Personal Finance

RBC Royal Bank VISA Gold card (Pros and cons)!!

  • Last Updated:
  • Apr 29th, 2014 2:39 am
Tags:
[OP]
Sr. Member
Dec 21, 2012
627 posts
158 upvotes
San Diego

RBC Royal Bank VISA Gold card (Pros and cons)!!

Hi,
I have a RBC student account with them but I am not using it for payroll, pre authorized debit or any reason. Which means balance is 0$. Now they sent me a letter mentioned a pre approved letter for RBC reward visa gold card (with 2000 limit).
Does anybody has this visa card with RBC? What kind of benefit are you enjoying with it? I use a pc master card for daily purchase which is not bad in terms of bonus points on purchase.

Please suggest me. I am interested to know more.
13 replies
Moderator
May 28, 2012
10368 posts
2491 upvotes
Saskatoon
I get credit card solicitations all the time, doesn't mean I have to take them up on their offer. Seeing as you have a MC already, a Visa might not be a bad idea, especially one without an annual fee. You earn one point for every $2 spent, so not as good as some but better than nothing.
Sr. Member
Aug 14, 2013
548 posts
49 upvotes
Montreal, QC
1. 1$ spent = 0.5 RBC Rewards points, minimum points to redeem = 2500, this means that you have to spend 5000$ before redeeming it.
2. benefits: extended warranty, common carrier accident insurance, Auto Rental Collision/Loss Damage Insurance

just a normal card, not very attractive, I think.
Deal Expert
User avatar
Aug 18, 2005
18834 posts
3490 upvotes
GTA West
I have this card but usually use my MBNA Smart Cash.

Pros:
- No Fee
- Extended warranty covers electronics. (Some extended warranties exclude this.)
- Some sites have mysterious problems with my PC MasterCard, but this card never gets rejected.
- If you only have an M/C, it could be good to have a VISA.

Cons:
- Poor benefits in terms of points compared to other cards.
[OP]
Sr. Member
Dec 21, 2012
627 posts
158 upvotes
San Diego
Jucius Maximus wrote:
Apr 27th, 2014 7:57 pm
I have this card but usually use my MBNA Smart Cash.

Pros:
- No Fee
- Extended warranty covers electronics. (Some extended warranties exclude this.)
- Some sites have mysterious problems with my PC MasterCard, but this card never gets rejected.
- If you only have an M/C, it could be good to have a VISA.

Cons:
- Poor benefits in terms of points compared to other cards.
MBNA is good but I heard it is only for the permanent resident or citizen of canada however I am studying here so I dont think MBNA is for me !. What do you think?
Deal Expert
User avatar
Aug 18, 2005
18834 posts
3490 upvotes
GTA West
munnakha05 wrote:
Apr 27th, 2014 8:07 pm
MBNA is good but I heard it is only for the permanent resident or citizen of canada however I am studying here so I dont think MBNA is for me !. What do you think?
No idea... you could apply and if they never ask if you are a PR/Citizen, what's the problem?

I do not recall if I was asked during application. You are not required to provide an SIN, even if they ask.
Deal Addict
Oct 17, 2005
4003 posts
2660 upvotes
Toronto
Free shipping at future shop/best buy online for most items under $20.
Sr. Member
Dec 26, 2013
668 posts
58 upvotes
If you're preapproved with a card with them, you can pretty much get any of their cards (though some have minimum income requirements). Don't like that one just call them and tell them you want a different one with that pre-approval. Go on to their website and decide which one of their cards is better. Why? Because you're a student and you should get a credit card sooner rather than later.
[OP]
Sr. Member
Dec 21, 2012
627 posts
158 upvotes
San Diego
Mindfulmonkey wrote:
Apr 27th, 2014 9:27 pm
If you're preapproved with a card with them, you can pretty much get any of their cards (though some have minimum income requirements). Don't like that one just call them and tell them you want a different one with that pre-approval. Go on to their website and decide which one of their cards is better. Why? Because you're a student and you should get a credit card sooner rather than later.
They gave me a passcode which I have to use for application. So, there is no option for choosing different one. However this card seems fine for me. As I do not need a higher limit at this moment. It will work for me.
[OP]
Sr. Member
Dec 21, 2012
627 posts
158 upvotes
San Diego
Another general question. Which one is better for banking in terms of service and benefits? RBC or TD? I want to switch from CIBC to RBC or TD. CIBC actually does not have any offer. I guess they are the worst compared to other canadian bank.
[OP]
Sr. Member
Dec 21, 2012
627 posts
158 upvotes
San Diego
Jucius Maximus wrote:
Apr 27th, 2014 9:09 pm
No idea... you could apply and if they never ask if you are a PR/Citizen, what's the problem?

I do not recall if I was asked during application. You are not required to provide an SIN, even if they ask.
I checked their website. You must be a Canadian citizen or PR for applying !
Member
Jun 21, 2013
276 posts
50 upvotes
In the middle of now…
munnakha05 wrote:
Apr 27th, 2014 11:03 pm
I checked their website. You must be a Canadian citizen or PR for applying !
RBC had no problems giving me a Visa Platinum Avion when I was on a student visa
edit: ...and a student credit line (P+1%) with a decent credit limit
Deal Addict
Feb 26, 2008
1821 posts
1264 upvotes
MrAmex wrote:
Apr 27th, 2014 7:31 pm
2. benefits: extended warranty, common carrier accident insurance, Auto Rental Collision/Loss Damage Insurance

just a normal card, not very attractive, I think.


Yes, but don't forget that Visa has *primary* insurance for the collision damage waiver, while most Mastercards are secondary insurance. That means that if you get in a collision when you rent with Mastercard, they'll first go to *your* auto insurance, and then as a secondary insurer they'll cover what's left. As a primary insurer, Visa will cover the damage from the collision, and then you might forget to inform your auto insurer that you had an at-fault collision.
Deal Addict
User avatar
Nov 18, 2012
1270 posts
311 upvotes
Toronto
munnakha05 wrote:
Apr 27th, 2014 8:07 pm
MBNA is good but I heard it is only for the permanent resident or citizen of canada however I am studying here so I dont think MBNA is for me !. What do you think?
My friend as student visa in Canada got 5k limit with mbna sc.
Simple is the best.

Top