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RBC Visa Classic Low Rate Option review

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RBC Visa Classic Low Rate Option
Welcome Offer
N/A
Rewards
N/A
Annual Fee
$0 annual fee for the first year ($20 thereafter)
Purchase Interest Rate
12.99%
Cash Advance Rate
12.99%
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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.

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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 TypeInterest Rate
Purchase interest rate12.99%
Cash advance rate12.99%

What should I know before I apply?

How to apply

  1. Visit the RBC Visa Classic Low Rate Option webpage.
  2. Click “apply now.”
  3. 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.

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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