The RBC U.S. Dollar Visa Gold credit card is designed specifically for individuals who frequently make transactions in U.S. dollars, providing a seamless and cost-effective way to manage expenses in foreign currency. By eliminating foreign exchange fees, it helps cardholders save money on purchases made in the United States or with U.S.-based merchants.
In addition to cost savings, the card offers a comprehensive suite of benefits, including travel insurance, rewards through the Avion Rewards program, and exclusive partner deals. Whether you are a frequent traveler or someone who regularly shops in U.S. dollars, this card serves as a valuable financial tool.
Main information about the card
The RBC U.S. Dollar Visa Gold card is designed to simplify transactions for cardholders by enabling purchases directly in U.S. dollars, eliminating the need for currency conversion and its associated fees and fluctuations. This feature is especially beneficial for frequent travelers to the United States or individuals who frequently shop from U.S.-based retailers. The card comes with an annual fee of $65 USD, and an additional card fee of $30 USD applies.
Cardholders are subject to a purchase interest rate of 20.99%, while cash advances carry a slightly higher rate of 22.99%. This card is ideal for those seeking convenience and cost savings when dealing with U.S. dollar transactions, offering a practical solution for managing expenses in a foreign currency.
Qualification requirements
To qualify for the RBC U.S. Dollar Visa Gold card, applicants must meet the standard credit approval criteria set by RBC Royal Bank. While the bank does not publicly disclose specific income requirements, a strong credit history and a proven track record of responsible credit management are crucial for approval. Applicants are generally expected to be Canadian residents, as the card is issued exclusively by RBC Royal Bank in Canada.
This ensures that the card is tailored to meet the needs of Canadian consumers who frequently engage in U.S. dollar transactions, whether for travel, online shopping, or other cross-border purchases. Meeting these criteria helps ensure that cardholders can effectively manage the card’s features, such as avoiding currency conversion fees and benefiting from its U.S. dollar-based functionality.
Benefits
One of the primary benefits of this card is the ability to save on foreign exchange fees by conducting transactions in U.S. funds, which helps cardholders avoid daily currency fluctuations. Additionally, the card offers extensive insurance coverage, including travel accident insurance, trip cancellation and interruption insurance, flight delay insurance, and car rental coverage. Cardholders also gain access to exclusive partner deals from brands like Petro-Canada, Rexall, and DoorDash.
Furthermore, the card is integrated with the Avion Rewards program, allowing users to earn 1 Avion point for every U.S. dollar spent on qualifying purchases. These points can be redeemed for gift cards, merchandise, travel rewards, and RBC Financial Rewards vouchers, with redemption starting at 2,500 points.
Pros
The RBC U.S. Dollar Visa Gold card offers several advantages for individuals who frequently deal with U.S. currency transactions.
- Avoidance of Foreign Exchange Fees: By making transactions directly in U.S. dollars, cardholders can sidestep the typical 2.5% foreign transaction fee charged by many credit cards.
- Comprehensive Insurance Coverage: The card provides a robust suite of insurance options, including travel accident insurance, trip cancellation and interruption insurance, flight delay insurance, and car rental collision/loss damage waiver insurance.
- Avion Rewards Program: Earning 1 Avion point per U.S. dollar spent allows cardholders to accumulate rewards that can be redeemed in various ways, offering flexibility and value.
- Exclusive Partner Offers: Access to special deals from partners like Petro-Canada, Rexall, and DoorDash enhances the card’s value proposition.
Cons
Despite its numerous benefits, the RBC U.S. Dollar Visa Gold card has some drawbacks that potential applicants should consider.
- Annual Fee: The card carries an annual fee of $65 USD, which may be a deterrent for individuals who do not frequently engage in U.S. dollar transactions.
- Interest Rates: With a purchase interest rate of 20.99% and a cash advance rate of 22.99%, carrying a balance on this card can lead to significant interest charges.
- Limited Earning Rate: The earning rate of 1 Avion point per U.S. dollar spent is competitive, but there are other cards in the market that offer higher earning rates for specific categories.
- U.S. Dollar Billing: Since the card is billed in U.S. dollars, cardholders need to have a strategy for paying their balance to avoid additional currency conversion fees when converting Canadian dollars to U.S. dollars for payment.
How to apply
Applying for the RBC U.S. Dollar Visa Gold card is a straightforward process. Prospective applicants can visit the RBC Royal Bank website and complete the online application form. The application requires personal information, including contact details, employment information, and financial details. Applicants can expect to receive a response regarding their application status promptly after submission.
Is the card worth it after all?
The RBC U.S. Dollar Visa Gold card is particularly valuable for individuals who frequently travel to the United States or regularly make purchases in U.S. dollars. The ability to avoid foreign exchange fees can result in substantial savings over time.
Additionally, the comprehensive insurance coverage and access to the Avion Rewards program add significant value. However, for individuals who seldom engage in U.S. dollar transactions, the annual fee and U.S. dollar billing may outweigh the benefits. It’s essential to assess your spending habits and financial needs to determine if this card aligns with your lifestyle.
Conclusion
In summary, the RBC U.S. Dollar Visa Gold card offers a compelling suite of features for those who have regular dealings in U.S. currency. By eliminating foreign exchange fees, providing extensive insurance coverage, and offering rewards through the Avion program, it presents a robust option for managing U.S. dollar expenses. As with any financial product, it’s crucial to evaluate how its features align with your personal spending patterns and financial goals to ensure it meets your needs effectively.
