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RBC RateAdvantage Visa review

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RBC RateAdvantage Visa
Welcome Offer
N/A
Rewards
N/A
Annual Fee
$0
Purchase Interest Rate
Prime + 4.99% - Prime + 8.99%
Cash Advance Rate
N/A
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Summary

Receive one of the lowest interest rates of any credit card with the RBC RateAdvantage Visa. 

This Visa gives you access to personalized bonuses with RBC Offers.

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The convenience of credit cards often comes at a major cost: high interest rates. The RBC RateAdvantage Visa softens the blow by giving you the chance to qualify for one of the lowest interest rates on the market.

Keep in mind this Visa charges variable interest rates, so the rate you receive depends on your credit score, among other things.

Find out if the RBC RateAdvantage Visa is right for you.

30-second take

  • Consider getting this Visa if you carry a monthly balance and want to save on interest rate charges.
  • Consider something else if you want premium services or the chance to earn rewards on your purchases.
  • You must be a Canadian resident and the age of majority in your province to apply for the card.

The basics

The RBC RateAdvantage Visa has a simple value proposition: it lets you save money on interest rates and fees Purchase interest rates for this card are Prime + 4.99% - Prime + 8.99%. The same rates apply for cash advances. If you have an existing balance on another credit card, you can transfer it to the RBC RateAdvantage Visa and pay a low interest rate on your debt.

In addition to letting you save on interest rates, this card doesn’t charge a penny in annual fees. That means it doesn’t cost you anything for carrying it in your pocket.

The perks

  • Low interest rate. The RBC RateAdvantage Visa offers one of the lowest interest rates of any Canadian credit card.
  • Zero fees. This card charges no annual fee for primary cardholders or supplementary cards.
  • Insurance. The RBC RateAdvantage Visa card gives you purchase security and extended warranty insurance.
  • Bonus offers. While not a rewards card, this Visa gives you access to personalized bonuses with RBC Offers.
  • 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 for

  • Limited perks. Although this card has some features, like extended warranty coverage and RBC Offers, it is primarily designed to save you money.
  • You might not qualify for the lowest rate. RBC doesn’t specify what credit score or personal income you need to qualify for the lowest interest rate.

What should I know before I apply

How to apply

  1. Visit the RBC RateAdvantage Visa Preferred webpage.
  2. Click “Apply Now.”
  3. Fill out the standard credit card application, which should take five minutes to complete.

The bottom line

The RBC RateAdvantage Visa is a simple credit card designed with one primary purpose: saving you money. Because it’s Visa, you can feel confident about it being accepted virtually anywhere around the world. While there’s no guarantee that you’ll qualify for the lowest interest rate, the maximum you can be charged is still less than half of what most credit cards demand.

Compare other credit cards

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
RBC ION Visa
3,500 points
1.5 points per $1 spent
20.99%
$0
Min. recommended credit score: 660
Get 3,500 Avion points when you get approved for the card.
Neo Credit Mastercard
Get $25.00 + up to 15% cash back
Up to 5% cash back
19.99% - 29.99%
$0
Min. recommended credit score: 600
Get $25 when you sign up for the Neo Financial Mastercard. Plus, earn bonuses like 15% cashback on your first purchase at most partners, and earn an average of 5% cashback at partner stores and at least 1% cashback guaranteed.
Tangerine World Mastercard
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until April 30, 2024. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.
American Express Cobalt Card
15,000 points
Up to 5x points per $1 spent
20.99%
$155.88
Min. recommended credit score: 700
Earn up to 15,000 Membership Rewards points in your first year. Earn 1,250 Membership Rewards points for each monthly billing period in which you spend $750 in purchases. That’s up to $150 towards a weekend getaway or concert tickets.
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
20.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,500). Plus, get a rate of 0.99% on balance transfers for 9 months. A 2% fee applies to transferred balances.
Tangerine Money-Back Credit Card
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until April 30, 2024. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.
RBC Cash Back Mastercard
N/A
Up to 2% cash back
20.99%
$0
Min. recommended credit score: 650
RBC ION+ Visa
7,000 points
3 points per $1 spent
20.99%
$48
Min. recommended credit score: 660
Get up to 7,000 welcome points. Get 3,500 points on approval and earn 3,500 bonus points when you spend $500 in your first 3 months.
BMO eclipse rise Visa Card
25,000
Up to 5 points per $2 spent
20.99%
$0
Min. recommended credit score: 660
Earn up to 25,000 bonus points.
BMO Preferred Rate Mastercard
0.99% rate on balance transfers for 9 months
N/A
13.99%
$0 annual fee for the first year ($29 thereafter)
Min. recommended credit score: 660
Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $29 annual fee waived in the first year.
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