Overview
The RBC Visa Platinum is one of the most underrated credit cards in Canada. It has no annual fee, no income requirement, and earns zero rewards — but that's not the point. The point is what you get for $0/year: rental car collision insurance, travel accident coverage, purchase security, and extended warranty protection.
Most no-fee credit cards skip insurance entirely or limit it to basic purchase protection. The RBC Visa Platinum goes significantly further, matching the rental car and travel accident coverage you'd normally find on cards costing $120+/year. If you rent cars even once or twice a year, this card can save you hundreds of dollars in CDW fees alone.
Think of the Visa Platinum as a utility card — it's not your daily driver, but it earns its spot in your wallet by covering gaps that other cards miss. Pair it with a rewards card like the RBC ION Visa for everyday earning, and you have a surprisingly complete no-fee setup.
Insurance Coverage
The insurance package is the reason this card exists — and it's genuinely strong for a card that costs nothing to hold.
Rental Car Collision / Loss Damage Insurance
This is the headline benefit. When you decline the rental company's CDW (collision damage waiver) and pay the full rental cost with your RBC Visa Platinum, the card covers damage to or theft of the rental vehicle.
Rental companies typically charge $15–$35/day for their CDW coverage. On a 7-day vacation rental, that's $105–$245 in savings — every single trip. If you rent cars even twice a year, the savings easily exceed $200 annually, making this one of the highest-value no-fee cards in Canada purely on this benefit alone.
How to use it: When picking up your rental, tell the agent you're declining their CDW coverage. Pay the full rental on your RBC Visa Platinum. Keep your rental agreement and receipts. If damage occurs, file a claim with RBC's insurance provider.
What's covered:
- Collision damage to the rental vehicle
- Theft of the rental vehicle
- Most standard rental cars, SUVs, and minivans
What's typically excluded:
- Exotic, luxury, and high-value vehicles (Ferrari, Porsche, etc.)
- Trucks, cargo vans, and motorcycles
- Rentals exceeding 48 consecutive days
- Off-road use or driving in violation of the rental agreement
Always review the full certificate of insurance for complete terms, conditions, and exclusions.
Travel Accident Insurance
The card provides up to $100,000 in coverage for accidental death or dismemberment while travelling as a fare-paying passenger on a common carrier (plane, bus, train, ferry, etc.), when you charge the fare to your card.
This is a straightforward, set-it-and-forget-it benefit. Any time you buy a plane ticket or train fare with the card, you're automatically covered — no enrollment or activation needed.
Purchase Security
Protects eligible purchases made with the card against loss, theft, or accidental damage for 90 days from the date of purchase. This is particularly useful for electronics, gifts, and higher-value items that are most vulnerable right after you buy them.
For example, if you buy a new tablet and it's stolen from your car within 90 days, purchase security can cover the cost — something your home insurance may not handle without a deductible.
Extended Warranty Insurance
Extends the manufacturer's original warranty by up to one additional year on eligible items purchased with the card. This applies to warranties of five years or less.
This is a valuable passive benefit — you don't need to register or activate anything. Buy an appliance, laptop, or gadget with the card, and the warranty is automatically extended. When the manufacturer's warranty expires, you get up to 12 more months of coverage at no extra cost.
What Insurance Is NOT Included
It's important to understand what the Visa Platinum does not cover, so you can plan accordingly:
- No emergency medical insurance — You'll need separate travel medical coverage if you're travelling outside your province or internationally
- No trip cancellation or interruption insurance — If your flight gets cancelled or you need to cut your trip short, there's no reimbursement for pre-paid costs
- No baggage delay or loss insurance — No coverage for delayed, lost, or damaged luggage
- No mobile device insurance — Your phone isn't covered against damage or theft
For these coverages, you'd need to upgrade to a travel-focused card like the RBC Avion Visa Infinite ($120/year) or purchase standalone travel insurance.
Benefits & Features
Avion Rewards Access
Even without earning points on purchases, the RBC Visa Platinum gives you access to Avion Rewards — RBC's rewards platform with offers and savings from over 2,000 top brands. This includes exclusive deals, discounts, and promotions you can browse through the Avion Rewards portal.
RBC Partner Perks
The card includes ongoing savings with popular Canadian brands:
- Petro-Canada — Save 3¢/L on fuel and earn 20% more Petro-Points when you link your card
- Rexall — Earn 50 Be Well™ points per $1 on eligible purchases
- DoorDash — 6-month complimentary DashPass subscription (waived delivery fees and reduced service fees on eligible orders)
These partner perks are shared across most RBC credit cards, so you'll get them regardless of which RBC card you hold — but they're a nice bonus on a no-fee card.
Digital Features
- RBC Mobile App — Manage bills, set up mobile pay, view transactions, and lock/unlock your card instantly
- NOMI Insights — AI-powered banking insights that learn your spending patterns and send tailored alerts and reminders
- Fraud Protection — Zero liability on unauthorized transactions, both in-store and online
- Tap-to-Pay — Compatible with Apple Pay, Google Pay, and Samsung Pay for contactless payments
Free Additional Cards
You can add authorized users to your account at $0 per additional card — no extra fees. Additional cardholders get their own card and can take advantage of the same insurance benefits when they use their card, making this a practical family option.
The Real Value: Cost Savings Breakdown
Since this card earns no rewards, it helps to quantify what you're actually getting for $0/year:
| Benefit | Estimated Annual Value | How |
|---|---|---|
| Rental car CDW savings | $105–$490+ | Declining CDW on 1–2 rentals/year |
| Extended warranty | $50–$200 | One warranty claim on electronics/appliances |
| Purchase security | $0–$500+ | One claim on a lost/stolen/damaged item |
| Travel accident coverage | Peace of mind | Automatic on common carrier fares |
| DoorDash DashPass (6 months) | ~$60 | Waived delivery fees |
| Petro-Canada fuel savings | $30–$60 | 3¢/L savings on regular fill-ups |
| Total potential value | $245–$1,300+ |
Even the conservative estimate — just one car rental and a few fuel fill-ups — delivers more value than many cards that charge $100+/year.
RBC Visa Platinum vs. Other No-Fee RBC Cards
| Feature | RBC Visa Platinum | RBC ION Visa | RBC Cash Back Mastercard |
|---|---|---|---|
| Annual fee | $0 | $0 | $0 |
| Rewards | None | 1–1.5x Avion pts | 0.5–2% cash back |
| Rental car insurance | |||
| Travel accident insurance | |||
| Purchase security | |||
| Extended warranty | |||
| Emergency medical | |||
| DoorDash DashPass | 6 months | 6 months | 6 months |
| Income requirement | None | None | None |
The RBC Visa Platinum wins decisively on insurance — it's the only no-fee RBC card with rental car collision coverage and travel accident insurance. If you want rewards earning, the ION Visa (points) or Cash Back Mastercard (cash back) are better daily-use cards. The best strategy? Hold the Visa Platinum alongside a rewards card to get both earning power and insurance coverage at $0 total annual fees.
How This Card Fits Into Your Wallet
The RBC Visa Platinum works best as part of a multi-card strategy rather than as your only card:
Pairing Option 1: RBC Visa Platinum + RBC ION Visa ($0 total)
Use the ION Visa for all everyday spending (1.5x Avion points on groceries, gas, transit, streaming) and pull out the Visa Platinum when renting cars. Total annual fee: $0. You get rewards earning on daily purchases plus rental car and travel accident insurance.
Pairing Option 2: RBC Visa Platinum + RBC Cash Back Mastercard ($0 total)
Use the Cash Back Mastercard for groceries (2% cash back) and general spending (1% cash back), and use the Visa Platinum for car rentals and high-value purchases where you want the stronger insurance. Total annual fee: $0.
Pairing Option 3: RBC Visa Platinum + Avion Visa Infinite ($120 total)
If you already hold the Avion Visa Infinite, you may not need the Visa Platinum — the Infinite includes its own rental car coverage. However, the Visa Platinum still works as a free backup card in case your primary card is lost, compromised, or maxed out while travelling.
Drawbacks to Consider
No Rewards Earning
This card earns zero points, miles, or cash back on any purchase. Every dollar you spend simply pays down your balance — there's no return on your spending. For a daily-use card, this is a significant downside. Most Canadians are better off pairing it with a rewards card and reserving the Visa Platinum strictly for rental car bookings and high-value purchases.
No Emergency Medical Insurance
This is the biggest gap for travellers. The Visa Platinum does not include emergency medical coverage while travelling outside your home province. If you're heading abroad or even to another province, you'll need to purchase separate travel medical insurance or use a different card that includes it. A single medical emergency abroad without coverage can cost tens of thousands of dollars.
No Trip Cancellation or Interruption Coverage
If your trip is cancelled due to illness, a family emergency, or other covered reasons, the Visa Platinum provides no reimbursement for pre-paid, non-refundable travel expenses. Cards like the Avion Visa Infinite include this coverage.
2.5% Foreign Transaction Fee
Like most Canadian credit cards, the standard 2.5% FX fee applies to all non-CAD purchases. If you're travelling internationally and making purchases in USD, EUR, or other foreign currencies, you'll want a dedicated no-FX-fee card for those transactions.
Standard Interest Rate
The 20.99% purchase rate and 22.99% cash advance rate are standard across most RBC cards. This is not a low-interest card — if you carry a balance, you'll pay the same interest as any other standard-rate card.
Who Is This Card Best For?
This card is an excellent choice if you:
- Rent cars regularly and want to decline the CDW to save $15–$35/day — even one rental per year makes this card worth holding
- Want a free insurance card with rental car, travel accident, purchase, and extended warranty coverage
- Need a no-fee backup card to complement your primary rewards card
- Are looking for a card with no income requirement — accessible to students, newcomers, and anyone building credit
- Want free additional cards for family members who also need insurance coverage
- Prefer a simple, no-complexity card without points programs, tiers, or redemption decisions
It's not the best choice if you:
- Want to earn rewards, points, or cash back on everyday spending — get the RBC ION Visa or RBC Cash Back Mastercard instead
- Need comprehensive travel insurance including emergency medical and trip cancellation coverage
- Want airport lounge access
- Spend frequently in foreign currencies and need to avoid FX fees
- Are looking for a card to use as your primary daily driver
Bottom Line
The RBC Visa Platinum isn't flashy, and it won't earn you a single point — but it might be the most valuable free card in your wallet. Its rental car collision insurance alone can save you hundreds of dollars per year, and the travel accident coverage, purchase security, and extended warranty round out an insurance package that rivals cards costing $120+/year.
The smartest play is to hold it alongside a no-fee rewards card like the ION Visa or Cash Back Mastercard. You get the best of both worlds — everyday earning on one card, and rock-solid insurance on the other — at a combined cost of $0/year. For Canadians who rent cars, buy electronics, or simply want a free safety net in their wallet, the RBC Visa Platinum is an easy yes.
