The holidays come early: RBC Visa Gift Cards no longer expire and most fees removed

TORONTO, Nov. 21, 2012 /CNW/ - RBC today announced it has removed most fees on the RBC Visa Gift Card. In addition, funds on the prepaid card will no longer expire.

"Clients have told us that they want gift cards that can be used everywhere with no expiry," said Anne Koski, head, Business and Prepaid Cards, RBC. "That's why we're very pleased to have these enhancements in place ahead of the holiday gift-giving season."

New features of RBC Visa Gift Cards

• No usage, maintenance or inactivity fees are charged on the RBC Visa Gift Card at any time.
• Funds do not expire on the RBC Visa Gift Card. An expiry date is stamped on the card for payment processing. If the card has a balance after the expiry date, a new card with the remaining balance can be requested and mailed at no charge.

In a recent RBC poll, four-in-10 Canadians (42 per cent) surveyed said expiry of funds, expiry fees and maintenance fees were reasons to not purchase multi-purpose gift cards. At the same time, more than a third of respondents said they choose to give a gift card because they want to give the recipient options (37 per cent) and when they are not sure of what to buy (36 per cent).

"The RBC Visa Gift cards provide a flexible gift option for people who are difficult to buy for," added Koski.

Once the one-time $3.95 flat purchase fee has been made for the RBC Visa Gift Card, the recipient will benefit from the full value of the gift whenever it is used.

RBC Visa Gift Cards are available in denominations ranging from $25 to $500 year-round at any RBC branch across Canada. More secure than cash, RBC Visa Gift Cards can be used anywhere around the world where Visa cards are accepted, including online, giving friends and family more options than traditional store gift cards. Learn more about RBC Visa Gift Cards at rbc.com/visagiftcard.

About the RBC Poll
The survey was conducted online via Ipsos Reid's national I-Say Consumer Panel to 3,375 Canadians. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population according to census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. Data collection was October 1 to 10, 2012. A survey with an unweighted probability sample of this size and a 100 per cent response rate would have an estimated margin of error of ±1.9 percentage points, 19 times out of 20.

SOURCE: RBC