You get a bonus action and a reaction as normal; it only consumes your action.
Because the Rapid Response spell is cast when initiative is rolled before any creature’s turn, it does not occur on your turn, and so you are free to cast a leveled spell as a bonus action (and may always do so as a reaction).
The rules on this point are not ambiguous.
Because the Rapid Response spell is cast when initiative is rolled before any creature’s turn, it does not occur on your turn, and so you are free to cast a leveled spell as a bonus action (and may always do so as a reaction).
Some spells are cast with a bonus action. A spellcaster can’t cast a spell as a bonus action on the same turn that they cast another spell, unless the second spell is a cantrip with a casting time of one action.
When initiative is rolled, as long as you are not surprised you can choose to cast a spell with a vocalized component and casting time of 1 action. If you do so, the effects of the spell occur at the start of the first creature’s turn, and on your first turn you do not receive an action.
The rules on this point are not ambiguous.