More Rewards is back in the credit card game with two new credit cards that are being issued by RBC. Nearly a year ago the two companies had announced an upcoming partnership but we weren’t sure if it would mean actual co-brand credit cards or if it was going to be like the Petro/Rexall/DoorDash type of partnerships that RBC has. We did learn there would be credit cards last December (read more here) and now we have details of the cards thanks to @sharmashivum via our YouTube channel!
There are two cards on offer in the suite of More Rewards RBC cards, an entry level Visa Card and a premium Visa Infinite Card. Notably the Visa Infinite Card will have no annual fee just like the entry level Visa Card.
These cards are only showing up in the RBC mobile app and nowhere else. There are a few “XX” in the terms and conditions so I am led to believe they are still in process of updating the proper information on the cards so it is entirely possible the details listed below may change
This is More Rewards’ third foray into to the co-brand credit card market after their short lived partnership with Scotia which launched in 2016 and a previous one with MBNA. Back in 2016 the Scotiabank More Rewards Visa Card was the best No Fee Travel Rewards Card credit card (as awarded in our annual credit card rankings) So let’s see if these new cards can meet or beat their old offering!
As there are varying redemption rates for More Rewards points, all the values listed in this post will be based on their best redemption option which is travel unless otherwise noted. The travel redemption value of 1 More Rewards points is 0.42 cents when redeemed via More Rewards Travel.
More Rewards RBC Visa Infinite Card
Annual Fee:
The More Rewards RBC Visa Infinite Card has no annual fee. The card has the standard Visa Infinite income requirements of $60,000 personal or $100,ooo household annual income.
Correct me if I am wrong as my brain is only in first gear this morning but I believe this is the first no fee Visa Infinite Card in Canada? (excluding first year free offers or Wealthsimple which requires $100K in holdings?)
Welcome bonus:
Earn 50,000 More Rewards points when you spend $500 or more on the card in the first three months.(Travel Value: $210 / Grocery Value: $75)
Earn Rates:
Earn 8 More Rewards Points per dollar spent at over 700 More Rewards partner locations including Save-On-Foods, Price Smart Foods, Buy-Low Foods, Urban Fare, Nesters Market, Pure Integrative Pharmacy and more.
Earn 8 More Rewards Points per dollar spent on dining, gas and EV charging
Earn 4 More Rewards Points per dollar spend on all other spending.
There do not appear to be any spending caps in place for the accelerated earn rates
Value in the points:
The 8 points per dollar spent works out to a 3.36% return on spending when redeemed for travel or a 1.2% return when redeemed for groceries. The travel redemption rate is great for a no fee card!
The 4 points per dollar spent works out to 1.68% return on spending when redeemed for travel or a 0.6% return when redeemed for groceries. Once again the travel redemption rate for base level spending is great for a no fee card!
We definitely have a new contender here for the best No Fee Travel Rewards card in Canada!
Additional features:
As it is a no fee Visa Infinite Card there aren’t a lot of extras included. It will receive the standard Visa Infinite benefits that are afforded to all Visa Infinite Cards in Canada but on it’s own this card will provide:
- Mobile Device Insurance
- Purchase Security and Extended Warranty Insurance
The card will also benefit from RBC’s partnership with Petro-Canada where you can save 3 cents per litre on gas paid for with the card once it is linked to your Petro-Points account.
More Rewards RBC Visa
Annual Fee:
The More Rewards RBC Visa Card has no annual fee and from what I can see does not have any set income requirements.
Welcome bonus:
The main page of the card shows a 50,000 More Rewards points bonus when you spend $500 or more on the card in the first three months (Travel Value: $210 / Grocery Value: $75) however the footnotes state 30,000 More Rewards points (Travel Value: $126 / Grocery Value: $45) We’ll have to get confirmation from RBC on which is the correct bonus for this card.
Earn Rates:
Earn 5 More Rewards Points per dollar spent at over 700 More Rewards partner locations including Save-On-Foods, Price Smart Foods, Buy-Low Foods, Urban Fare, Nesters Market, Pure Integrative Pharmacy and more.
Earn 5 More Rewards Points per dollar spent on dining, gas and EV charging
Earn 3 More Rewards Points per dollar spend on all other spending.
There do not appear to be any spending caps in place for the accelerated earn rates
Value in the points:
The 5 points per dollar spent works out to a 2.1% return on spending when redeemed for travel or a 0.75% return when redeemed for groceries. The travel redemption rate is great for a no fee card!
The 3 points per dollar spent works out to 1.26% return on spending when redeemed for travel or a 0.45% return when redeemed for groceries. Once again the travel redemption rate for base level spending is great for a no fee card!
Another pretty decent travel rewards card option in this card!
Additional features:
This card will come with the following benefits:
- Mobile Device Insurance
- Purchase Security and Extended Warranty Insurance
The card will also benefit from RBC’s partnership with Petro-Canada where you can save 3 cents per litre on gas paid for with the card once it is linked to your Petro-Points account.
Wrapping it up
More Rewards is getting back into the credit card game alongside RBC with two new cards that are set to challenge the no fee travel rewards card market! Just like the previous iteration of the More Rewards credit card, these cards bring excellent value when the points are redeemed for travel – but only travel. Other redemptions lose value and as I can tell they are already pushing this as a grocery card and the pay with points for groceries is actually one of the worst redemption options in the More Rewards program – so buyer beware!