RBC is launching two brand-new bank cards: the RBC Ion and RBC Ion+ Visa playing cards, as replacements for the RBC Rewards+ Visa and Signature RBC Reward Visa, respectively.
Let’s undergo the brand new choices and check out how these two refreshed entry-level playing cards may make its means into your pockets.
RBC Ion Visa
The RBC Ion Visa is RBC’s new product, the place the Rewards+ Visa was, and earns the brand new Avion Rewards factors.
Notice that whereas these have the identical identify because the extra premium RBC Avion Visa Infinite and RBC Avion Visa Infinite Privilege playing cards, this earns Avion Premium slightly than Avion Elite factors (extra particulars under on the implications).
The RBC Ion Visa has no annual charge. As a welcome bonus for brand new cardmembers, you possibly can earn 6,000 Avion factors upon approval offered you apply earlier than November 30, 2022.
On on a regular basis spending, you’ll earn rewards as follows:
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1.5 Avion factors for each $1 spent on groceries, fuel, rideshare, each day public transit, electrical car charging, streaming, digital gaming, and digital subscriptions
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1 Avion level for each $1 spent on all different purchases
This no-fee bank card is clearly focused for informal travellers who spend a good quantity on rideshares, transit, streaming, and video video games.
It’s the one card to focus on spending in these classes, and can probably attraction to youthful millennials and Gen Z who want to earn versatile journey rewards.
6,000 factors is a wonderful bonus on a no-annual charge bank card and might be redeemed via the Avion Rewards portal.
This additionally brings the welcome bonus extra in line to different entry-level in-house-rewards-earning playing cards, such because the CIBC Aventura Visa Card and the TD Rewards Visa Card, with slight variations on which service provider classes earn at bonus charges.
Insurance coverage choices are fundamental, which is totally anticipated on entry-level playing cards corresponding to this RBC Ion Visa.
- Earn 6,000 Avion factors upon approval
- Earn 1.5x factors on grocery, fuel, rideshare, each day public transit, electrical car charging, streaming, digital gaming and digital subscriptions
- Annual charge: $0
RBC Ion+ Visa
The RBC Ion+ Visa is RBC’s new product to interchange the previous Signature RBC Visa Card, and in addition earns the brand new Avion Rewards factors.
The RBC Ion+ Visa has a brand new month-to-month charge of $4, and the signup bonus is 12,000 Avion factors upon approval for those who apply previous to November 30, 2022.
You’ll earn the next rewards on on a regular basis spending:
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3 Avion factors for each $1 spent on grocery, eating, meals supply, fuel, each day transit, rideshares, streaming, digital gaming and digital subscriptions
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1 Avion level for each $1 spent on all different purchases
The elevated earnings classes are close to an identical to the lower-tier RBC Ion Visa, however the Ion+ comes with a month-to-month $4 price to offset that. Furthermore, the extra elevated earnings classes on the Ion+ additionally embody eating and meals supply.
Month-to-month charges slightly than annual charges are a pattern we’re seeing throughout the higher bank card panorama throughout Canada, and the explanations are apparent: it seems decrease at first look, and it’s simple to know for the youthful era who’re very accustomed to month-to-month subscription fashions.
Between the RBC Ion Visa and the RBC Ion+ Visa, you’ll wish to decide the Ion+ for those who spend no less than $134 a month on groceries, eating, meals supply, fuel, transportation, streaming, digital gaming, and digital subscriptions, since that’s the breakeven level on the $4 month-to-month charge.
The 12,000 Avion level welcome bonus can be simply earned by merely being authorised for the cardboard, and might be redeemed utilizing the Avion Rewards portal.
For the small month-to-month charge, there may be additionally a fundamental set of insurance coverage protection, together with cell gadget insurance coverage, buy safety, and prolonged guarantee.
- Earn 3x factors on grocery, eating, meals supply, fuel, rideshare, each day public transit, electrical car charging, streaming, digital gaming and digital subscriptions
- Cellular gadget insurance coverage
- Month-to-month charge: $4
Methods to Use Avion Factors from the RBC Ion Playing cards
Though the RBC Ion and Ion+ Visas earns the identical Avion factors because the higher-tier RBC bank cards, these factors can’t be transferred to RBC’s airline companions (technically, Ion and Ion+ earn Avion Premium whereas the Avion Visa Infinite and Avion Visa Infinite Privilege earn Avion Elite factors).
The exception is WestJet Rewards, the place Ion-earned Avion factors might be transferred at a 1:1 ratio (1 Avion level = $0.01 in WestJet {Dollars}).
Additionally, Ion cardholders can’t redeem factors by way of the Air Journey Redemption Schedule, which helps you to use Avion factors to e book round-trip financial system class tickets departing from Canada, as much as a sure most ticket value.
As a substitute, you’re restricted to utilizing your factors at a flat charge of 0.58 cents per level (cpp) for journey booked by way of the Avion Rewards centre, which is lots weaker than the 1cpp redemption charge that you just get from holding a higher-tier Avion card.
Fortunately, for those who additionally maintain, say, an RBC Avion Visa Infinite, you possibly can switch Avion factors at a 1:1 ratio between your completely different Avion playing cards, so the weaker factors you earn from the Ion playing cards can nonetheless be transformed into extra highly effective Avion playing cards too.
What’s extra, for those who ever determine to improve your Ion card to one of many RBC Avion playing cards, any factors you’ve collected will likely be upgraded as properly. Then, you’ll have the power to entry higher-value journey redemptions which might be unique to Avion cardholders: frequent flyer companions, the Air Journey Redemption Schedule, and the power to redeem factors immediately in opposition to journey at 1cpp.
Your factors by no means expire for so long as you’re a cardholder. Should you cancel or swap to a special RBC product, you will have 90 days to redeem your factors earlier than they go away.
The RBC Credit score Card Portfolio
Lengthy-term, as playing cards with no or low annual charges, the RBC Ion and Ion+ Visa playing cards could be good downgrade choices in case you are fascinated about cancelling your RBC Avion Visa Infinite or RBC Avion Visa Infinite Privilege however wish to hold your factors alive or protect an previous credit score account.
Nonetheless, both of the higher-tier playing cards could be the optimum alternative for a brand new signup for those who qualify for them, with bigger welcome bonuses and journey insurance coverage advantages.
After that, you possibly can reevaluate the worth proposition within the second yr, and contemplate switching to both of the Ion merchandise relying in your month-to-month spending on groceries, fuel, each day transit, rideshare, streaming, digital gaming, and digital subscriptions.
Conclusion
The RBC Ion Visa and RBC Ion+ Visa playing cards are welcome new merchandise to interchange the earlier RBC Rewards+ Visa and Signature RBC Rewards Visa playing cards, which had begun to develop a bit stale.
These two new playing cards are progressive and refreshing, proven in main modifications to their elevated class earnings, new month-to-month charge construction on the Ion+, and ever so slight modifications to their journey insurance coverage insurance policies.
The target market is undeniably mass market, skewing in direction of millennials, Gen Z, and different youthful individuals who are inclined to spend on streaming, digital gaming, and digital subscriptions.
On this means, the Ion and Ion+ not solely fills a helpful supporting function to higher RBC Avion portfolio, but in addition stand out on their very own as distinctive product choices to carry long-term.
The welcome bonus choices are stable throughout the board, and you’ll improve each the brand new playing cards to a extra premium Avion Rewards card anytime you want to reap the benefits of RBC Avion’s glorious switch companions.
Discuss with RBC web page for updated supply phrases and situations.
