RBC Visa Platinum Credit Card Review [Updated 2019]

Advertiser Disclosure


No annual fee and the ability to get a credit limit as high as $50,000 make the RBC Visa Platinum an ideal credit card to consolidate and PAY DOWN DEBT.

The RBC Visa Platinum credit card has a limit that’s higher than most people are able to secure with a bank line of credit that’s tied to a mortgage. And a credit limit of $50,000 enables people to transfer balances owing on other credit cards and loans and consolidate them onto the RBC Visa Platinum card.

This is a great feature for people who are tired of having money owing on multiple credit cards and loans, and want to bring them together in one place.


  • No annual fee
  • High credit limit of up to $50,000
  • No cost or annual fee for a second credit card


  • No rewards program such as cash back or travel redemptions
  • Interest on cash advances is on the high side at 22.99%
  • Lack of a traditional signup bonus


While the RBC Visa Platinum card doesn’t offer a traditional signup bonus, it does have several unique features, including the ability to save three cents per litre on fuel at Petro-Canada and earn 20% more Petro-Points in the process.

You can also get a second RBC Visa Platinum credit card at no extra cost and receive discounts and special offers from a number of well-known Canadian retailers, including Roots, Indigo, and David’s Tea. Cardholders are also eligible for premium car and travel insurance, as well as emergency travel assistance with this card.



While other credit cards issued in Canada tend to have annual fees ranging from $99 to $150 a year, there are no such fees with this particular card.

That’s impressive considering the high credit limit that cardholders can qualify for with the RBC Visa Platinum card. Where else are you going to get a $50,000 loan with no fee attached to it? Plus, there’s no annual fee charged on supplementary credit cards taken out either. So, you can have two RBC Visa Platinum cards at no cost.


The annual percentage rate (APR), or interest charged, on the RBC Visa Platinum credit card is 19.99% on purchases and 22.99% on cash advances. These are the standard interest rates charged on most credit cards in Canada.

Of course, the higher interest rate should preclude you from taking cash advances off the card. And you’ll want to note that the penalty interest charged in the event that you miss a payment or make one late can be as high as 26.99%.


The RBC Visa Platinum credit card doesn’t come with any pre-set approval requirements beyond a credit check. Again, this is impressive considering the credit limit on the card can go as high as $50,000.

Exactly how high the credit limit is on your card is something you’ll need to discuss with the bank. If you don’t need $50,000, it might be advisable to take a lower credit limit on the card to keep your debt manageable.


Additional features included with the RBC Visa Platinum card include:

  • Roadside assistance
  • Protection against identity theft
  • Optional travel insurance
  • Ability to temporarily lock the credit card in the event that you misplace it (cardholders can simply login to the RBC mobile app and choose the credit card they want to temporarily lock)


If you want a credit card with big rewards in the form of cash back or travel, then the RBC Visa Platinum card is not likely to appeal to you.

It’s a credit card for people who want to consolidate debt in one place and keep the fees they pay to a minimum. The RBC Visa Platinum card is not going to help you get to a warm sun destination in the middle of a harsh Canadian winter.


The Scotiabank Value Visa credit card is comparable to the RBC Visa Platinum card in that it’s designed for debt consolidation.

While the credit limit on the Scotiabank Value Visa is not as high as the limit available on the RBC Visa Platinum card, the Scotiabank card does offer an introductory interest rate of 0.99% on balance transfers for the first six months, as well as a low interest rate of 11.99%, and 0.99% on cash advances.

The low interest rates are what really set the Scotiabank Value Visa apart. On the downside, the Scotiabank card does come with an annual fee of $29 and a minimum credit limit requirement of $500.


The RBC Visa Platinum credit card offers minimal costs and a maximum credit limit. It’s a card that should appeal to people who want to take several smaller loans and consolidate them in one place.

With a credit limit as high as $50,000, it’s unlikely you’ll need any other credit card than the RBC Visa Platinum. It’s the high credit limit that is the main selling point.

About Author

The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Grizzle hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.