RBC Visa Classic Low Rate Option

9/10

Interest Rate

12.99%

Annual Fee

$20

Balance Transfer

N/A

Card Type

Low-Interest

The RBC Visa Classic Low Rate Option card may be the right choice for you if you are searching for a credit card with flexible payment methods and low interest. Unlike other credit cards, this RBC card provides a standard low-interest rate on cash advances and purchases. It also offers a 7-9 % lower interest rate than other Visa cards, which often charge 22.99% on cash advances and 19.99% on purchases.

Card Features

Like other credit cards, the RBC Visa Classic Low Rate Option comes with several amazing perks and features. They include:

  1. Low-Interest Rates

If you prefer maintaining a balance on your credit card, you can save money on interest due to the relatively low 12.99% rate of interest on cash advances and purchases made using this card.

  1. Low Annual Fees

Primary cardholders will also enjoy a $20 annual charge, which is relatively low when compared to other credit cards available on the market. Note that additional cards in the account do not attract extra annual fees.

  1. RBC Offers Faster Earnings and Savings

Before making any purchases, earn customized offers from amazing brands to save money or collect extra points faster.

  1. Zero Liability Protection

Get protection for you and your purchases against fraud as long as you take reasonable precautionary measures to safeguard your personalized PIN and your card. The available extended warranty and purchase security features allow you to protect your qualifying purchases.

  1. Efficient Savings on Fuel at Petro-Canada Stations

When you use your RBC Visa Classic Low Rate to buy gas at Petro-Canada, you will instantly save $3/L and even gain 20% bonus Petro-Canada points.

  1. Collect More Rexall’s Be Well Points

Once you connect your card to your Be Well card at Rexall, you will gain 50 more points for each $1 you spend on qualifying products at the store.

  1. No Delivery Fees on DoorDash for Up To Three Months

By adding your RBC Card to your DoorDash account, you are eligible of receiving a 3-month DoorPass Subscription worth up to $30. Cardholders will also get free delivery on unlimited orders worth at least $12 for three months.

  1. Universally Accepted

The Visa Low Rate Card Option is widely recognized by merchants across the world.

Benefits of the RBC Visa Classic Low Rate Option

  • Low-interest rates of up to 12.99% on balance transfers, cash advances, and all purchases
  • All purchases made using this card enjoy insurance coverage under an extended warranty and purchase protection
  • Apply for extra cards for the account at no additional costs
  • Cardholders enjoy low annual charges of only $20
  • All cardholders must pass through a physical application process to verify identity and ascertain the security of their holders
  • Instant fuel savings when cardholders use the credit card at Petro-Canada
  • All merchants recognize this card

Holders of the Low Rate Option also have an option to subscribe to RBC add-on card services to help in safeguarding your balance, identity, and your family. Some of these optimum add-on services include:

  • RBC Road Assist
  • Balance Protector Insurance
  • Credit and Identity Theft Protection
  • Add-on Travel Insurance

Note that this credit card does not provide its holders with rewards no matter how many times you use it. Luckily, there are other credit card options from the Royal Bank of Canada (RBC) that offer attractive rewards to its holders.

Details and Eligibility

Another advantage of the Low Rate Option is that any Canadian resident who has attained the age of majority can apply for the credit card. There are no requirements relating to minimum yearly income, meaning virtually anyone can apply to enjoy the card’s features.

RBC purports to evaluate card applicants more holistically than the standard bank. Rather than relying on just a single report or credit score, RBC evaluates an applicant’s debt and savings to income ratio, possibly making the card more accessible to those with a variety of credit histories. However, we advise checking your credit rating prior to applying to increase the odds of approval. Your credit score should be anywhere between 760 and 900. 

When it comes to rates and fees, this card attracts an annual charge of $20. There are no extra fees for additional cards on the account. The Low Rate Option also has a relatively low-interest rate of 12.99% for cash advances, purchases, and balance transfers.

Insurance Coverage

The RBC Visa Classic Low Rate Option Credit Card also has great insurance benefits. They include:

  • Extended warranty coverage for up to one year
  • Purchase protection coverage for a maximum of 90 days

RBC Visa Classic Low Rate Option FAQs

RBC Visa Classic Low Rate Option cardholders with a credit balance on other credit cards can transfer their balances to their RBC cards at a low interest of 12.99%.

Based on your set credit card limit, cardholders can withdraw up to $1000 every day on the Low Rate Option Card.

The Classic Low Rate Option offers users simplicity, low-interest rates, and low annual fees. Among the benefits of using this card include 24-hour global access to your funds, global acceptance by merchants, low-interest rates of 12.99% on cash advances, balance transfers, and purchases, as well as optimum safety and security of user information.

It is advisable to have a credit rating ranging from 760 to 900 to get approved for this credit card.

Yes. The RBC Visa Classic Low Rate Option is accepted by tens of thousands of merchants across the world. Cardholders can also access more than 1.9 million ATMs all around the world when they need instant cash on the go.

9 Total Score
RBC Visa Classic Low Rate Option Review

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