THUNDER BAY – For many people the idea of giving cash as a gift is not unlike the episode of Seinfeld where Jerry gave Elaine a birthday gift of cash. However Gift Cards are seen by a growing number of people as a great alternative giving a person the choice to get what they want. For grandparents and parents of teenagers the Gift Card is a perfect alternative to let the young person choose either the clothes, or the technology they want.
Today RBC announced it has removed most fees on the RBC Visa Gift Card. In addition, funds on the prepaid card will no longer expire. The move comes a week after the federal government announced plans to bring in new rules on gift cards.
“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 acrossCanada. 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.