RBC Visa Classic Low Rate Option review
- Welcome Offer
- 0.99% balance tranfer rate for 10 months
- Rewards
- N/A
- Annual Fee
- $0 annual fee for the first year ($20 thereafter)
- Purchase Interest Rate
- 12.99%
- Cash Advance Rate
- 12.99%
Summary
With the RBC Visa Classic Low Rate Option, you'll pay a standard lower rate on both purchases and cash advances.
Find out if the RBC Visa Classic Low Rate Option is right for you.
If you’re looking for a credit card that offers flexible payment options with a low interest rate, the RBC Visa Classic Low Rate Option card might be the one for you. Unlike most credit cards, this RBC card offers you a permanent low interest rate on purchases and cash advances. The interest rate on this card is 7-9 percentage points lower than most Visa cards, which usually charge 19.99% on purchases and 22.99% on cash advances.
30-second take
- Consider getting this card if you tend to carry a balance and are looking to save on interest payments.
- Choose something else if you have a low credit score.
- You must be a Canadian resident and the age of majority in your province to apply for the card.
The basics
The RBC Visa Classic Low Rate Option isn’t the flashiest credit card out there, but it delivers where it matters most: interest rates. If you tend to carry a balance on your credit card or regularly use cash advances, this RBC card will charge you significantly less than other options. Lower interest rates mean you’ll be able to pay down your balance much more quickly.
Cardholders pay a very low annual fee ($20) and can add supplementary cards to their account for free. Like other RBC Visas, cardholders also receive balance protector insurance, identity protection, roadside assistance and optional travel insurance.
The perks
- Low interest rate. At 12.99% interest, the RBC Visa Classic Low Rate Option is a much more affordable alternative for purchases and cash advances than most of its competitors.
- Low fee. A $20 annual fee for primary cardholders is considered extremely low in the credit card industry. There’s no annual fee for additional cards.
- Universal acceptance. The Low Rate Option Visa is universally accepted at merchants all over the world.
- Instant fuel savings. By linking your card to Petro-Canada, you can save 3 cents per litre on fuel and earn 20% more Petro-Points.
What to watch out for
- Creeping interest rates. On November 1, 2019, RBC bumped up the interest rate for this card to 12.99% from 11.99% previously.
- No rewards. The RBC Visa Classic Low Rate Option doesn’t offer any rewards regardless of how much you use it.
RBC Visa Classic Low Rate Option interest rates
| Interest Type | Interest Rate |
|---|---|
| Purchase interest rate | 12.99% |
| Cash advance rate | 12.99% |
What should I know before I apply?
How to apply
- Visit the RBC Visa Classic Low Rate Option webpage.
- Click “apply now.”
- Fill out the standard credit card application, which should take five minutes to complete.
Bottom line
The RBC Visa Classic Low Rate Option offers affordable terms for customers who tend to carry monthly balances or make regular cash advances. This basic card doesn’t offer any rewards, so it’s best utilized for large purchases, cash advances or balance transfers. Regardless of how you use it, the same low interest rate applies.
