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!
FEBRUARY 5 UPDATE: These cards have now been officially released by RBC and More Rewards. All the details posted below are now correct.
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.
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 0.429 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.
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)
Bonus awarded as follows:
- 30,000 points upon approval
- 20,000 points when you spend $500 or more on the card in the first three months
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:
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)
Bonus awarded as follows:
- 30,000 points upon approval
- 20,000 points when you spend $500 or more on the card in the first three months
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.
Click here to learn more and to apply for the More Rewards RBC Visa Card
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!