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[Royal Bank] RBC Rewards Points 30% More Value with Direct Investing

  • Last Updated:
  • Oct 22nd, 2019 7:29 am
[OP]
Newbie
May 23, 2018
36 posts
53 upvotes
Hamilton

[Royal Bank] RBC Rewards Points 30% More Value with Direct Investing

Got email from RBC ealier today.

If you do online Direct Investing, originally $1 = 120pts. now $1 = 92.31pts, 30% more value. Minimum redeemable value $25.

Two ways to get this benefit:
  • Pay commission fees
  • Contribute into Direct Investing account

If you have a bunch of points sitting there as I do, the second choice is your way to go. Points will be redeemed into Direct investing account, you can leave it for future investment, or transfer back to your banking account.

First time posing here, apologies for possible errors.
10 replies
Jr. Member
Feb 8, 2007
101 posts
35 upvotes
Toronto
I'm confused you can convert your points into money?
Newbie
Oct 11, 2013
58 posts
86 upvotes
Nanaimo, BC
Bushmonkey wrote: I'm confused you can convert your points into money?
Sort of - you can convert points into RBC money to spend towards one of their rewards. In this case they're trying to attract customers into spending their points "investing" through their online brokerage. I suppose a deal is better than no deal.
Jr. Member
Aug 11, 2011
109 posts
47 upvotes
RICHMOND
When I redeemed this reward a while ago, they wouldn't allow me to transfer it to my bank account.

So I ended up using it for my RRSP Contributions.
Banned
User avatar
Sep 24, 2019
30 posts
3 upvotes
What is current comission rate for RBC? With everyone going feeless, I would be hoping RBC would drop to zero fees as well.
[OP]
Newbie
May 23, 2018
36 posts
53 upvotes
Hamilton
Fatsomoto8888 wrote: What is current comission rate for RBC? With everyone going feeless, I would be hoping RBC would drop to zero fees as well.
I believe it's CAD/USD 9.95 per transanction for basic members. I always use points to pay comission so this offer is immediately noticable.
[OP]
Newbie
May 23, 2018
36 posts
53 upvotes
Hamilton
Bushmonkey wrote: I'm confused you can convert your points into money?
Sorry for the confusion. The simple answer is yes.

As pdogg93 said, this offer is to attract customers spending their points "investing". After redeeming the points, they are converted into "money" for investment (in the Direct Investment account).

Then you could transfer this amount into your chequing account, like I did. Now it's real money you can spend.
[OP]
Newbie
May 23, 2018
36 posts
53 upvotes
Hamilton
G0DKING wrote: Do you know if you can transfer to savings account
I'm not sure if you can transfer directly. But once the money is in the chequing account, you can do whatever you want.

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