RBC ® Travel Insurance

Taking a trip see if your rbc ® credit card covers you..

In just a few minutes, you can see what travel insurance you have on your RBC credit card, whether you have enough coverage for your trip, or if you need to buy additional coverage. It’s that simple!

See what travel insurance coverage your card has:

Required Information

Which RBC credit card did you use to pay for the full cost of your trip?

RBC Avion Visa Infinite

Good news! Your card has some travel insurance coverage.

Your card provides some valuable travel insurance coverage for you and other covered persons (opens modal window) .

Covered Persons

Covered Persons refer to you (the cardholder), your spouse and your dependent child/children who travel with you or join you and/or your spouse on the same trip. Plus, if your card includes Trip Cancellation and Interruption insurance your dependent children who are age 16-24 can travel on their own (without you or your spouse) and be covered for Trip Cancellation and Interruption. (Note: children under 16 travelling on their own are not covered). Other travellers on the same trip are not covered under your credit card travel insurance coverage.

Covered Persons refer to you (the card applicant), your spouse and your dependent child/children who travel with you or join you and/or your spouse on the same trip. Plus, if your card includes Trip Cancellation and Interruption insurance your dependent children who are age 16-24 can travel on their own (without you or your spouse) and be covered for Trip Cancellation and Interruption. (Note: children under 16 travelling on their own are not covered). Co-applicants and authorized users are also covered but their spouse and dependent children are not covered. Other travellers on the same trip are not covered under your credit card travel insurance coverage.

Refer to the credit card Certificate of Insurance for complete coverage details, limitations and exclusions.

Summary of Your Card’s Coverage

  • Under age 65: Unlimited coverage Disclaimer 1 for first fifteen (15) consecutive days of your trip
  • Age 65+: Unlimited coverage Disclaimer 1 for first three (3) consecutive days of your trip

Out of Province/Country Emergency Medical Insurance

This insurance covers reasonable and customary expenses, in excess of any medical expenses payable by your government health insurance plan or any other insurance plan, for emergency treatment medically required during your trip as a result of a medical emergency.

This is a summary only. All travel insurance is subject to limitations and exclusions. Refer to the credit card Certificate of Insurance for complete coverage details, limitations and exclusions.

Trip Cancellation Insurance

This insurance protects eligible cardholders against the cost of non-refundable prepaid travel arrangements if the trip is cancelled prior to your departure, due to a covered reason. For this coverage to be effective, you must have purchased your prepaid travel arrangements with your RBC ® credit card and/or Avion ® points.

Trip Interruption Insurance

Flight delay insurance.

If you miss your connecting flight, are denied boarding or your flight is delayed, this insurance reimburses you, up to a certain maximum, for reasonable and necessary expenses you may have (for example, a hotel room or restaurant meals) as long as you have checked in with the air carrier and you paid for your airline ticket with your RBC ® credit card and/or Avion ® points.

Delayed Baggage Insurance

If your checked baggage is lost or delayed, this insurance reimburses you, up to a certain maximum, for reasonable and necessary emergency purchases that you need, as long as you paid for your airline ticket with your RBC ® credit card and/or Avion ® points.

Hotel/Motel Burglary Insurance

If you need to repair or replace personal property that has been damaged or lost due to a burglary of your hotel/motel room or cruise cabin and you are a registered guest, this insurance reimburses you, up to a certain maximum, as long as you paid for your hotel/motel room or cruise cabin with your RBC ® credit card and/or Avion ® points.

Travel Accident Insurance

This insurance covers you for accidental bodily injury or death if you are injured during an accident that occurs while you are travelling on a common carrier (such as a passenger plane) as long as you paid for these transportation arrangements with your RBC ® credit card and/or Avion ® points before departing on your trip.

Auto Rental Collision/Loss Damage Waiver Insurance

When you pay for the entire cost of the rental vehicle using your RBC ® credit card and/or Avion ® points, this Insurance covers you and/or a rental agency for loss/damages to eligible rental vehicles up to the actual cash value of the damaged or stolen rental vehicle. The length of time you rent the same vehicle must not exceed forty-eight (48) consecutive days.

All insurance is subject to limitations and exclusions. Download the RBC Avion Visa Infinite Certificate of Insurance (opens PDF in new window) for complete details.

Legal Disclaimer 1) Unless otherwise noted in the Certificate of Insurance, the maximum benefit for emergency medical insurance is unlimited.

All insurance is subject to limitations and exclusions. Download the RBC Avion Visa Platinum Certificate of Insurance (opens PDF in new window) for complete details.

Lost/Stolen Baggage

We will pay the covered person for loss or damage to owned baggage and personal effects used for the personal use of the covered person while in transit as checked-in baggage or carried on board the air carrier when the full cost of the airline ticket is paid with your RBC ® credit card and/or Avion ® points.

All insurance is subject to limitations and exclusions. Download the RBC ® Avion ® Visa Infinite Business ‡ Certificate of Insurance (opens PDF in new window) for complete details.

All insurance is subject to limitations and exclusions. Download the RBC Avion Visa Business Certificate of Insurance (opens PDF in new window) for complete details.

  • Under age 65: Unlimited coverage Disclaimer 1 for first thirty one (31) consecutive days of your trip
  • Age 65+: Unlimited coverage Disclaimer 1 for first seven (7) consecutive days of your trip

All insurance is subject to limitations and exclusions. Download the RBC Avion Visa Infinite Privilege Certificate of Insurance (opens PDF in new window) for complete details.

All insurance is subject to limitations and exclusions. Download the RBC Avion Visa Infinite Privilege for Private Banking Certificate of Insurance (opens PDF in new window) for complete details.

All insurance is subject to limitations and exclusions. Download the RBC Rewards ® Visa ‡ Preferred Certificate of Insurance (opens PDF in new window) for complete details.

All insurance is subject to limitations and exclusions. Download the RBC ® U.S. Dollar Visa ‡ Gold Certificate of Insurance (opens PDF in new window) for complete details.

All insurance is subject to limitations and exclusions. Download the RBC ® British Airways Visa Infinite ‡ Certificate of Insurance (opens PDF in new window) for complete details.

Next Step: Tell us who is travelling so we can give you an accurate quote.

Who do you want to get a quote for?

Why we ask: Since your credit card’s travel insurance covers you, your spouse and/or your dependent children, your quote will calculate the coverage you already have on your card—saving you money!

Why we ask: Since your credit card’s travel insurance does not cover travellers other than you (the cardholder), your spouse and/or your dependent children, your quote for these travellers will not factor in your credit card coverage.

Tip: You will need to get a quote and buy travel insurance for other eligible travellers separately so that we can give you an accurate quote for everyone.

Eligibility

To be eligible for this insurance coverage, a traveller must be:

  • A client of the RBC companies or a spouse or child of a client
  • A Canadian resident (applicable for Emergency Medical Insurance coverage)

Travel Insurance coverage is not included on your card, but we can cover you!

Although the card you used to purchase your trip does not include coverage, you can get a quote and buy affordable travel insurance now.

rbc cash back travel insurance

We are unable to determine the travel insurance coverage on your card

We can help make sure you’re protected financially every time you travel with affordable trip cancellation and interruption insurance, emergency medical insurance and more. Get a quote and buy affordable travel insurance now.

  • Contact Customer Service
  • Call 1-800-769-2553
  • Locate a No-Fee 2 U.S. ATM
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  • RBC Royal Bank Online Banking

Cross-Border Discover & Learn

Traveling beyond your province or territory protect yourself with travel insurance 9 ..

When your travels take you far from home in Canada, even a minor accident or sickness can become a major expense and a costly inconvenience—especially since the coverage you have may not fully protect you, whether that’s your provincial health plan, protection offered through your credit card or coverage through your employer. 

Your Government Health Insurance Plan (GHIP) typically covers only a limited portion of your medical expenses once you leave the country and your province. For example, a four-day stay in a U.S. hospital for an appendectomy could cost $39,400 (USD), with only $1,600 (CAD) covered by your GHIP. And a one-day stay in a U.S. hospital for a broken arm could cost $32,600 (USD), with only $400 (CAD) covered by your GHIP. 

Coverage offered through your credit card 9 and employer, while valuable, may only cover specific scenarios and not offer the comprehensive protection you will want while you’re away from home.

Travel insurance can cover your entire family for the duration of your trip, and family pricing is generally available to help you save on the coverage you need. If you travel regularly, a multi-trip annual travel insurance plan that can offer protection for a full year, regardless of the number of times you travel, is a smart option to consider.

RBC Insurance – Travel Insurance that offers more coverage in more places ™ RBC Insurance offers the travel coverage you need, as well as 24/7 access to a caring team of medical professionals – no matter how big or small your emergency. Here are some of the reasons we recommend RBC Insurance to our clients:

  • 24/7 worldwide emergency travel assistance through a toll-free emergency help line
  • Multilingual assistance from caring professionals – ready to help you wherever you are in the world
  • Best in class claims service, with knowledgeable claims and service advisors available to you
  • Registered nurses and consulting physicians available 24/7

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In this guide

Frequently asked questions

Your reviews, rbc cash back mastercard review.

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Receive unlimited cash back with no annual fees with the RBC Cash Back Mastercard. 

The RBC Cash Back Mastercard lets you rack up rewards on all your purchases with no limit on how much you can earn.

The RBC Cash Back Mastercard lets you rack up rewards on all your purchases with no limit on how much you can earn. It’s for people who like to use their credit cards for everyday purchases, such as purchases at grocery stores and gas stations.

Find out if the RBC Cash Back Mastercard is right for you.

30-second take

  • Consider getting the RBC Cash Back Mastercard if you like to shop on credit for everyday items such as groceries.
  • Choose something else if you’re looking for a credit card with low interest rates.
  • You must be a Canadian resident and the age of majority in your province to apply for the card.

The RBC Cash Back Mastercard is designed to give you unlimited cash back on every purchase you make. For the first $6,000 you spend each year, you’ll earn 2% cash back at the grocery store and up to 1% on all other qualifying purchases.

As an RBC credit cardholder, you’ll also receive several value-added services for holding the Cash Back Mastercard, including balance protector insurance, optional travel insurance, identity protection and roadside assistance.

  • Unlimited cash back. The RBC Cash Back Mastercard has no limits on how much cash back you can earn. Get up to 2% cash back on grocery store purchases, and up to 1% cash back on all other qualifying purchases and pre-authorized payments.
  • No annual fee. Unlike other cash back credit cards, this one has no annual fee for the primary cardholder or any additional cards on the account.
  • Safety. The RBC Cash Back Mastercard offers purchase security and extended warranty protection as well as balance protector insurance.
  • Instant fuel savings. Link your card to Petro-Canada to save 3 cents per litre on fuel and earn 20% more Petro-Points. Get 50 Be Well points per dollar spent at Rexall. Enjoy a free 3-month DashPass subscription with DoorDash, and get unlimited $0 delivery fees on orders of $15+ when you pay with your card.

What to watch for

  • High interest rate. You will be charged a standard interest rate on outstanding purchase balances and slightly more for cash advances.

RBC Cash Back Mastercard interest rates

What should i know before i apply, eligibility requirements.

  • Be a Canadian citizen or permanent resident
  • Be the age of majority in your province/territory of residence

Required documents and information

  • Your name, residential status and contact information
  • Your social insurance number ( SIN ) and date of birth
  • Your email address and phone number

How to apply

  • Head to RBC’s website and click under ‘Credit Cards’ to find this card.
  • Fill out the standard credit card application, which should take five minutes to complete.

Bottom line on the RBC Cash Back Mastercard

The RBC Cash Back Mastercard offers an easy and convenient way to earn cash back on everyday purchases. While you won’t earn as much outside the grocery store, you can still rack up the points if you use the card regularly and save on gas while you’re at it. No annual fee and zero liability protection offer additional incentives to sign up for this card.

Compare other credit cards

Is there a limit on how many times i can redeem cash back rewards with the rbc cash back mastercard.

There are no limits on how many times you can redeem your rewards, provided you have the minimum $25 earned.

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Sam Bourgi is a contributing writer to Finder.com, where he specializes in financial markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes. See full profile

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RBC Cash Back Mastercard   🇨🇦

  • No annual fee
  • Accepted at Costco

rbc cash back travel insurance

Unlimited cash back on your spending*

  • 2% cash back on groceries*
  • Up to 1% cash back on all other qualifying purchases and pre-authorized payments
  • Link your RBC card with a Petro-Points membership and instantly save on fuel at Petro-Canada stations and earn 20% more Petro-Points

Get $0 delivery fees for 3 months from DoorDash – Add your eligible RBC credit card to your DoorDash account to:

  • Get a 3-month complimentary DashPass subscription – a value of almost $30
  • Enjoy unlimited deliveries with $0 delivery fees on orders of $15 or more when you pay with your eligible RBC credit card

Exclusive savings and rewards

  • Become an Avion Rewards Premium member when you get the RBC Cash Back Mastercard.
  • Download the Avion Rewards app to activate your membership and get access to points, cash back deals, and savings all in one program.
  • Plus, download the Avion Rewards ShopPlus browser extension to save with cash back deals right where you shop online from 1,900+ retailers.

Fees & Conditions

Per dollar of purchases

Travel Insurance

There may be a daily maximum amount depending on the type of fees paid

Other Insurance

The RBC Cash Back Mastercard is a no-annual-fee credit card.

With this card, you earn up to 2% cash back on your grocery purchases (up to $6,000 in groceries annually). You’ll earn 1% cash back on your grocery purchases as soon as you exceed this threshold.

You’ll also earn 0.5% cash back on all your other purchases, up to a maximum of $6,000 in other purchases per year. You’ll earn 1% cash back on all your other purchases as soon as you exceed this threshold.

With the RBC Cash Back Mastercard you benefit from several advantages such as:

  • Instant fuel savings at Petro-Canada
  • 3 months free delivery with DoorDash
  • Best RBC Credit Cards - Royal Bank of Canada - March 2024
  • Best Cash Back Credit Cards in Canada - March 2024
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Refer to RBC page for up to date offer terms and conditions

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RBC CashBack Mastercard

RBC Cash Back Mastercard

Get Unlimited Cash Back on Your Purchases +  with our no annual fee Cash Back credit card

The RBC Cash Back Mastercard is the easy way to earn cash back on almost everything you buy. Use it for groceries and everyday items—big or small. You can even set up pre-authorized payments to earn cash back effortlessly.

No annual fee

Unlimited cashback and up to 2% back on groceries **

Purchase security and extended warranty protection ***

Card Details

Annual Fee:

Additional Card:

Purchase Rate:

Cash Advance Rate:

Additional Fees

Cash Advance Fee: $5.00

Dishonoured Payment Fee: $45.00

Overlimit Fee: $29.00 (No Overlimit Fee for residents of Quebec)

Additional Copies: $5 Monthly Statement, $1.50 for Statement updates at the ATM, $2 for Transaction Receipts

Get More Cardholder Benefits With Our Partners

rbc cash back travel insurance

Save at Petro-Canada

Save 3¢/L on fuel and earn 20% more points when you pay with a linked RBC card. 3

rbc cash back travel insurance

Earn more Be Well points at Rexall

Earn 50 Be Well points for every $1 spent on eligible purchases at Rexall when you pay with your linked card and scan your Be Well card. 4

rbc cash back travel insurance

Save Big on Delivery with DoorDash

Get a 3-month complimentary DashPass subscription – a value of almost $30. 5 Enjoy unlimited deliveries with $0 delivery fees on qualifying orders of $15 or more when you pay with your eligible RBC credit card 6 .

rbc cash back travel insurance

View Legal Disclaimers Hide Legal Disclaimers

Unlimited means there is no maximum Cash Back Credits you can earn on Grocery Store Purchases and other purchases (up to your available credit limit) per Annual Period. For complete details, please refer to the RBC Cash Back Program Terms and Conditions available at:  www.rbc.com/cashbackterms .

21.99% if you reside in Quebec

You will earn i) $2.00 back for every $100.00 (2% Cash Back Credit) in Grocery Store Purchases you make, up to a maximum of $6,000 in Grocery Store Purchases and for a maximum Cash Back Reward of $120.00 per Annual Period, ii) $1.00 back for every $100.00 (1% Cash Back Credit) in Grocery Store Purchases you make in excess of $6,000 per an Annual Period, unlimited, iii) $0.50 back for every $100.00 (0.5% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments), other than Grocery Store Purchases, up to a maximum of $6,000 in Net Purchases (other than Grocery Store Purchases) and for a maximum Cash Back Rewards of $30.00 per Annual Period, and iv) $1.00 back for every $100.00 (1% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments), other than Grocery Store Purchases, in excess of $6,000 in Net Purchases (other than Grocery Store Purchases) per Annual Period, unlimited.  Grocery Store Purchases are purchases made at merchants classified by Mastercard’s “Merchant Category Code” as “grocery stores and supermarkets” (MCC 5411).  Even though some merchants such as department stores, variety stores and convenience stores may sell groceries, purchases made at these locations may not necessarily qualify as Grocery Store Purchases if the merchant is not classified by MCC 5411.  Also, merchants that are not classified by MCC 5411 may be located on the premises of merchants that are classified by MCC 5411, in which case purchases made at these locations would not qualify as Grocery Store Purchases.  Royal Bank of Canada (“Royal Bank”) cannot guarantee that any merchant, operating in whole or in part as a grocery store, is classified by MCC 5411 and in no event will Royal Bank be liable or responsible for any claims with respect to a grocery store purchase made at a merchant that is not classified by MCC 5411. To consult the list of participating merchants, please visit: www.rbc.com/nofeecashback . Provided your New Cash Back Balance is $25.00 or more, Cash Back Credits earned during the Annual Period will i) automatically be credited to your January Account balance and appear on your February monthly statement, ii) and/or be credited at any other time, upon request.  Cash Back Credits are earned on Net Purchases only; they are not earned on Cash Advances (including balance transfers, Quasi-Cash Transactions and certain bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the Cash Back Credits earned by the amounts originally charged. For complete details, including the meaning of capitalized terms, please refer to the RBC Cash Back Program Terms and Conditions available at: www.rbc.com/nofeecashback .

Coverage underwritten by RBC General Insurance Company in Province of Quebec and by RBC Travel Insurance Company in the rest of Canada.

To participate in this offer, you must have an RBC debit card or a credit card which is issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“RBC Card”). RBC business clients will only be able to link up to two (2) RBC business credit cards and one (1) RBC business debit card to a Petro-Points card. You must be enrolled in RBC Online Banking or the RBC Mobile app in order to link your RBC Card to your Petro-Points card. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases. A linked RBC Card means an RBC Card linked to a Petro-Points Account. Your linked RBC Card acts as your Petro-Points card. You will automatically earn Petro-Points when you pay for qualifying purchases with your linked RBC Card at Petro-Canada locations and you do not need to swipe your Petro-Points card before you pay. You can redeem your Petro-Points at Petro-Canada using your linked RBC Card.

Each time you use your linked RBC Card to purchase any grade of gasoline, or diesel, at a Petro-Canada location, you will save three cents ($0.03) per litre at the time of the transaction.

Each time you use your linked RBC Card to pay for qualifying purchases at a Petro-Canada location, you will earn a bonus of twenty percent (20%) more Petro-Points than you normally earn, in accordance with the Petro-Points terms and conditions available at www.petro-canada.ca/en/personal/terms-conditions .

Petro-Points are not awarded on tobacco products, vaping products, gift cards, transit tickets and taxes on non-petroleum purchases.

To participate in this offer, you must have an eligible RBC Debit Card, Personal Credit Card or Business Credit Card which is issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“RBC Card”). RBC Business Owners will only be able to link up to two (2) Business Credit Cards and one RBC Debit Card to a Be Well Card.

Eligible RBC Debit Cards are debit cards tied to a personal banking or savings account or a business banking or savings account in good standing that is set up to pay for goods and services at a store or merchant that has point of sale or other designated debit card terminals that accept debit card payments.

You must be enrolled in RBC Online Banking or the RBC Mobile app in order to link your RBC Card to your Be Well Card. Card linking may take up to 2 business days to process before Be Well points can be applied to purchases. Each time you scan your Be Well Card and pay with your Linked RBC Card, you will earn 50 Be Well points for every $1 spent on eligible purchases at Rexall Locations, in accordance with the Be Well Terms and Conditions available at  https://www.letsbewell.ca/terms-conditions .

Be Well points are not awarded on taxes; tobacco products; products containing codeine; lottery tickets; alcohol; bottle deposits; gift cards; prepaid cards and wireless or long distance phone cards; event tickets; transit tickets and passes; post office transactions; stamps; passport photos; cash back; gifts with purchases; delivery charges; environmental levies; Home Health Care services/rentals and any other products or services that we may specify from time to time or where prohibited by law.

To receive a complimentary DashPass subscription for $0 delivery fees on orders of $12 or more at eligible restaurants when you pay with your Eligible RBC Credit Card, you must subscribe to DashPass by adding an Eligible RBC Credit Card, accept the DoorDash terms and conditions, and activate your benefit by clicking “Activate Free DashPass” before January 1, 2024 (“Offer Period”). If you are an existing DashPass subscriber and have already added an Eligible RBC Credit Card to your account you must activate your benefit by clicking “Activate Free DashPass” during the Offer Period. If you have been charged for DashPass you will receive a refund to the method of original payment, in the amount of the monthly subscription fee for the month you activate your complimentary subscription. For all clients, by clicking on “Activate Free DashPass” you agree to the DoorDash terms and conditions which can be found at  https://help.doordash.com/consumers/s/terms-and-conditions  .

The DashPass monthly subscription fee will be waived (“ Complimentary DashPass Subscription ”) and you will receive either a 3 month or 12 month Complimentary DashPass Subscription based on the Eligible RBC Credit Card you use to subscribe to DashPass. DashPass subscriptions purchased through third parties, including third-party payment accounts, or online or mobile digital wallets (like Apply Pay and Google Pay) are not eligible for the Complimentary DashPass Subscription.

Eligible RBC Credit Cards:  Your Eligible RBC Credit Card may only be used with one DoorDash account to receive a Complimentary DashPass Subscription. Once you have received a Complimentary DashPass Subscription you cannot use the same eligible RBC Credit Card to obtain a Complimentary DashPass Subscription with another DoorDash account. Eligible RBC Credit cardholders include primary cardholders, co-applicants, authorized users, primary business cardholders and secondary business cardholders on an Eligible RBC Credit Card account. View eligible RBC credit cards >

You are only eligible for one 12 month Complimentary DashPass Subscription and one 3 month Complimentary DashPass Subscription during the Offer Period. The Complimentary DashPass Subscription commences on the date you subscribe to receive the Complimentary DashPass Subscription. You will be auto-enrolled into full-price membership at the then-current rate after the end of the 3 month Complimentary DashPass Subscription. Your RBC credit card account must be open and not in default to maintain the benefits of DashPass.

In order to validate your credit card as an Eligible RBC Credit Card, Royal Bank may need to administer a $0.50 charge to validate your card enrollment. This charge will be reversed in 3 to 5 days once your account has been validated. For full details on the Complimentatry DashPass Subscription visit:  rbcroyalbank.com/credit-cards/documentation/pdf/full-doordash-tcs-en.pdf DoorDash not Royal Bank of Canada, is responsible for (i) services and products provided through DoorDash; (ii) DashPass, including the DashPass Benefits, the administration of DashPass and (iii) the DoorDash terms and conditions. The Complimentary DashPass Subscription offer may be amended or withdrawn at any time. To learn more about DashPass, visit  www.doordash.com/dashpass . For full DashPass for RBC Program Terms and Conditions, visit  rbcroyalbank.com/credit-cards/documentation/pdf/full-doordash-tcs-en.pdf .

DashPass is a DoorDash subscription service that offers unlimited deliveries for $0 delivery fee on eligible restaurant purchases (minimum order amount of $12.00 CAD before taxes and fees) at a monthly subscription fee of $9.99 CAD. To learn more about DashPass visit  www.doordash.com/dashpass

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RBC Cash Back Preferred World Elite Mastercard review

Apply Now

  • Rates & Fees

1.5% Earn up to 1.5% cash back on your spending without limit.

$0.03 Link your card and instantly save 3¢/L on fuel and get 20% more Petro-Points

50 Get 50 Be Well points for every $1 spent on eligible products at Rexall

$99 Annual Fee

20.99% Purchase APR

22.99% Cash Advance APR

22.99% Balance Transfer Rate

Good Recommended Credit Score

$80,000 Required Annual Personal Income

$150,000 Required Annual Household Income

Author: Money.ca

By Money.ca

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.

   min read

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The RBC Cash Back Preferred World Elite Mastercard eliminates all of the confusion and noise surrounding cash back – providing a consistent 1.5% cash back on all purchases¹ with no purchase categories or restrictions until you reach $25,000 in annual spending. Cross that threshold and the cash back rate suddenly drops to 1% on everything. This may sting a bit but wait until you see this card’s other perks.

Pros and cons

High flat cash back rate

No annual fee for additional cardholders

No limit to cash back earned²

Access to Mastercard World Elite Benefits

Save 3₵ per litre on Gas at Petro-Canada and Earn 20% More Petro-Points⁷

Redeem Cash Back Anytime Once You Hit $25

Complimentary Access to Boingo‡ Public Wi-Fi

Auto Rental Collision/Loss Damage⁴, Purchase and Extended Warranty Insurance³

High minimum income requirements

$25,000 Cap on 1.5% Cash Back (but earn 1% Cash Back after $25,000)¹

No medical, travel or accidental death insurance

No welcome bonus or introductory rates

One rate on all purchases

For those who just want to receive cash back and not have to think about it, this card provides up to 1.5% across all purchases¹. For example, if you spend $100, you’ll get $1.50 back. If you apply that same rate to every purchase, cash back quickly adds up.

Though there’s no limit to how much cash back you can acquire or how many rewards you can redeem over the life of your credit account, the maximum amount of cash back earned at 1.5% in a year is $375 ($25,000 annual spend), after which you earn unlimited cash back at 1% for remainder of the year

If you happen to spend over $25,000 in a single year, the cash back rate on all purchases becomes 1%, so that same $100 purchase only gives a dollar back. The likelihood cardholders will reach $25,000 in spending a year is low and if you do happen to cross the $25,000 threshold, you only have to wait until January of next year for the 1.5% rate to be reinstated, so it’s not the end of the world.

How to redeem cash back

Redeeming cash back on the RBC Cash Back Preferred World Elite Mastercard is just as automatic and stress-free as earning cash back on this card.

Do nothing and cash back is redeemed automatically at the end of each year and is applied to your January statement as a credit. You can also request cash back to be redeemed any time during the year if your cash back balance has reached $25.00 or more.

Be warned, once you request a cash back redemption the total of your available cash back is redeemed automatically and can’t be redeemed incrementally at your discretion. Still, many other cash back cards only allow you to redeem cash back annually, so being able to redeem any time you want is a huge plus.

Other benefits and features

In addition to cash back, this card offers a suite of other benefits.

Petro points

If you link this card to your Petro-Points card by entering your Petro-Points card number when you log into online banking or the RBC Mobile App, you will save 3Ȼ per litre on gas at Petro-Canada and 20% more Petro-Points on all qualifying purchases at Petro-Canada⁷.

Wi-Fi anywhere

Boingo ‡ has a global network of over one million Wi-Fi hotspots on airlines and at airports, concert venues and stadiums around the world. While others have to log into a paid account, RBC Cash Back World Elite Preferred cardholders get it complimentary.

Rental car insurance

This card also offers three types of insurance. Its rental car insurance⁴ covers the actual value and any expenses associated with the loss of use of eligible vehicles for up to 48 straight days as long as you pay for the cost of the vehicle with your card and decline the collision damage waiver offered by the rental company.

Purchase security and extended warranty insurance³

The purchase security insurance covers any loss or damage to an item up to 120 days after it was charged to the card to a maximum of $50,000. The extended warranty insurance automatically triples the original manufacturer’s warranty to a maximum of two years. Both coverages are supplemental to any individual insurance coverage you may already have on the item.

Become a world elite member

Meanwhile, World Elite benefits can make you feel like a VIP, giving you exclusive benefits from complimentary Boingo ‡ Wi-Fi access at over 1 million hotspots worldwide, and get exclusive benefits⁶ and offers from a variety of on-demand apps and subscription services, like Foodora and Ritual.

Rates and fees

  • Annual fee: $99 ($0 for additional cards)
  • Purchase APR: 20.99%
  • Balance transfer APR: 22.99% (21.99% if you reside in Quebec)
  • Balance transfer fee: $3.50
  • Cash advance APR: 22.99% (21.99% if you reside in Quebec)
  • Cash advance fee: $3.50 (in Canada) and $5.00 (outside of Canada)
  • Dishonoured payment fee: $45
  • Overlimit fee: $29 (does not apply in Quebec)

Looking at the above fees, there’s nothing that immediately jumps out as cause for alarm. These fees are pretty standard across the Canadian credit card industry, including the annual interest rates for purchases, balance transfers and cash advances.

The only thing one may quibble with is the $99 annual fee, since the card only has one main benefit in the flat-rate cash back and all other benefits are supplemental. However, the benefits are numerous, with the World Elite exclusives alone worth the annual fee. Then when you add the complementary Boingo‡ Wi-Fi network membership, the Petro-Canada gas savings⁷ and the three insurances and it actually starts to look reasonable. Credit cards with a similar number of benefits usually carry annual fees of $120 and sometimes $150, which makes $99 annually a steal by comparison. If you have family members, you can request additional cards with no yearly fee, to help maximize your cash back rewards.

Eligibility requirements

To qualify for the card you must be the age of majority in your province and a Canadian resident. You’ll also have to have good/excellent credit (a score above 670) and not have declared bankruptcy in the last seven years. Most importantly, you’ll need to have a minimum personal income of $80,000 or a minimum household income of $150,000. If you meet all these requirements, you’re good to go apply for the card.

How to apply

To apply for the RBC Cash Back Preferred World Elite Mastercard, click the “Apply Now” button on the card’s landing page. In addition to your name, address and date of birth, you will be asked to provide your social insurance number along with whether you rent or own your home, the type of home it is and how long you have lived there.

You will then be asked to provide details of your employment situation such as whether you work, full-time or part-time, are retired or self-employed, along with what you do, where you work, how long you’ve worked there and how much money you make. You will also be asked if you have any additional income generated by some other means, such as investments and how much you make from those means. You will also need to provide a code word to verify your identity when communicating with RBC.

Finally, you will be asked if you want BalanceProtector Premiere Plus – a balance insurance product that promises to pay off your balance if you die or gain a disability that renders you unable to work. Then, just agree to the application terms and conditions before clicking “submit.” You can expect to receive confirmation of submission instantly with approval subject to the discretion of RBC.

How it compares

The RBC Cash Back Preferred World Elite Mastercard is solidly middle-of-the-pack when compared against the BMO Cash Back World Elite Mastercard and the SimplyCash Preferred by American Express.

While the BMO CashBack ® World Elite ® * Mastercard ® * has virtually identical benefits to the RBC Cash Back Preferred World Elite it does come with a big sign-up bonus of 10% cash back on all purchases in the first three months to a maximum of $2,600 ($260 cash back)* and both travel and medical insurance*. However, it also has a much larger $120 annual fee, which is waived for the first year*, for those benefits than the RBC card.

As for the SimplyCash TM Preferred Card from American Express, it beats the RBC Cash Back Preferred in the benefits department, including offering a higher regular cash back rate on all purchases at 2% along with the 10% cash back welcome bonus that the BMO CashBack ® World Elite ® * Mastercard ® * has for four months, (not three) similar exclusive offers and front-of-the-line access to events as the World Elite program, car rental insurance and purchase insurance together with extensive emergency medical and travel insurance. One Caveat, Amex still isn’t as widely accepted as Visa and Mastercard in Canada, so the RBC Cash Back Preferred might still better suit your needs.

*Terms and conditions apply

Is it worth it?

The RBC Cash Back Preferred World Elite Mastercard is for that affluent upper-middle class working professional who prefers simplicity and transparency with their credit card loyalty programs. They want to accumulate cash back rewards, but they don’t want to have to think about it. It’s for the person who doesn’t want to have to manually switch into quarterly purchase categories each season or see the maximum potential cash back they could earn be neutered by tiered rates, caps and restrictions.

But, (and this is a big but) this isn’t a card for the average joe. The slate of complimentary benefits in addition to cash back more than equal the relatively pedestrian $99 annual fee, but the high minimum income requirements mean that the truly middle class won’t even be able to touch this. So, is it worth it? If you’re that upper middle-class professional who doesn’t care that there’s no travel or medical insurance for your trouble, then absolutely. But if you’re anyone else, what this card offers and requires from applicants is so specific to a particular type of person, that you should look the other way.

Refer to RBC Page for up to date offer terms and conditions.

BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

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  • Best 3-year GIC Rates in Canada

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Best 3-Year GIC Rates In Canada March 2024

Published: Mar 7, 2024, 1:22pm

Fact Checked

In periods of financial uncertainty, three-year GICs (Guaranteed Investment Certificates) serve as a solid investment choice. The main reason? These GICs can secure your capital at a predetermined interest rate or annual percentage yield (APY) for a three-year duration, ensuring that you receive both the earned interest and your initial investment back at the end of the term.

GIC terms can vary from as short as 30 days to as long as 10 years—so a three-year GIC is a middle-of-the-road option for many investors. With a fixed-rate three-year GIC, your interest rate remains the same over the three-year term, guaranteeing you a stable return, regardless of market fluctuations. With market-linked GICs, you earn interest that fluctuates with the performance of a particular stock market, potentially offering higher returns—but no guaranteed interest.

Today, there are a plethora of three-year GIC choices. To help you find some of the best places to put your savings, Forbes Advisor Canada looked at hundreds of three-year GICs to identify the top options available to you.

Featured Partner Offer

Best 3-Year GIC Rates Currently Available in Canada*

Best 3-year gics in canada for 2024, td canadian banks gic (rsp, rif, resp), td canadian banks gic (non-registered and tfsa), td u.s. top 500 gic (rrsp, rrif, resp), rbc canadian banking marketsmart gic, rbc canadian utilities marketsmart gic, rbc north american marketsmart gic, cibc market mix gics (3 years), rbc canadian market-linked gic, cibc canada bank 10.5% minimum at maturity market return gics (3 years), cibc canadian financials market return gics (3 years), methodology, more 3-year gic rates available in canada, what is a 3-year gic, pros and cons of a 3-year gic, how to find the best 3-year gic rates, compare the best 3-year gics, alternatives to 3-year gics, frequently asked questions (faqs).

  • Best High Interest Savings Accounts
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  • Best Online Banks In Canada

Tangerine GIC

On Tangerine’s Website

0.90% to 4.60%

Minimum Deposit Requirement:

Not Specified

90 days to 5 years

  • Hubert Financial and Ideal Savings – 4.95%
  • Acheiva Financial, MAXA Financial and Outlook Financial – 4.90%
  • Wealth One Bank of Canada and Oaken Financial – 4.80%
  • EQ Bank – 4.75%

*Rates are non-redeemable and non-market-linked. Current as of March 7, 2024.

We compared 504 GICs at 43 financial institutions to find some of the best options available. Learn more about why we picked each GIC, the pros and cons and the rate details.

TD Canadian Banks GIC (RSP, RIF, RESP)

10% Guaranteed Minimum Interest Return

Minimum Deposit Requirement

Opting for the TD Canadian Banks GIC within RSP, RIF or RESP accounts is a prudent choice if you are seeking a balanced mix of security and potential growth. With a guaranteed minimum interest return of 10% and the possibility of reaching up to 25%, this GIC offers a competitive edge. Its link to the S&P/TSX Bank Index allows investors to tap into the financial performance of Canada’s banking sector, with the added advantage of being housed within tax-advantaged accounts, enhancing the overall investment return.

  • Guaranteed minimum 10% return with up to 25% potential
  • Available in RSP, RIF and RESP accounts
  • Low minimum deposit requirement
  • Principal protection and CDIC eligibility
  • Not cashable before maturity, except under specific conditions for RESP and RIF
  • Dependency on market performance for maximum returns
  • Interest is only paid at maturity

The TD Canadian Banks GIC for RSP, RIF and RESP accounts is particularly attractive if you are looking to leverage retirement and education savings plans. By aligning the investment with the performance of Canada’s strong banking sector, it provides you with a growth opportunity that traditional fixed-income investments rarely offer. The low entry point of $500 ensures that even investors with modest portfolios can take advantage of this product. Furthermore, the structure of this GIC, designed for tax-advantaged accounts, means that the returns are maximized in a tax-efficient manner, making it a smart choice if you are planning for retirement or education funding.

TD Canadian Banks GIC (Non-registered and TFSA)

The TD Canadian Banks GIC for non-registered accounts and TFSAs is an attractive investment option due to its link with the S&P/TSX Bank Index, reflecting the performance of major Canadian banks. This GIC guarantees a minimum 10% return, with the potential to reach up to 25%, combining security with the opportunity for significant growth. The principal is protected and the investment is CDIC eligible, making it a secure choice if you are looking to benefit from the financial sector’s performance without direct stock market exposure.

  • Guaranteed minimum 10% return, with a potential for up to 25%
  • Linked to the performance of leading Canadian banks
  • Eligibility for CDIC insurance
  • Accessible minimum deposit requirements
  • Non-cashable before maturity
  • Maximum return depends on market performance
  • Interest is compounded annually and paid at maturity

The TD Canadian Banks GIC within non-registered accounts and TFSAs is an excellent option for investors looking to capitalize on the banking sector’s robustness without incurring the volatility of direct stock investments. With terms suitable for a variety of registered accounts and a non-registered option, this GIC is flexible enough to fit diverse investment strategies. The guaranteed minimum return offers a solid base, while the link to the S&P/TSX Bank Index allows investors to potentially exceed traditional GIC returns, making it a standout choice in the three-year GIC category.

TD U.S. Top 500 GIC (RRSP, RRIF, RESP)

7% Guaranteed Minimum Interest Return

The TD U.S. Top 500 GIC for RRSP, RRIF and RESP accounts offers a unique investment opportunity by linking returns to the S&P 500 Index, a benchmark that represents the stock performance of 500 of the largest companies listed on stock exchanges in the United States. This GIC not only provides a guaranteed minimum return of 7% but also offers the potential to achieve up to 20% based on the index’s performance. It’s an attractive option if you are looking to diversify your portfolio with exposure to the U.S. stock market, ensuring that your principal amount is secure.

  • Guaranteed minimum return of 7%, with the potential to reach up to 20%
  • Exposure to the performance of the top 500 U.S. companies
  • Eligible for CDIC insurance
  • Minimum deposit of $500
  • Not cashable before maturity, except for specific situations like RESP or RIF payments
  • The maximum return depends on the U.S. stock market’s performance
  • Interest and any bonus returns are paid at maturity, with no option for periodic interest payments

The TD U.S. Top 500 GIC within RRSP, RRIF and RESP accounts is designed for investors seeking to tap into the growth potential of the U.S. stock market without directly investing in stocks. With a term of three years, it’s a medium-term investment that offers a blend of stability and potential growth. This GIC is especially suitable for retirement accounts like RSPs and RIFs, as well as education savings plans like RESPs, providing a secure yet growth-oriented investment option. The minimum deposit requirement makes it accessible to a wide range of investors, offering a strategic way to diversify and grow their portfolios with a link to international markets.

RBC Canadian Banking MarketSmart GIC

The RBC Canadian Banking MarketSmart GIC offers a compelling blend of security and potential high returns, linked to the performance of the S&P/TSX Banks Index. This GIC guarantees a 10% return, with a possibility of reaching up to 25%, providing an excellent growth opportunity while ensuring your principal is fully protected. Ideal for investors seeking the growth potential of equities without the associated risks, this GIC stands out for its balance of safety and potential high yield within the Canadian banking sector.

  • Guaranteed minimum return of 10%, with up to 25% potential
  • Tied to the robust performance of the Canadian banking sector
  • 100% principal protection at maturity
  • Available for a wide range of investment accounts
  • CDIC insured
  • Not cashable before maturity
  • Maximum returns are contingent on market performance
  • Interest plus any potential bonus is paid only at maturity

The RBC Canadian Banking MarketSmart GIC is an innovative financial product that offers investors exposure to the Canadian banking sector’s performance with a safety net. The three-year term is an attractive middle ground for investors looking for medium-term investments that can outperform traditional GICs while maintaining capital security. This GIC is suitable for investors who prefer to have their principal protected while still having the opportunity to benefit from the financial market’s potential upside. It’s a smart choice if you wish to diversify your portfolio with a product that offers a minimum return guarantee, along with the excitement of variable market-linked growth potential.

RBC Canadian Utilities MarketSmart GIC

7% Guaranteed Minimum Interest Return with a maximum potential of 30%

The RBC Canadian Utilities MarketSmart GIC offers an appealing blend of security and growth potential, linking returns to the S&P/TSX Capped Utilities Sector Index. This GIC is perfect for anyone seeking the growth potential of equities while ensuring the preservation of their principal. With a guaranteed minimum return of 7% and the possibility of reaching up to 30% based on the utilities sector’s performance, this GIC stands out for investors looking to tap into the utilities market’s potential without direct exposure to stock market volatility.

  • Guaranteed minimum return of 7%, with the chance to earn up to 30%
  • Exposure to the utilities sector
  • Can be included in various savings plans
  • The return depends on the market performance of the utilities sector
  • Maximum potential return is capped at 30%

The RBC Canadian Utilities MarketSmart GIC is an innovative financial product that allows investors to benefit from the performance of the Canadian utilities sector. This three-year GIC is an excellent choice if you are looking to diversify your investment portfolio with a product that offers a higher potential return than traditional GICs—while maintaining capital protection. The return is based on the performance of the S&P/TSX Capped Utilities Sector Index, offering a direct link to the utilities market’s performance. This GIC is suitable for investors who are looking for a mix of stability and potential growth in their investment choices, providing a smart option for medium-term financial planning.

RBC North American MarketSmart GIC

9.5% Guaranteed Minimum Interest Return with a maximum potential of 25%

The RBC North American MarketSmart GIC stands out by offering a unique blend of security and growth potential, linking its returns to the performance of a diversified basket of 20 prominent North American companies. This GIC is an excellent choice for investors who want to participate in the equity market’s potential upside without risking their principal. With a minimum guaranteed return of 9.5% and the possibility of achieving up to 25% based on the performance of the equity basket, it offers a compelling mix of stability and growth potential.

  • Guaranteed minimum return of 9.5%, with up to 25% potential return
  • Exposure to a diversified portfolio of leading North American companies
  • 100% principal protection provides a secure investment
  • Available for various savings plans
  • CDIC eligible
  • Returns depend on the performance of the North American equity market
  • The maximum return is capped

The RBC North American MarketSmart GIC is designed for investors looking to diversify their portfolio by gaining exposure to a broad range of sectors across North America without direct investment in the stock market. This three-year GIC combines the safety of a traditional GIC with the growth potential of the equity market, making it an attractive option for medium-term investors. The returns are linked to an equally weighted basket of 20 companies, offering balanced exposure to various industries while reducing sector-specific risks. This GIC is an ideal investment solution if you are seeking to blend the security of guaranteed returns with the potential for higher market-driven gains.

CIBC Market Mix GICs (3 years)

Up to 30% based on market performance

CIBC Market Mix GICs offer a unique investment opportunity by linking returns to a global portfolio of indices, including the EURO STOXX 50, S&P/ASX 200 and S&P 500. This approach allows investors to tap into the growth potential of major global markets while ensuring 100% principal protection. With a maximum return potential of 30% and a minimum guaranteed return, these GICs are a smart choice if you are looking to diversify your portfolio internationally without the risk of losing their principal.

  • Potential for high returns up to 30% based on the performance of major global indices
  • Access to international markets offers broader diversification
  • Suitable for various registered accounts
  • Returns depend on market performance
  • Investment is locked in for 3 years
  • No periodic interest payments; return is calculated at maturity

The CIBC Market Mix GIC is designed for investors looking for growth opportunities beyond Canadian borders with the security of a GIC. By investing in a mix of indices representing Europe, Australia and the U.S., these GICs provide balanced exposure to global markets. The participation rate of 120% enhances the potential for returns, although the maximum is capped at 30%. This GIC is an excellent choice if you are aiming for higher growth without risking your principal, making it a smart addition to a diversified investment portfolio.

RBC Canadian Market-Linked GIC

(linked to the S&P/TSX 60 Index)

The Canadian Market-Linked GIC offers investors a unique opportunity to participate in the potential growth of the Canadian equity market without risking their principal. By linking returns to the S&P/TSX 60 Index, investors can benefit from market upswings while enjoying the security of a GIC. This product is ideal for those looking to diversify their portfolio and step beyond traditional fixed-rate GICs without sacrificing the guarantee of their original investment.

  • Potential for higher returns linked to the Canadian stock market’s performance
  • 100% principal protection
  • Participation in a broad market index (S&P/TSX 60 Index)
  • Available for various registered accounts
  • Variable returns, dependent on market performance

The Canadian Market-Linked GIC is structured to provide investors with a way to gain exposure to the Canadian stock market’s potential returns while maintaining the security of a traditional GIC. The return calculation method, based on the average performance of the S&P/TSX 60 Index over the term, offers a balanced approach to capturing market gains. This GIC is particularly suited to investors seeking market-related growth opportunities but who are cautious about direct stock market investment. It’s an innovative financial product that aligns with the goals of investors looking for growth, security and market participation in their investment portfolios.

CIBC Canada Bank 10.5% Minimum at Maturity Market Return GICs (3 years)

(minimum 10.5%, up to a maximum of 18%)

The CIBC Canada Bank Market Return GICs stand out for their innovative approach to combining the security of a GIC with the growth potential of the Canadian banking sector. By linking returns to the Solactive Canada Bank 40 AR Index, this GIC offers a unique opportunity to benefit from the performance of the top Canadian banks. With a guaranteed minimum return of 10.5% and the potential to reach up to 18%, these GICs offer an attractive balance between risk and reward, making them an excellent choice for investors looking to diversify their portfolio.

  • Guaranteed minimum return
  • Potential to earn up to 18.00%
  • Direct exposure to the performance of leading Canadian banks
  • Eligible for various registered accounts
  • Variable interest rate based on the market performance
  • Access to funds is restricted until maturity
  • No periodic interest payments, with all returns paid at maturity

This CIBC Canada Bank Market Return GIC allows investors to engage with the financial sector without direct exposure to market volatility. The GIC is linked to the Solactive Canada Bank 40 AR Index, which includes the largest and most stable Canadian banking institutions. This provides a clear path for investors to gain from the banking sector’s potential growth while enjoying the security and predictability of a GIC. It’s a strategic choice for anybody seeking to blend the stability of GICs with the dynamic nature of equity markets, especially in a sector as pivotal as banking.

CIBC Canadian Financials Market Return GICs (3 years)

(up to 30% based on the Solactive Canada Bank Index performance)

CIBC’s Canadian Financials Market Return GICs merge the stability of a GIC with the growth potential of the Canadian banking sector, as measured by the Solactive Canada Bank Index. This GIC is an excellent choice for investors seeking exposure to the financial sector without sacrificing the security of their capital. With a potential return of up to 30%, this GIC offers an enticing blend of safety and performance, ideal for anyone looking to benefit from the stability and potential growth of Canada’s major banks.

  • Potential for up to 30% return
  • Direct exposure to the financial sector via the Solactive Canada Bank IndexSuitable for a range of registered accounts
  • CDIC eligibility
  • Return is market-dependent
  • No interim interest payments
  • Funds are locked in for three years

The CIBC Canadian Financials Market Return GICs offer an innovative way for investors to participate in the financial performance of Canada’s banking sector with the added security of a GIC. By linking the return to the Solactive Canada Bank Index, investors have a unique opportunity to benefit from the market’s potential growth while ensuring their principal amount is fully protected. This GIC is especially appealing for anybody looking to diversify their portfolio with a product that offers higher return potential than traditional fixed-rate GICs, all within a secure investment.

To create this list, Forbes Advisor Canada analyzed 504 guaranteed investment certificates (GICs) across 43 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on nine data points that included annual percentage yield, minimum deposit requirements, (low, medium and high) customer service, compound interest schedule, available terms and availability.

The following is the weighting assigned to each category.

  • APY: 50.68%
  • Minimum Deposit Requirement: 13.15%
  • Minimum Deposit Requirement Low: 4.67%
  • Minimum Deposit Requirement Medium: 3.67%
  • Minimum Deposit Requirement High: 2.67%
  • Customer Service: 5.67%
  • Compound Interest Schedule: 8.15%
  • Available Terms: 5.67%
  • Availability: 5.67%

GIC with higher APYs rose to the top of the list. Minimum deposit requirements of $10,000 or higher affected scores negatively. Investments with daily compounding interest schedules were scored higher than those with monthly or quarterly schedules. To appear on this list, the GIC must be nationally available.

A three-year Guaranteed Investment Certificate (GIC) in Canada is a secure investment vehicle where you can invest a sum of money for a specific period—in this case, three years. When you invest in a three-year GIC, you agree to lend your money to a financial institution for three years and, in return, earn interest at a predetermined or variable rate throughout this period. At the end of the term, you get back your initial investment (the principal), along with the interest you earned.

There are two main types of three-year GICs: fixed-rate and market-linked. With a fixed-rate GIC, you are guaranteed a specific interest rate over the three-year term, providing you with a predictable return. With market-linked GICs, your interest is tied to the performance of a particular stock market index, which offers you the potential to earn interest at a higher-than-average rate—if that stock market rises.

  • Security: Both fixed-rate and market-linked three-year GICs offer a high level of security, with a guaranteed return of the principal amount at the end of the term.
  • Predictable returns: Fixed-rate GICs allow you to know exactly how much interest you will earn, helping make financial planning and budgeting more accurate.
  • Potential for higher returns: Market-linked GICs can offer higher returns if the linked market performs well, providing an opportunity for you to benefit from market upswings without direct exposure to risk (in other words, the chance of losing part or all of your principal).
  • Limited liquidity: You are typically unable to access the money you put into a three-year GIC during the term without facing penalties, which can be a significant drawback in case of an unexpected need for cash.
  • Fixed returns: The interest from fixed-rate GICs might be lower than what could potentially be earned from other types of investments that carry higher risk.
  • Uncertain returns: The returns on market-linked GICs are not guaranteed and depend on the volatility and performance of the associated market, which can introduce a level of unpredictability to the investment’s outcome.

Here’s how to find the best three-year GIC rates:

1. Compare options: Thoroughly research and compare the rates, terms and conditions offered by different financial institutions for both types of three-year GICs to identify the best fit for your financial situation and goals.

2. Online platforms: Use online platforms that provide comprehensive comparisons of GIC rates from a range of banks and credit unions, simplifying the process of finding the best rate available.

3. Financial advisors: Engaging with a financial advisor can provide personalized advice and insights based on your specific financial situation, helping you choose the right GIC option that aligns with your goals and risk tolerance.

4. Negotiation: Always be prepared to negotiate with financial institutions, leveraging your investment amount or customer loyalty to secure a more favourable interest rate.

5. Understand the terms: It’s crucial to have a clear understanding of the terms and conditions associated with the GIC—especially with market-linked GICs where the process for determining the return can be complex—to ensure that the investment aligns with your expectations and financial goals.

By following steps, you can more effectively navigate the options available for three-year GICs, making an informed decision that balances your need for security and potential returns.

Canadians seeking alternatives to three-year Guaranteed Investment Certificates (GICs) in Canada have several options to consider, each with its own risk profile, liquidity level and potential for returns. Here are some key alternatives:

Shorter-Term GICs

You can opt for GICs with shorter durations , such as one-year or two-year terms. These GICs offer a quicker return of your principal and interest, albeit potentially at lower interest rates compared to longer-term GICs.

  • How you benefit: Greater flexibility and access to funds in a shorter time frame.
  • What to consider: Typically, shorter-term GICs offer lower interest rates than GICs locked in for longer periods.

High-Interest Savings Accounts

High-interest savings accounts (HISAs) offer a “liquid” savings option, allowing you to access your money at any time. While HISA interest rates are usually lower than those of GICs, they offer greater flexibility.

  • How you benefit: Immediate access to funds without penalty and interest income is usually higher than standard savings accounts.
  • What to consider: Interest rates can fluctuate based on market conditions and are typically lower than GICs.

Bond Products

Bonds are essentially loans that investors give to companies or governments, which they pay back with interest over a set time. Investors can choose from many types of bonds, including government, corporate and municipal bonds.

  • How you benefit: Bonds provide regular interest income and are generally considered safer than stocks, especially government bonds.
  • What to consider: Bonds may offer lower returns compared to stocks and are subject to interest rate and credit risk.

The Stock Market

Investing in the stock market involves purchasing shares of publicly traded companies. While this can offer higher returns, it comes with higher risk due to market volatility.

  • How you benefit: Potential for significant capital appreciation and dividends.
  • What to consider: High volatility and risk, as the value of stocks can fluctuate significantly in a short period due to market fluctuations.

Each of these alternatives comes with its own set of features that cater to different investor profiles, risk tolerances and financial goals. You should consider your investment horizon, risk appetite and the need for liquidity when choosing between these options and three-year GICs.

Which Canadian bank has the highest GIC rate?

  • Highest minimum guaranteed rate: CIBC offers the highest minimum guaranteed rate at 10.5% with its CIBC Canada Bank 10.5% Minimum at Maturity Market Return GICs.
  • Fixed rates: TD and RBC both offer the highest fixed rate at 10%, via the TD Canadian Banks GIC and RBC Canadian Banking MarketSmart GIC.
  • Variable rates: CIBC, through both the CIBC Market Mix GIC and CIBC Canadian Financials Market Return GIC, offer up to a 30% potential return, the highest variable rate in the market-linked GIC category.

What is the interest rate on a 3-Year GIC?

The interest rate on a three-year GIC in Canada can vary significantly. As of March 2024:

  • Fixed rates: 2.25% to 4.95% on a regular 3-year GIC.
  • Variable rates: Minimum guaranteed rate of 10.5% to a maximum potential return of 30% on 3-year market-linked GIC​​.

Who pays the best GIC rates in Canada?

In terms of fixed rates, the highest is 10% offered by TD and RBC GICs. For variable rates, the highest potential rate is up to 30% with CIBC’s GICs.

Which bank is best for GICs in Canada?

Determining the “best” bank for GICs in Canada depends on your preference for fixed versus variable returns and your risk tolerance. CIBC offers the highest potential return—up to 30%—making it an attractive choice for investors seeking market-linked GICs. For fixed returns, TD and RBC offer competitive rates at 10%.

Kevin Nishmas is an expert financial content writer with a long and successful history of working with Canada's largest financial institutions. His knack (and passion) for transforming complex personal finance information into clear, compelling content has landed him in leading business publications such as Report on Business, Advisor’s Edge, Benefits Canada and Investor's Digest of Canada.

rbc cash back travel insurance

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RBC® Cash Back Mastercard

rbc cash back travel insurance

Annual fee:

Earning rate:.

The RBC ® Cash Back Mastercard   is a card geared towards students, newcomers to Canada, or individuals with new or recovering credit files who want to build a strong relationship with RBC ® while earning some cash back.

rbc cash back travel insurance

Bonuses & Fees

Currently, there’s no welcome bonus on the RBC ® Cash Back Mastercard.

There’s no annual fee and supplementary cards are also free.

Earning Rewards

The RBC ® Cash Back Mastercard earns  2% cash back †  on groceries  up to $6,000 and 1% on groceries above $6,000. Otherwise, it earns 0.5% cash back † on non-grocery purchases up to $6,000 and 1% cash back † on non-grocery purchases above $6,000.

This is a relatively weak offering, especially in comparison to the Tangerine Money-Back Credit Card, which allows you to earn 2% cash back † in up to three categories (including groceries).

Redeeming Rewards

There are two ways to redeem RBC ® cash back:

  • Upon reaching a cash back balance of at least $25, call RBC ® (1-800-769-2512) to credit the entire amount to your account
  • Automatically credited every January and appears on February statement

Perks & Benefits

The RBC ® Cash Back Mastercard does include a few interesting benefits, including 3 months of free DashPass from DoorDash † .

It also includes a 3¢/L saving on fuel at Petro-Canada, along with earning 20% more Petro-Points † .

Finally, you can earn 50 Be Well points for every $1 spent on eligible products at Rexall, as well as a have an improved redeeming ratio of 25,000 Be Well points = $10 † .

Insurance Coverage

The RBC ® Cash Back Mastercard offers a doubling of the manufacturer’s warranty up to one additional year † as well as provides 90 days of purchase protection † .

As a basic no-fee product, the RBC® Cash Back Mastercard has no minimum income requirement. Refer to RBC® page for up to date offer terms and conditions.

rbc cash back travel insurance

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RBC Cash Back Preferred World Elite Mastercard

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Note: This card requires a minimum personal income of {{card.params.minimumincome}} household income of {{card.params.minimumincomeannual}} or a minimum household income of {{card.params.minimumincomeannual}}. {{card.params.merchantfees}}

Unlimited Cash Back

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Take advantage of all the benefits your credit card has to offer by adding optional services to protect your identity, your family, and your credit card balance:

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Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.

Petro-Canada and Petro-Points are trademarks of Suncor Energy Inc. Used under licence. All other trademarks are the property of their respective owner(s).

21.99% if you reside in Quebec.

You will earn i) $1.50 cash back for every $100.00 (1.5% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments), up to a maximum of $25,000 in Net Purchases per Annual Period and for a maximum Cash Back Reward of $375.00, and ii) $1.00 cash back for every $100.00 (1% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments) in excess of $25,000 per Annual Period, unlimited. Provided your New Cash Back Balance is $25 or greater, Cash Back Credits earned during the Annual Period will i) automatically be credited to your January Account balance and appear on your February Account Statement, and/or ii) be credited at any other time, upon request. Cash Back Credits are earned on Net Purchases only; they are not earned on Cash Advances (including balance transfers, cash-like transactions and bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the Cash Back Credits earned by the amounts originally charged. For complete details, please refer to the RBC Cash Back Program Terms and Conditions at www.rbc.com/cashbackterms .

Mastercard Travel Pass, provided by DragonPass, is being provided as a benefit to cardholders with eligible and valid WestJet RBC World Elite Mastercard cards. Each eligible World Elite Mastercard cardholder is entitled to a complimentary membership to DragonPass Airport Lounges Program (as long as they remain a World Elite Mastercard cardholder). Access to participating DragonPass Airport Lounges is at the cost of US$32 per person (subject to change), per visit, and lounge access charges will be billed to the World Elite Mastercard card connected to the cardholder’s DragonPass membership. DragonPass benefits do not apply to all lounges, including (as of May 30, 2022) the Calgary WestJet Elevation lounge. To view a full list of participating DragonPass Airport Lounges, their facilities, opening times and restrictions, cardholders can visit airport.mastercard.com . By using this benefit, you agree to all of DragonPass terms and conditions, including privacy and security policies available at mastercardtravelpass.dragonpass.com . These policies may be amended or updated at any time and without notice. RBC reserves the right to modify or cancel this benefit at any time and without notice. Mastercard Travel Pass, DragonPass Airport Lounges and associated services are provided by DragonPass, not Royal Bank of Canada (“RBC”), and RBC is not responsible for any claims or damages arising from the use of the Mastercard Travel Pass or the DragonPass Airport Lounges services. Mastercard reserves the right to cancel, modify or withdraw this benefit at any time, even after you have enrolled in Mastercard Travel Pass.

Unlimited means there is no maximum cash back credits you can earn on eligible purchases (up to your available credit limit) per Annual Period. For complete RBC Cash Back Program Terms and Conditions, please visit: www.rbc.com/cashbackterms .

Each time you use your linked Eligible RBC Card to purchase any grade of gasoline, including diesel, at a Retail Petro-Canada Location, you will save three cents ($0.03) per litre at the time of the transaction. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases.

Each time you use your linked Eligible RBC Card to pay for qualifying purchases at a Retail Petro-Canada Location, you will earn a bonus of twenty percent (20%) more Petro-Points than you normally earn, in accordance with the Petro-Points Terms and Conditions .

Terms and conditions apply. Boingo services provided by Boingo Wireless, Inc. See mastercard.boingo.com for full details.

Coverage underwritten by RBC Insurance Company of Canada.

Coverage underwritten by Aviva General Insurance Company.

All insurance is subject to limitations and exclusions. Please refer to the insurance certificates included in your printed Welcome Kit for complete details or online in Credit Card Documentation .

Mastercard On-Demand Apps and Subscription Services is provided by Mastercard as a benefit to cardholders of eligible World Elite Mastercard credit cards. Mastercard, not Royal Bank of Canada, is responsible for this benefit. Offers are subject to terms and conditions and may be subject to change without notice, detailed at www.mastercard.ca/worldelite

Mastercard Travel Rewards is provided by Mastercard as a benefit to cardholders of eligible World Elite Mastercard credit cards. Mastercard, not Royal Bank of Canada, is responsible for this benefit. Offers are available for a limited time and subject to partner terms and conditions, detailed at www.traveloffers.mastercard.com . Offer eligibility requires spend in local currency and minimum spend requirements apply. Offers may be subject to change without notice.

To participate in this offer, you must have an eligible RBC Debit Card, Personal Credit Card or Business Credit Card which is issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“RBC Card”). RBC Business Owners will only be able to link up to two (2) Business Credit Cards and one RBC Debit Card to a Be Well Card.

Eligible RBC Debit Cards are debit cards tied to a personal banking or savings account or a business banking or savings account in good standing that is set up to pay for goods and services at a store or merchant that has point of sale or other designated debit card terminals that accept debit card payments.

You must be enrolled in RBC Online Banking or the RBC Mobile app in order to link your RBC Card to your Be Well Card. Card linking may take up to 2 business days to process before Be Well points can be applied to purchases. Each time you scan your Be Well Card and pay with your Linked RBC Card, you will earn 50 Be Well points for every $1 spent on eligible purchases at Rexall Locations, in accordance with the Be Well Terms and Conditions available at https://www.letsbewell.ca/terms-conditions .

Be Well points are not awarded on taxes; tobacco products; products containing codeine; lottery tickets; alcohol; bottle deposits; gift cards; prepaid cards and wireless or long distance phone cards; event tickets; transit tickets and passes; post office transactions; stamps; passport photos; cash back; gifts with purchases; delivery charges; environmental levies; Home Health Care services/rentals and any other products or services that we may specify from time to time or where prohibited by law.

To "redeem" means to use your Be Well points to pay, or partially pay, for eligible purchases by using your Be Well card at the point of sale in participating Rexall stores following the instructions provided by the cashier, the point-of-sale terminal or other payment processing device. You can redeem the Be Well points you collect for eligible purchases, see Section 5 of the Be Well Terms and Conditions (available at https://www.letsbewell.ca/terms-conditions ), or for any other purposes of which we may advise you from time to time.

You must have enrolled in the Be Well program and have registered your Be Well card, or otherwise have called customer service, in order to redeem Be Well points. Any Be Well points collected on a Be Well card will remain the property of the Be Well Administrator until the enrolment and registration process has been completed.

You must redeem a minimum of 25,000 Be Well points at any one time, which are worth $10. Be Well points may be redeemed in increments of $10 up to a maximum of $200 (500,000 Be Well points) in a single transaction. A maximum of 500,000 Be Well points can be redeemed within a 24-hour period.

In Ontario and British Columbia, Be Well points cannot be redeemed on prescriptions. The laws in each province and territory may change from time to time and you are advised to consult with your pharmacist for additional information in this respect.

Be Well points you collect upon making a purchase cannot be redeemed for that purchase and can only be redeemed for a subsequent eligible purchase provided 12 hours have passed since the Be Well points were collected.

To receive a complimentary DashPass subscription for $0 delivery fees on orders of $15 or more at eligible restaurants when you pay with your Eligible RBC Credit Card, you must subscribe to DashPass by adding an Eligible RBC Credit Card, accept the DoorDash terms and conditions, and activate your benefit by clicking “Activate Free DashPass” before April 5, 2024 (“Offer Period”). If you are an existing DashPass subscriber and have already added an Eligible RBC Credit Card to your account you must activate your benefit by clicking “Activate Free DashPass” during the Offer Period. If you have been charged for DashPass you will receive a refund to the method of original payment, in the amount of the monthly subscription fee for the month you activate your complimentary subscription. For all clients, by clicking on “Activate Free DashPass” you agree to the DoorDash terms and conditions which can be found at https://help.doordash.com/consumers/s/terms-and-conditions . Eligible RBC Credit cardholders include primary cardholders, co-applicants, authorized users, primary business cardholders and secondary business cardholders on an Eligible RBC Credit Card account. The DashPass monthly subscription fee will be waived (“ Complimentary DashPass Subscription ”) and you will receive either a 3 month or 12 month Complimentary DashPass Subscription based on the Eligible RBC Credit Card you use to subscribe to DashPass. DashPass subscriptions purchased through third parties, including third-party payment accounts, or online or mobile digital wallets (like Apply Pay and Google Pay) are not eligible for the Complimentary DashPass Subscription. Eligible RBC Credit Cards: Your Eligible RBC Credit Card may only be used with one DoorDash account to receive a Complimentary DashPass Subscription. Once you have received a Complimentary DashPass Subscription you cannot use the same eligible RBC Credit Card to obtain a Complimentary DashPass Subscription with another DoorDash account. You are only eligible for one 12 month Complimentary DashPass Subscription and one 3 month Complimentary DashPass Subscription during the Offer Period. The Complimentary DashPass Subscription commences on the date you subscribe to receive the Complimentary DashPass Subscription. For example, if you subscribe to a 12 month Complimentary DashPass Subscription in on the last day of your second month of a 3 month Complimentary DashPass Subscription you will receive a total of 14 months of Complimentary DashPass Subscription. --> In order to validate your credit card as an Eligible RBC Credit Card, Royal Bank may need to administer a $0.50 charge to validate your card enrollment. This charge will be reversed in 3 to 5 days once your account has been validated. 12 Month Complimentary DashPass Subscription is available for the following Eligible RBC Credit Cards: As an RBC Avion Visa Platinum, RBC Avion Visa Infinite , RBC Avion Visa Infinite Privilege, RBC Avion Visa Infinite Privilege for Private Banking, WestJet RBC World Elite Mastercard, RBC Rewards Visa Preferred, RBC Cash Back Preferred World Elite Mastercard, RBC British Airways Visa Infinite, RBC Avion Visa Business, RBC Avion Visa Infinite Business cardholder. You are eligible for a Complimentary DashPass Subscription for 12 months from the date you subscribe to receive the Complimentary DashPass Subscription. You will be auto-enrolled into full-price membership at the then-current rate after the end of the 12 month Complimentary DashPass Subscription. Your RBC credit card account must be open and not in default to maintain the benefits of DashPass. 3 Month Complimentary DashPass Subscription is available for the following Eligible RBC Credit Cards: As an RBC Rewards+ Visa, Signature RBC Rewards Visa, RBC Visa Platinum, RBC Visa Cash Back, RBC Cash Back Mastercard, RBC Visa Classic Low Rate Option, RBC Visa Classic, RBC Student Visa Classic, RBC Visa Classic II Student, RBC Visa Gold, RBC U.S. Dollar Visa Gold, RBC Rewards Visa Gold, RBC RateAdvantage Visa, WestJet RBC Mastercard, RBC Visa Business, RBC Visa Business Gold, RBC Visa CreditLine for Small Business, or RBC Business Cash Back Mastercard. You are eligible for a Complimentary DashPass Subscription for 3 months from the date you subscribed to the Complimentary DashPass Subscription. You will be auto-enrolled into full-price membership at the then-current rate after the end of the 3 month Complimentary DashPass Subscription. Your RBC credit card account must be open and not in default to maintain the benefits of DashPass. DoorDash not Royal Bank of Canada, is responsible for (i) services and products provided through DoorDash; (ii) DashPass, including the DashPass Benefits, the administration of DashPass and (iii) the DoorDash terms and conditions. The Complimentary DashPass Subscription offer may be amended or withdrawn at any time. To learn more about DashPass, visit www.doordash.com/dashpass (opens to external site) . For full DashPass for RBC Program Terms and Conditions, visit rbcroyalbank.com/credit-cards/documentation/pdf/full-doordash-tcs-en.pdf .

DashPass is a DoorDash subscription service that offers unlimited deliveries for $0 delivery fee on eligible restaurant purchases (minimum order amount of $15.00 CAD before taxes and fees) at a monthly subscription fee of $9.99 CAD plus tax. To learn more about DashPass visit www.doordash.com/dashpass (opens to external site) .

Purchase Rate: 19.99% (20.99%, as of April 1, 2023)

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Travel Insurance

More coverage in more places ®.

Get out there and enjoy yourself knowing you have the right coverage and 24/7 access to a caring team who’s always on call—no matter how big or how small the emergency.

More Coverage In More Places™

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Explore Your Coverage Options

Travel packages.

Coverage for the widest range of unexpected travel situations.

Travel Medical

Coverage to fill the gap left by my provincial health insurance.

Cancellation & Interruption

Coverage for non-refundable and/or non-transferable trip expenses if my trip is cancelled or interrupted.

Visitors to Canada

When visiting, immigrating to or studying in Canada and need emergency medical coverage.

Travel Insurance Advice by Trip Type

Choose from the topics below for some quick advice on the type of coverage that may be right for you:

Travel Insurance FAQs

Have a question about travel insurance? Get the answers you need here.

For questions about travel and COVID-19, please visit the COVID-19 page.

  • Eligibility
  • Emergencies

Our goal is to make affordable travel insurance coverage available to as many Canadians as possible. In general, any Canadian resident can purchase some form of coverage with us. Factors such as where you are travelling, your health and the length of your trip may affect the specific coverage(s) available to you.

Note : Non-residents travelling to Canada, immigrants to Canada or foreign students studying in Canada may be eligible to purchase one of our Visitors to Canada Plans.

Generally speaking, no. While your age can affect your eligibility for certain coverages, we have packages and plans that cover all age groups. If you are age 65 or older, we may ask you to answer a few questions about your health to make sure you have the most appropriate coverage.

Yes, you may purchase a policy for your parents. Simply call us at 1-866-896-8172 , buy online , or visit an RBC Insurance Store . Depending on their age, they may be required to complete health questions in order to obtain coverage. If this is not a requirement, please keep in mind that all terms and conditions apply to your parents, therefore we recommend that you review the insurance with them prior to purchase.

Possibly. Depending on your age, medical condition and, if applicable, your answers to our health questions, pre-existing medical conditions are covered if they are stable for a certain time period (as specified in your policy) before your policy's effective date.

Note: Please refer to the policy document for complete coverage details regarding pre-existing conditions.

Your answers to the health questions (if applicable) will be used to help determine the benefits you are eligible to receive under your insurance policy.

When answering the health questions:

  • Take your time. The questions may take up to 10 minutes to complete.
  • You (the applicant) should complete and sign the Medical Questionnaire. (If you have someone else complete the Medical Questionnaire on your behalf, it is still your responsibility to make sure the answers to the questions are correct.)
  • Read and answer each question carefully and accurately. Review your answers to confirm they are correct. Incorrect answers may lead to your coverage being voided or your claim denied.
  • Have your prescriptions or a description of your medications nearby for reference.
  • If you are unsure about any questions regarding your medical condition or medications, please speak to your physician.

If necessary, a family member or close friend can complete the questions on your behalf. Please keep in mind, however, that it is still your responsibility to sign the form and make sure the answers are correct.

Yes, it is recommended that you buy coverage for your spouse as well.

This answer depends largely on your child's age.

  • If your child is under 2 years old and you are purchasing the Deluxe Package or a TravelCare ® Package, then your child receives emergency medical coverage at no extra cost.
  • If your child is 2 or older , you'll need to purchase emergency medical coverage for him or her.
  • No matter how old your child is , if you've purchased an airline ticket or made a separate trip deposit for him or her, consider buying a travel insurance package or trip cancellation and interruption insurance .

The right coverage for your trip depends on several factors, including (but not limited to) where you're travelling to, how long you’ll be gone, the kind of transportation you'll be using and, in some instances, your overall health. View all of our travel insurance products now.

An accident, illness or medical emergency can happen anywhere, anytime. If you need medical care or treatment in another country, your government health plan may cover only a portion of the costs. Travel insurance starts where these plans leave off.

Plus, with our emergency medical coverage, you have access to the multilingual representatives of Allianz Global Assistance.

Yes, if you are travelling outside your home province or territory. There are several reasons why it's important to get travel medical insurance when you're travelling within Canada. One reason is that accidents can happen anywhere. Another is that government health insurance plans do have limits on reimbursement of emergency medical expenses incurred while you are in another province. For example, the ambulance, emergency dental treatment and prescription drugs might not be covered by some government health insurance plans.

You may extend your coverage if you extend your trip, subject to certain conditions of your policy.

If you've purchased a single trip plan, the following conditions apply:

  • If you have not had a medical condition during your trip or while covered under your policy, you can request an extension by contacting us at 1-866-896-8172 before your original policy’s expiry date.
  • If you have had a medical condition during your trip and while covered under your policy, you must request the extension by contacting Allianz Global Assistance before the expiry date of your original policy. Your extension is subject to the approval of Allianz Global Assistance.
  • You must pay the required additional premium before your original policy’s expiry date.
  • If we are unable to extend your particular policy's coverage due to the trip duration limits of your policy, you may be able to purchase a new policy from us.

If you've purchased a multi-trip annual plan, the following conditions apply:

You may purchase a top-up policy for the additional number of days beyond the duration covered by your multi-trip annual plan as follows:

  • Before your effective date, you may contact us at 1-866-896-8172 to purchase top-up coverage.
  • After your effective date and if you have not had a medical condition during your trip, you must contact us at 1-866-896-8172 before your original policy’s expiry date to purchase top-up coverage.
  • After your effective date and if you have had a medical condition during your trip, you must contact Allianz Global Assistance before your original policy’s expiry date to request approval for and to purchase top-up coverage.
  • The terms, conditions and exclusions of the new top-up policy apply to you.
  • You must pay the required top-up premium on or before the effective date of the top-up period.

If you do NOT top-up your coverage for a trip, you will not be covered for any claims you make outside the period of insurance for that trip. If the top-up policy you are purchasing requires you to complete health questions, you must complete the health questions.

Please see the policy documents for complete coverage details regarding trip extensions.

It may, but not always. We recommend that you carefully review the travel insurance coverage provided by your credit card, as well as any special conditions or stipulations.

Do you have an RBC Royal Bank ® credit card?

To review the travel insurance coverage that comes with your RBC Royal Bank credit card, visit: www.rbcroyalbank.com/cards/documentation/index.html and click the "Insurance Certificate" link for your card.

We recommend that you carefully review your government health plan coverage. Government plans may not cover all emergency medical expenses once you leave your home province/territory and typically cover only a limited portion once you leave the country. In fact, the Canadian Government (Foreign Affairs, Trade and Development Canada) urges Canadians to purchase supplemental health insurance when leaving the country. They say:

Do not rely on your provincial or territorial health plan to cover costs if you get sick or are injured while abroad. Out-of-country health care can be costly, and your health plan may not cover any medical expenses abroad. It is your responsibility to seek information from your provincial or territorial health authority and to obtain supplementary travel insurance and understand the terms of your policy. 2

Plus, government health insurance plans don't guarantee coverage for special care (air ambulance or emergency dental services, for instance).

Unlike government health insurance plans, our insurance offers you:

  • Unlimited coverage for eligible medical expenses 1
  • Up-front payment of eligible medical expenses whenever possible
  • 24-hour, multilingual emergency medical assistance—one toll-free phone call puts you in touch with a multilingual professional who will refer you to a local doctor or facility in order for you to receive the care you need

Government health insurance plans also don't provide coverage for situations such as lost, damaged or delayed baggage or trip cancellation and interruption. Our travel insurance can provide these coverages and more.

Yes, you do need travel insurance to protect yourself against the unexpected, even if you are going to the United States for a few days. An illness or accident can happen at any time, whether you're on the road for a few days, or a few months. And remember, the cost of health care is very expensive in the United States and very little of this cost would be covered by your government health insurance plan, credit card or company benefits plan. For a short trip, the cost of travel insurance is minimal, and it gives you the protection you need.

If you purchase trip cancellation and interruption insurance, it will help pay for your expenses to return home in the event of a covered emergency. There are a number of circumstances that qualify as an emergency (for example, the death or serious illness of a family member). The cost of cancelling a trip prior to departure can be very expensive, as most trips are non-refundable and/or non-transferable, especially if you have to cancel just before leaving on your trip. Having to return early from a trip can also be very expensive. Either way, trip cancellation and interruption insurance is very important to protect your travel investment.

You must purchase coverage before departing on your trip. You may benefit from purchasing coverage as soon as you make your initial trip deposit, especially if you are purchasing trip cancellation and interruption insurance —either as stand-alone coverage or as part of one of our insurance packages .

If you were to book your trip 6 months in advance, consider the unexpected situations that could occur in that time.

If you purchase travel insurance from RBC Insurance, we will pay the eligible bills directly to the hospital or physician whenever possible.

There are a number of sports that are not covered during your trip. For more details, see the Exclusions section of the individual policy document.

You may purchase a top-up policy for the extra number of days beyond the duration covered by your multi-trip annual plan. Here are the conditions:

  • After your effective date and if you have had a medical condition during your trip, you must contact Allianz Global Assistance before your original policy’s expiry date to request approval for and purchase top-up coverage.

Please see the policy document for complete coverage details regarding top-up coverage.

If you purchase one of our travel medical insurance plans—either Classic Medical or TravelCare ® Medical—you can, subject to certain conditions:

  • If you are travelling for more than 183 days, you may purchase single trip coverage for up to 365 days provided that you are covered under your government health plan for the full duration of your trip.
  • If you are 40-74 years of age , you must also answer a few health questions, which will determine whether you are eligible to purchase coverage for trips beyond 183 days.

Yes, if you are travelling with your spouse/partner and children or other family members, you could save money with our family plan pricing.

The cost of a trip can be a significant financial investment. A lot can also happen in the time between booking your trip and departing—if a medical emergency or other unexpected event prevents you from going on your trip, you could potentially lose some (or possibly all) of the money you paid.

With trip cancellation and interruption insurance, you're protected when certain situations prevent you from travelling as planned. Examples include:

  • You can't travel due to an illness, job loss or immediate family member's medical emergency
  • You need to return home earlier than scheduled because of a family emergency or medical condition

Note : We strongly recommend that you purchase trip cancellation and interruption insurance at the time you pay your initial travel deposit. Please see the policy document for complete coverage details, including terms and conditions.

Yes! Tell them about our Visitors to Canada Plans , which offer affordable emergency medical protection to visitors, immigrants, foreign students and Canadians without government health plan coverage.

We strongly recommend you do. Your insurance policy is a valuable source of information and contains provisions that may limit or exclude coverage. Please read it before you go, keep it in a safe place and carry it with you when you travel.

RBC Insurance has appointed AZGA Service Canada Inc. (operating as “Allianz Global Assistance”) as the provider of all assistance and claims.

Whether you have a new claim or questions about an existing claim, representatives will work with you to make things as easy as possible. Visit the Travel Insurance Claims page for more details about how to submit a claim.

It's our goal to settle every claim as quickly as possible. While every claim is different, there are things you can do to speed things up:

  • If you require emergency care on your trip , call our emergency contact number immediately, or at the earliest possible opportunity (someone else can call if you're unable to). If you do not, your coverage may be limited and your benefits could be reduced.
  • If you need to cancel your trip prior to departing , call your travel agency, airline, tour company or the carrier immediately to cancel your trip no later than one business day after the cause of cancellation. Call Allianz Global Assistance the same day.
  • For all claims , carefully read the instructions for submitting your claim. Make sure you fully complete any required claims forms and submit all required documentation at your earliest possible convenience. For example, you may need to provide information on your past health history if you are submitting an emergency medical claim or a trip cancellation claim due to a medical condition.

The documentation you need to provide will depend on the type of claim, the type of plan you purchased and the province/territory in which you live. Visit the Travel Insurance Claims page for more details about how to submit a claim.

No matter where in the world you are, we’ll be here for you. If you have an emergency, you can call Allianz Global Assistance toll-free 24 hours a day, 7 days a week at 1-855-947-1581 from the U.S. and Canada or (905) 816-2561 collect from anywhere in the world . Or as an alternative, you can email Allianz Global Assistance at: [email protected] . Disclaimer 3

The multilingual representatives of Allianz Global Assistance are ready 24 hours a day, seven days a week when you have a medical emergency. You can rely on them to refer you or (when medically appropriate) transfer you to one of the accredited medical service providers within the Allianz Global Assistance network, so you can receive the care you need as quickly as possible.

Because the representatives are multilingual and have 24-hour access to real-time translation services, they can provide the help you need in your own language—and also have someone to communicate on your behalf with medical personnel who may speak a different language.

Whenever possible, Allianz Global Assistance will also request for the medical service provider within the network to bill the covered medical expenses directly to us instead of you—reducing stress and hassle.

Yes, as soon as medically possible. There are several reasons to call the emergency contact number first:

The multilingual representatives of Allianz Global Assistance are experienced experts in coordinating emergency care for travellers in foreign lands.

They're available 24 hours a day, seven days a week.

If you don't call Allianz Global Assistance first, your benefits may be reduced and your coverage may be limited. As stated in your policy, if you do not contact Allianz Global Assistance at the time of your medical emergency or you choose to receive treatment from a medical service provider outside the Allianz Global Assistance network, you will be responsible for 30% of your medical expenses covered under your insurance and in excess of your medical expenses paid by your government health plan.

You can call Allianz Global Assistance toll-free 24 hours a day, 7 days a week at 1-855-947-1581 from the U.S. and Canada or (905) 816-2561 collect from anywhere in the world.

Of course, obtaining urgent care in an emergency is your #1 priority—and our representatives are here to help at our toll-free emergency contact number. However, if your medical condition Opens in new window prevents you from calling before seeking emergency treatment, then you must call as soon as medically possible.

Someone else (a family member, friend, hospital or physician's office staff, etc.) may call on your behalf–so it's a very good idea to carry your RBC Insurance travel insurance wallet card with you at all times.

They may call Allianz Global Assistance toll-free 24 hours a day, 7 days a week at 1-855-947-1581 from the U.S. and Canada or (905) 816-2561 collect from anywhere in the world.

Or as an alternative, they can email3 Allianz Global Assistance at: [email protected] .

We will pay your eligible medical bills directly to the medical provider or hospital for you whenever possible.

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NYCB Turnaround Faces Rocky Road as Commercial Real Estate Exposure a Drag

Reuters

FILE PHOTO: FILE PHOTO: A man walks past a closed branch of the New York Community Bank in New York City, U.S., January 31, 2024. REUTERS/Mike Segar/File Photo

By Manya Saini and Niket Nishant

(Reuters) -New York Community Bancorp's turnaround will likely take a long time as analysts expect profits to remain under pressure from the lender's efforts to boost reserves for potential bad loans in its commercial real estate portfolio.

This week's $1.05 billion capital raise has helped stem the rout in its stock and assuage near-term worries, but exposure to New York's rent-controlled multi-family properties - apartment buildings with more than four units - remains an overhang.

The trouble at the bank captured in six graphics:

CRE CONCENTRATION

Loans tied to multi-family properties, NYCB's primary focus for five decades, made up 44% of its $84.6 billion portfolio as of Dec. 31. Nearly 8.3% of such loans were "criticized", meaning at higher risk of default, the bank disclosed in January.

"We are somewhat encouraged that overall credit quality trends could remain manageable in the near-term, though we would expect the company to seriously examine reserve levels for adequacy," analysts at RBC Capital Markets said in a note.

The multi-family portfolio includes properties subject to rent control regulations, which limit landlords' freedom to increase rents at a time when borrowing rates remain high.

Office loans accounted for 4% of the total portfolio, NYCB said. More than half of the office portfolio is in Manhattan, where the vacancy rate is 15%, according to Moody's.

LOAN LOSS PROVISIONS

The bank's credit loss provisions jumped more than four times to $552 million in the fourth quarter versus the year-ago quarter. But, analysts say it will need to build reserves further to cover the risk of more loans souring, especially CRE.

NYCB's current loan loss reserve ratio - a measure of reserves against total loans - for CRE appears low at 1.4%, Raymond James analyst Steven Moss said. Its peers have a median ratio of 2.48%, he added.

The key question now is whether this week's capital raise is enough "to manage through the challenges within the loan portfolio that still lie ahead," J.P. Morgan's Steven Alexopoulos, who covers NYCB, said in a note.

DEPOSIT OUTFLOW

NYCB disclosed this week that it had lost $5.8 billion, or 7%, of deposits over the last month. The bank's recent woes, which included a massive surprise goodwill impairment, could also lead to higher deposit costs and squeeze its net interest margins, analysts said.

Still, NYCB's uninsured deposits are relatively low at nearly 20%. D.A. Davidson analyst Peter Winter said the 7% deposit fall was less than expected "given all the turmoil" as well as several credit rating downgrades.

Silicon Valley Bank and the two others who failed last year, in contrast, had higher levels of uninsured deposits.

STOCK PERFORMANCE

NYCB's shares have lost nearly two-thirds of their value following a sell-off after the bank's dismal Jan. 31 earnings report and a 70% cut to its dividend. They were down another 5% on Friday.

Souring investor sentiment has also hammered the KBW Regional Banking Index, which is down 7.3% over the same period.

The stock will likely remain around current levels until investors get more clarity on the state of the bank's multi-family loan book, Raymond James' Moss said.

(Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Michelle Price)

Copyright 2024 Thomson Reuters .

Tags: funds , United States

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