In an increasingly globalized world, the number of international students seeking quality education abroad is on the rise. Recognizing this trend, the Royal Bank of Canada (RBC) has tailored specific credit card offers to cater to the unique needs of International students. In 2024, RBC has two standout offerings the RBC Cash Back Mastercard and the RBC ION Visa.
RBC International Student Credit Card: Analysis
RBC Cash Back Mastercard: Maximizing Your Everyday Purchases
The RBC Cash Back Mastercard is designed with the budget conscious student in mind. With no credit history required for RBC personal banking clients, Rbc credit card limit for international students up to $2,000.
What sets this card apart is its cash back feature. Students can earn up to 2% cash back on grocery store purchases and up to 1% on everyday purchases. For the first three months, new cardholders can enjoy a 10% bonus cash back (up to a maximum spend of $2,000). This means up to 12% cash back on grocery store purchases and up to 11% on all other purchases for the first three months.
The card comes with a $4 monthly fee but can be rebateble on eligible accounts, a 20.99% purchase rate, and a 22.99% cash advance rate, making it a cost effective choice for students looking to maximize their savings, which is also best rbc credit card for students.
RBC ION Visa: Rewarding Your Lifestyle
The RBC ION Visa is another excellent option for international students. This card rewards students for their lifestyle choices, 3500 points as Welcome Bonus and and earn extra 3500 pointswhen you spend $500 in first three months, offering 1 Avion point for every $1 spent on all other qualifying purchases.
Moreover, students can earn 3X Avion points for every $1 spent on groceries, rideshare, gas & EV charging, and streaming, digital gaming & subscriptions. Like the RBC Cash Back Mastercard, the RBC ION Visa comes with a $48 annual fee but its rebateble, a 20.99% purchase rate, and a 22.99% cash advance rate.
RBC International Student Credit Card Requirements 2024:
Moving to a new country can be an exciting yet challenging experience, especially when it comes to managing finances. For international students in Canada, one of the key steps towards financial independence is obtaining a credit card. The Royal Bank of Canada (RBC) offers a unique solution customized to meet the requirements of international students. Let’s find out the requirements for rbc credit card for international students.
Eligibility Criteria
The first step towards obtaining the RBC International Student Credit Card is understanding the eligibility criteria. The card is available to RBC personal deposit account holders who are either:
- Permanent residents and international students who have arrived in Canada within the last 12 months.
- Temporary resident workers who arrived in Canada within the last 48 months.
No Credit History? No Problem!
One of the unique features of the RBC International Student Credit Card is that no credit history is required for RBC personal banking clients. This feature is particularly beneficial for international students who are new to Canada and have not had the opportunity to build a credit history.
RBC International Student Credit Card Limit
If you are an international student in Canada, you might be looking for a credit card that suits your needs and budget. Rbc credit card for international students offers some great options for you, whether you want to earn cash back, rewards points, or enjoy no annual fee. You can apply for an RBC credit card with no prior credit history and The RBC International Student Credit Card offers a credit limit of up to $2,000. All you need is your study permit, passport, and proof of enrollment. With an RBC credit card, you can manage your finances, build your credit history, and enjoy the benefits of being an RBC client.
Benefits Of Having An RBC Credit Card For International Students:
Some of the Rbc international student credit card benefits are:
No Monthly Fee Banking
One of the standout benefits of having an RBC credit card is the opportunity to enjoy no-monthly fee banking and even no RBC bank fee for using another bank ATM. International students can avail this benefit when they open an RBC Advantage Banking account for students. This can significantly reduce banking costs for students who are often on a tight budget.
Building Credit History
A credit card is not just a tool for financial transactions; it’s also a means to build a credit history. Regular and responsible use of an RBC credit card can help international students start building a credit history in Canada. This can be beneficial for future financial endeavors like applying for a new credit card, signing up for a cell phone package, buy new Car or even signing up for a gym membership.
Global Acceptance
RBC credit cards are accepted across the country and around the world. This global acceptance can be particularly helpful when international students are travelling, providing them with a reliable and convenient method of payment.
Alternative Payment Method
In the age of digital transactions, having a credit card offers an alternative payment method to cash. This can be especially handy during a pandemic when contactless payments are preferred.
Insurance and Special Offers
Some RBC credit cards offer insurance and other special offers. Extended warranties, rewards, and discounts are all benefits that international students might want to take advantage of if they come with their credit card.
Manage Cash Flow
Typically, credit card users get about 23 days in which to pay off their credit card debt. This can help international students manage their cash flow, providing them with some financial flexibility.
Easy Bill Payments
With an RBC credit card, international students can set up pre-authorized payments for recurring costs like gym memberships and cell phone bills. This can make managing monthly expenses much easier.
Online Purchases
In Canada, you can’t always use a debit card to buy things online. A credit card, on the other hand, can be used for online purchases. This makes an RBC credit card a handy tool for international students who shop online.
In conclusion, RBC’s credit card offers for international students provide a range of benefits in 2024 that extend beyond the basic features of the card. Whether it’s building a credit history, managing cash flow, making online purchases and maximize your savings with cash back or earn rewards for your lifestyle choices, an RBC credit card can be a valuable financial tool for international students.
Disclaimer: This article is intended for informational purposes only. Please consult with a financial advisor or the respective financial institution for more information.
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