Big bank opens “Trade with Points” program to investors

A first for Canada, the bank is now allowing online investors to pay online trade commissions using reward points

RBC Direct Investing has announced an innovation for online investors in Canada: under the new Trade with Points program, investors can now pay their online trade commissions with RBC Rewards Points.

"Trade with Points gives investors another form of currency to use online, as they can now use their RBC Rewards points to pay their trade commissions for online stock, ETF and options trades placed on Canadian and U.S. exchanges," explained Rosalyn Kent, president and CEO, RBC Direct Investing. "Adding this option brings further simplicity, convenience and choice to our clients."

RBC Rewards points can also now be converted online into cash for deposits or contributions to eligible RBC Direct Investing personal accounts. Clients may do this for RRSPs, TFSAs, RESPs (in CAD) and non-registered cash and margin accounts.

"We are focused on providing our clients with more choice and flexibility in how they can redeem their RBC Rewards points," said Athena Varmazis, vice president, Global Loyalty Programs and Rewards, RBC. "We already make it possible for our clients to redeem points for travel, merchandise and gift cards as well as use their points towards paying their credit card balance.”

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