In addition, new cardholders can transfer balances at a low rate of 1.95% for 6 months.

Current offer: Earn 10% cash back on up to $1,000 spent in your first 2 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 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.*

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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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  • Earn 0.50% cash back on all purchases and up to 5% at select retailers.
  • $20 welcome bonus.
  • 1.20% savings interest on your balance.*
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Prepaid Cash Back Card
Best No Annual Fee Prepaid Cash Back Card
Get 0.50% cash back on all purchases and up to 5% at some retailers. $20 welcome bonus.
*Limited time offer. Terms and conditions apply.
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