RBC Visa Platinum Card Review

Balance Transfer Intro Rate
5.9%
Balance Transfer Intro Rate Duration
30 Months
Regular Balance Transfer Rate
22.99%
Annual Fee
$0
Recommended Credit Score
740 850 670 739 580 669 0 579
Fair-Good
Save with a 5.9% Introductory Rate for 30 Months on Balance Transfers and Cash Advances

The RBC Visa Platinum is unique in the Canadian credit card landscape, offering a rare constellation of features and perks for a balance transfer card. It provides a super-long period of low-interest balance transfers—30 months—which is very attractive if you want to consolidate and pay off debt but are unsure if you can do so in the short timespans granted by other balance transfer cards.

Beyond this standout feature, RBC Visa Platinum cardholders are eligible for premium vehicle insurance coverage from Aviva General Insurance, and travel insurance from RBC. Primary users are also qualified for RBC value-added services, with special offers from some of the biggest brand names in fashion, dining, and car rentals, like Roots, Saks Fifth Avenue, The Keg, Thrifty and more.

Balance Transfer Terms

The card’s promotional balance transfer interest rate of 5.9% is not as low as some other balance transfer cards in Canada, e.g. the 0% interest rate offered by the MBNA Platinum Plus. But the 2.5 year period for the 5.9% rate is strikingly long compared to the card’s balance transfer competitors, and the rate applies to cash advances too. After the 30-month/2.5 year period is over, the balance transfer interest rate jumps up to 22.99%, which is about standard in its field.

The card’s interest rate for purchases is 19.99%.

Notable Perks

  • Discounts of up to 3¢/L on fuel and 20% more Petro-Points guaranteed at Petro-Canada after linking to the RBC Visa Platinum Card.
  • Emergency travel assistance and value-added services, including balance protector insurance, identity protection, and RBC road assistance.
  • Sizeable credit limit of up to $50,000
  • Free additional card
  • Easy to set up notifications on mobile or email for exclusive offers from participating merchants.

Who’s the Card For?

The RBC Visa Platinum Card is a great fit for those who want to consolidate their debts and pay them off gradually under a lower interest rate than they can find with ‘regular’ credit cards. Turned off by the 5.9% interest rate? If you’re in a position to pay your debts off in 6-12 months, you should consider balance transfer cards with even lower interest rates, like the MBNA Platinum Plus. But if that time crunch sounds stressful, the RBC Visa Platinum might be a better fit.

When comparing to other balance transfer cards, it’s important to note that the RBC Visa Platinum generally requires a higher credit score than that of its competitors, including the MBNA Platinum Plus and the SimplyCash Preferred Card. If your credit score is below 670, we recommend calling RBC first and consulting with them before applying.

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