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Tag: RBC credit cards

  • Moi rewards review – MoneySense

    Moi rewards review – MoneySense

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    According to a recent survey by Léger, Moi is currently the “most widely used loyalty program in Quebec.” In Ontario, however, it will face heavier competition from the PC Optimum and Scene+ rewards programs, which dominate the market. So, how does Moi stack up? Let’s dive into the program and find out. 

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    How do Moi points work? 

    Right now, Canadians can earn and redeem Moi points at Metro, Super C, Jean Coutu, Brunet and Première Moisson stores in Quebec only. In Ontario and New Brunswick, Moi is currently offered in Jean Coutu pharmacies, but it will soon become available at Metro and Food Basics stores in Ontario. 

    Unlike with PC Optimum and Scene+, Moi rewards you on all purchases made at participating stores. Specifically, you get one point for every dollar spent. You’ll also get a welcome bonus of 250 points when you enroll in the program. You can earn bonus points through in-store and targeted offers. For example, you could earn three times the points when you spend $50, or earn 10 bonus points when buying a particular brand of barbecue sauce.

    You can redeem Moi points at any participating retailer once you’ve reached a minimum of 500 points (for a value of $4). That means one Moi point is worth $0.008 (or 0.8 cents), which is a decent value considering you earn points on all your purchases.

    Moi RBC Visa

    Currently, the Moi RBC Visa has a welcome bonus of up to 10,000 Moi points, which is equivalent to $80. When using the Moi RBC Visa in combination with the Moi program card, the earn rate is 2 Moi points per dollar spent at participating Metro, Jean Coutu, Brunet and Première Moisson stores. Restaurant, gas and EV charging purchases also earn you 2 points per dollar. All other purchases earn you 1 point per dollar. 

    As for the benefits, the card includes mobile device insurance, and purchase security and extended warranty insurance. You’re getting a respectable earn rate and perks for a no-annual-fee card, but there are still some drawbacks.

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    Moi RBC Visa

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    Annual fee: $0

    Welcome offer: Earn up to 10,000 Moi points ($80 value)

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    Card details

    Interest rates 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
    Income required None
    Credit score None specified

    What’s the best credit card to use at Metro stores? 

    Even though the Moi RBC Visa is the official co-branded card of Metro-affiliated stores, there are other credit cards to consider using instead.

    The Scotiabank Momentum Visa Infinite card comes with 4% cash back per dollar spent on groceries, recurring bills and subscription purchases. You also get 2% cash back on gas and daily transit. All other purchases earn 1% cash back. While the earn rate is higher than the Moi RBC Visa’s at Metro stores, the Scotiabank Momentum Visa Infinite has an annual fee of $120 (waived for the first year), and the cash back is only paid out as a statement credit once a year, in November.

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    Barry Choi

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  • RBC’s takeover of HSBC: What will happen to HSBC Canada customers? – MoneySense

    RBC’s takeover of HSBC: What will happen to HSBC Canada customers? – MoneySense

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    Although the transition will be largely managed internally by RBC, current HSBC customers might have questions about what’s coming up in the next two months. In this article, we’ll walk you through what to expect. 

    What will happen to HSBC Canada customers? 

    During the transition, most changes will be automatic, so HSBC customers can continue to bank as they normally would. Customers should look in the mail for a product and services guide, called Welcome to RBC, and keep it around during the transition as it contains reference information and links. Below we’ve outlined what is expected to happen with HSBC accounts, loans and investments. 

    Personal banking

    What’s happening: RBC will identify suitable bank accounts for HSBC customers based on the features of their current accounts and will send new RBC debit cards in the mail. Customers without an HSBC chequing or savings account will receive an RBC client card number. Expect to receive your cards or client card number by the end of February 2024. 

    What to do: Continue to use your HSBC card until the transition to RBC is complete. In the meantime, use your new RBC card or client number to enroll in RBC online banking or the RBC app. You can activate your debit card online. This will ensure that you have access to your RBC accounts once the transition is complete.

    Note: Your historical account information will migrate to RBC but you can also download it from HSBC to have it on hand. For more information, refer to Section 2 of your welcome package.

    Credit cards 

    What’s happening: As with your personal bank accounts, RBC will identify which RBC credit cards to offer you based on the features of your current HSBC credit cards, and the bank will mail them to you by the end of March 2024. Your personal credit limits and balances will be the same as they were with HSBC. Any insurance coverages and services you had through HSBC, however, will come to an end and be replaced with those offered by RBC, if applicable. 

    What to do: Activate your credit cards online right away, but also carry your HSBC cards until your RBC cards are ready to use. Find out more about credit cards in Section 5 of the welcome guide or by visiting RBC’s website. 

    Mortgages and other loans

    What’s happening: All HSBC lending products, including lines of credit, loans and mortgages will migrate to RBC at the end of March 2024. The terms of your mortgage agreement, including the interest rate, term, payment amount and frequency, amortization, portability and pre-payment privileges will remain the same until your current term ends. 

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    Keph Senett

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  • The best RBC credit cards in Canada for 2024 – MoneySense

    The best RBC credit cards in Canada for 2024 – MoneySense

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    Why trust us

    MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

    The best RBC credit cards in Canada by category

    By Sandra MacGregor on February 1, 2024
    Estimated reading time: 7 minutes

    Royal Bank of Canada offers an array of credit cards catering to various preferences and spending habits. Whether you prioritize travel rewards with Avion points, seek the flexibility of cash back, or prefer unique benefits like WestJet dollars, RBC has a card for you. With credit cards spanning the Visa and Mastercard networks, cardholders can tailor their shopping experience to suit their preferences. Let’s explore the standout features of the best RBC credit cards in Canada.

    Best credit card by category Why we love it
    Best RBC travel credit card
    RBC Avion Visa Infinite
    Annual fee: $120    		 At least 1 Avion point per $1 spent on all your purchases, and good redemption flexibility
    Best RBC airline travel credit card
    WestJet RBC World Elite Mastercard
    Annual fee: $119    		 1.5% earn rate paired with an annual round-trip companion voucher on WestJet
    Best RBC no-fee travel rewards credit card
    RBC ION Visa
    Annual fee: $0    		 1.5 Avion points per $1 spent across six spending categories, including streaming, subscriptions and digital gaming
    Best RBC cash back credit card
    RBC Cash Back Preferred World Elite Mastercard
    Annual fee: $99    		 1.5% cash back on your first $25,000 in purchases annually
    Best RBC no-fee cash back credit card
    RBC Cash Back Mastercard
    Annual fee: $99    		 Up to 2% cash back on groceries and up to 1% on all other purchases, with no annual fee
    Best RBC low-interest credit card
    RBC Visa Classic Low Rate Option
    Annual fee: $20    		 12.99% interest rate on both purchases and cash advances

    Best RBC travel credit card

    At a glance: The RBC Avion Visa Infinite is a premium travel credit card that has a flexible rewards program and exclusive benefits. Cardholders earn 1 Avion point per $1 spent, and a boosted 1.25 points on eligible travel expenses (like flights, cruises and car rentals).

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    RBC Avion Visa Infinite

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    • Annual fee: $120
    • Earn rate: 1.25 Avion points per $1 spent on travel (including flights, hotels, taxis and public transit) and 1 point per $1 on all other purchases.
    • Welcome bonus: You can earn 35,000 Welcome Points on approval and 20,000 bonus points when you spend $5,000 in your first 6 months*. Apply by April 30, 2024. Apply online and get a response in as little as 60 seconds.
    • Annual income requirement: Personal income of $60,000 or household income of $100,000

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    Pros

    • RBC Avion points can be worth as much as $0.023 each when redeemed for travel, which is a high value among travel rewards cards.
    • Avion has a lot of travel redemption flexibility. You can redeem your points for travel using RBC’s Air Travel Redemption chart, transfer points to select airlines (including WestJet), and redeem for travel purchases through RBC. 
    • There are no blackout periods or seat restrictions, even during periods of high demand. 
    • Exclusive access to concert tickets, including Taylor Swift. 
    • Impressive travel insurance coverage, including trip cancellation and interruption and emergency medical. It even features mobile device insurance of up to $1,500.

    Cons

    • You’ll pay a foreign transaction fee of 2.5% on all purchases not in Canadian dollars. 
    • The highest earn rate is 1.25%, which is not very high for a premium card; other premium cards feature significantly higher earn rates.
    • The personal annual income requirement of $60,000 (or household income of $100,000) may be too high for some applicants.

    Best RBC airline travel credit card

    At a glance: With perks like a yearly round-trip companion voucher, free checked bags and Boingo Wi-Fi access, the WestJet RBC World Elite Mastercard makes an attractive travel buddy. In fact, it’s the best credit card in Canada for frequent WestJet flyers—full stop. Cardholders earn 2% back in WestJet dollars on purchases of WestJet flights and vacation packages and get 1.5% back on all other spending. One WestJet dollar has a value of one Canadian dollar.

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    WestJet RBC World Elite Mastercard

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    • Annual fee: $119
    • Earn rate: 2% back in WestJet dollars on WestJet flights and vacations packages and 1.5% back on all other purchases
    • Welcome offer: You can earn up to 600 WestJet dollars with the WestJet RBC World Elite Mastercard. Plus a Round-Trip Companion Voucher Every Year.
    • Annual income requirements: Personal income of $80,000 or household income of $150,000

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    Pros

    • Travel perks include complimentary first checked bags for the primary cardholder and up to eight companions.
    • Get an annual round-trip companion voucher for any WestJet destination, starting at $119 (plus taxes, fees and other charges) or opt to exchange it for four lounge vouchers.
    • Extensive travel insurance, including emergency medical, trip interruption and flight delay coverage. 
    • Cardholders can save up to $0.03 on fuel at Petro-Canada and can also earn Rexall’s Be Well points.
    • The card grants access to over 1 million Boingo Wi-Fi hotspots worldwide.

    Cons

    • WestJet dollars can’t be used to pay for taxes and fees.
    • Unlike with Aeroplan, for example, rewards are not flexible as they can only be used for WestJet flights and WestJet vacations. 
    • A minimum personal income of $80,000 (or $150,000 household income) is required to apply.

    Best RBC no-fee travel rewards credit card

    At a glance: The RBC ION Visa is a no-annual-fee rewards credit card that gives you 1.5 Avion points per $1 spent on groceries, rides, gas (and EV charging), streaming, subscriptions and digital gaming. Get 1 point per $1 spent on all other purchases.

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    RBC ION Visa

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    • Annual fee: $0
    • Earn rate: 1.5 Avion points per $1 spent on groceries, rideshares, daily transit, gas, EV charging, streaming, digital gaming and subscriptions; and 1 point per $1 on all other purchases
    • Welcome bonus: You can earn 3,500 Avion points upon approval
    • Annual income requirement: None

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    Pros 

    • Some redemption flexibility. You can redeem your points for travel, statement credits, merchandise, gift cards and more. 
    • Enjoy fuel savings at Petro-Canada, a three-month free DashPass subscription, and Be Well points with purchases at Rexall pharmacies.
    • Good for gamers: The RBC ION Visa is one of the only cards in Canada that lets you earn rewards on gaming subscriptions, digital downloads and in-game purchases.
    • The card features purchase security and extended warranty insurance.

    Cons

    • The RBC Avion rewards program includes three different membership tiers: Avion Select, Avion Premium and Avion Elite. The RBC ION Visa is part of the Avion Premium tier, meaning you can’t redeem your points through RBC’s Air Travel Redemption Schedule—which offers the highest value for your points. That feature is part of Avion Elite, which requires having an RBC Avion card. 
    • The card has limited insurance coverage.

    Best RBC cash back credit card

    At a glance: With the RBC Cash Back Preferred World Elite Mastercard, you’ll earn cash back on all your purchases. You’ll get 1.5% on the first $25,000 charged to the card annually and 1% thereafter. Enjoy additional benefits like instant fuel savings at Petro-Canada, Be Well points at Rexall and $0 delivery fees for 12 months from DoorDash.

    RBC Cash Back Preferred World Elite Mastercard

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    • Annual fee: $99
    • Earn rate: 1.5% back on all your purchases
    • Welcome bonus: You can earn unlimited cash back, no limit to what you can get back
    • Annual income requirement: Personal income of $80,000 or household income of $150,000

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    Pros

    • The annual fee of $99 is lower than many other premium cards.
    • If you link your RBC card to your Petro-Points account, you’ll save $0.03 cents per litre on gas at Petro-Canada and also get a 20% bonus of Petro-Points.
    • You can earn 50 points per $1 spent at Rexall when you link your RBC card and your Rexall Be Well card.
    • Card comes with a 12-month free DashPass subscription.

    Cons

    • Weak insurance offering compared to other premium cards. It only includes rental theft and car damage, purchase protection and extended warranty.
    • The boosted rate of 1.5% is capped at your first $25,000 spent annually.

    Best RBC no-fee cash back credit card

    At a glance: Like some of the best cash back credit cards in Canada, the RBC Cash Back Mastercard offers cash back with no annual fee. Earn up to 2% on groceries and up to 1% on all other purchases. Benefit from instant fuel savings at Petro-Canada, enhanced Be Well points at Rexall and $0 delivery fees for three months from DoorDash.

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    RBC Cash Back Mastercard

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    • Annual fee: $0
    • Earn rate: 2% cash back on groceries and 1% back on all other purchases
    • Welcome bonus: You can
    • Annual income requirement: None

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    Pros 

    • The card comes with purchase security and extended warranty protection.
    • Save $0.03 per litre on fuel at participating Petro-Canada stations and earn 20% more Petro-Points.
    • Get 50 Be Well points per $1 spent at Rexall.
    • Enjoy a complimentary DashPass subscription for the first three months.

    Cons

    • The unusual rewards structure requires cardholders to read the fine print carefully to understand the spending limits at which their rewards will increase or decrease. You’ll get 2% cash back on groceries for the first $6,000 spent, which then drops to 1% per additional dollar spent in the category. For all other purchases, you’ll get 0.5% cash back on the first $6,000 spent—and 1% thereafter. 
    • Very limited insurance offering, with only purchase security and extended warranty.

    Best RBC low-interest credit card

    At a glance: For individuals trying to tackle credit card debt, the RBC Visa Classic Low Rate Option is a valuable card. It offers a consistent 12.99% interest rate for purchases and cash advances—that can’t be said of all low-interest credit cards in Canada. While it may lack extensive perks, it does provide advantages like discounts at Petro-Canada and complimentary delivery services through DoorDash.

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    RBC Visa Classic Low Rate Option

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    • Annual fee: $20
    • Welcome offer: None
    • Annual income requirement: None

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    Pros 

    • With its affordable $20 annual fee and no minimum income requirement, this card is within reach for the majority of Canadians.
    • Additional cards are available at no cost.
    • Enjoy RBC Offers, which gives cardholders access to deals and savings.
    • Earn more Petro-Points and get a discount on fuel at Petro-Canada.
    • The card comes with a three-month complimentary subscription to DashPass.

    Cons

    • This card doesn’t come with any travel insurance.
    • While the low interest rate is a boon to those with credit card debt, it doesn’t feature a balance transfer promotion, so you can’t move debt from a higher-interest card.

    More of Canada’s best credit cards:

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    Sandra MacGregor

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