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[Royal Bank] [RBC] 20% rebate on points redemption for TRSA, RRSP, etc

  • Last Updated:
  • Jan 30th, 2020 1:32 am
[OP]
Banned
Jan 28, 2020
6 posts
11 upvotes

[Royal Bank] [RBC] 20% rebate on points redemption for TRSA, RRSP, etc

It's not advertised well on their points page, but RBC allows you to redeem your points for your TFSA/RRSP at a 20% discount, i.e. 10,000 points for $100 instead of 12,000 points for $100. This comes out as a 1:1 points conversion, or 1% cash back.

See attached pic (link fixed)
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5 replies
Newbie
Aug 2, 2019
69 posts
35 upvotes
Toronto
I wonder if there are withdraw times associated with this after conversion

Thanks for the share
Penalty Box
Oct 14, 2005
1461 posts
761 upvotes
Bad deal for Avion cardholders that can get up to 2x the value on flights.
Newbie
Mar 16, 2008
20 posts
9 upvotes
Toronto
How does this work for TFSA? Basically free cash towards your TFSA that you could withdraw immediately after?
Jr. Member
User avatar
Aug 20, 2006
115 posts
27 upvotes
NakedAngel wrote: How does this work for TFSA? Basically free cash towards your TFSA that you could withdraw immediately after?
Yes, or leave it there to invest
[OP]
Banned
Jan 28, 2020
6 posts
11 upvotes
catchandplay wrote: I wonder if there are withdraw times associated with this after conversion

Thanks for the share
4 weeks to receive them. Then have to go to a branch and trust me, exactly 0 cashiers know how to cash these things.

Have to wait for a supervisor, hope he's there / not on break, then there's a 50% he can actually do it, but if he can, you are basically cashing your points at a 1% cash back value. Not bad. Not bad at all.

I just asked for $1,000, might buy a switch and some games for the kids with it.

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