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RBC ION+Visa: The greatest option for a low-charge credit card

The RBC ION+Visa card gives you a respectable earning rate and mobile device protection for a comparatively little cost. Check it out.

The royal bank of Canada has introduced a new credit card called the RBC ION + Visa card. It is geared toward students and others with little resources. This card is unique since it’s one of the few in Canada that is specifically made for young adults and students. Without a doubt, there are many student credit cards available, but they are usually merely entry-level cards with a low earning rate and few perks.

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Students and young people will benefit from an improved earning rate with this credit card in areas that are beneficial to them. The RBC ION +Visa card has an initial $4(or $48 yearly) monthly fee. While the majority of student credit cards have no or little annual fees, $4 per month is still rather affordable. However, the cost is removed if you hold an account with RBC advantage banking for students.

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If you are given the card, you will immediately receive 12,000 Avion points. The RBC ION+Visa card has a significant earning rate. For every $1 you spend on groceries, restaurants, food delivery, rideshares, daily transportation, petrol, EV charging, streaming, video games, and subscriptions, you will earn 3 Avion points.

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These divisions are extremely inclusive. For instance, trips include regular public transit, uber, and taxis. You would earn more money playing online games if you made in-game purchases as well as other purchases. Although there’s no doubt that this is an extremely specialized sector, students may be spending in it, therefore the higher earn rate is a plus.

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1 Avion reward point would be awarded for every $1 spent on any other purchases. You do have a couple more benefits with this card in addition to the earn rate. When you pay with a connected RBC card at petro Canada petrol stations, you will save 3/L on fuel and get 20% more points. For customers who buy at Rexall, using their RBC ION+Visa card to make a purchase and scan their good card will earn them 50 well points for every $1 spent.

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Additionally, DoorDash offers a complimentary 3-month Dashpass subscription. When you use an eligible RBC credit card to pay for your qualifying orders, you can receive an unlimited number of deliveries for no additional cost on purchases totaling $15 or more. Remember that food delivery earns you 3x the points, so this free membership might be really useful. It’s a shame that it only works for three months.

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Insurance

My RBC ION+Visa review up to this point has concentrated on the earn rate and perks. It’s time to discuss the benefits of your insurance now. Insurance for mobile devices, purchase security, and an extended warranty. It’s encouraging to learn that the RBC ION+Visa offers a mobile device, it is protected for two years up to $1,000 from loss, theft, mechanical failure, and damage. Although depreciation must be taken into account, this is a nice benefit to have.

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Also keep in mind that for the insurance coverage to be effective if you are getting a subsidized phone, your monthly fee must be charged to your RBC ION+ Visa. Although you hope you never need it, purchasing security is a benefit you will be happy to have. Your RBC ION+Visa card offers 90 days of loss, theft, and damage protection on all purchases made with it. The manufacturer’s guarantee is doubled for purchases made with your card, up to an additional year, for a total of five years.

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AVION Rewards

RBC Rewards and Avion recently united to form Avion rewards. There are now three distinct prize tiers in Avion Rewards, albeit this update was primarily aesthetic. IOn cardholders receive gift cards and the most basic form of  Avion Rewards as 140 points equal $1, traveling as 172 points equal $1, and use points to pay as 172 points equal $1.

That amounts to a value of 71 cents per point (CPP) for gift cards and 58 CPP for travel and statement credits when you do the math. This is crucial since your 3x earn rate on a few categories translates into a real value of 2.13 cents for every dollar spent when using gift cards. It costs 1.74 cents whether you are redeeming for travel or a statement credit.

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You may transfer your points to Avion and WestJet rewards, which will improve the value of your points. You must have an Avion credit card, but the transfer ratio is 1:1. Once your points have been transferred, 100 Avion points are equal to $1 in travel. One WestJet dollar costs 100 ION Avion points when using WestJet Rewards.

The comparison of the RBC ION +Visa to other cards puts the assessment of it in perspective before wrapping it up. Many individuals will contrast the RBC ION +Visa card with the American Express cobalt card, despite the fact that this comparison is not totally fair. That’s significant considering that the Amex cobalt is frequently regarded as one of the best credit cards available.

RBC ION and RBC ION+ credit cards (CNW Group/RBC Royal Bank)

Both cards feature a greater earn rate and a monthly membership price. You will pay $12.99 monthly ($155.88 annually) for the Amex cobalt card. When it comes to earning rates, you receive 5 points for every $1 you spend on food and beverages (this includes takeout, restaurants, and meal delivery) 3 points for streaming services, and 2 points for travel (includes rideshares and transit). You receive one American Express Membership Rewards point for every dollar spent on any other transactions.

The RBC ION +Visa card stands out as one of the best credit cards on the market when compared just to other student and low-cost cards in Canada. People who bank with RBC and have accounts that qualify for the card’s waived monthly charge may find this card particularly tempting. The RBC ION+Visa card’s basic variant is the other equivalent card. That one doesn’t charge a monthly cost, but you don’t receive mobile device protection and the earn rate is lower.

Finally

The RBC ION+Visa card gives you a respectable earning rate and mobile device protection for a comparatively little cost. This card is one of the top student credit cards in Canada and is the greatest option for someone seeking a low-charge credit card, even though it can’t compete with premium credit cards.

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