The RBC RateAdvantage Visa card is an excellent no-fee credit card option for individuals prioritizing low-interest rates and instant value approval.
This RBC low-rate Visa card charges only 4.99% to 8.99% APR + Prime on all transactions, which is significantly lower than the average interest rates of Canadian credit cards.
In this RBC RateAdvantage Visa review, you’ll learn everything about this credit card, including its benefits, drawbacks, and application process.
Main Highlights
- The RBC RateAdvantage Visa card offers low-interest rates ranging from 4.99% to 8.99% + Prime. Your exact APR will depend on your credit rating.
- Some of the benefits of the RBC RateAdvantage Visa include having no annual fee, getting purchase security and extended warranty insurance, as well as receiving exclusive offers and discounts from eligible brands.
- The downsides of using this RBC credit card include not getting cash back or rewards for your purchases.
RBC RateAdvantage Visa Card – Summary
RBC RateAdvantage Visa Card
Rewards: Pay off your balance with a low variable interest rate.
Welcome offer: None
Interest rates: Prime rate + 4.99% to 8.99% for purchases and cash advances.
Annual fee: $0
Recommended credit score:
Very Good to Excellent
On RBC’s website
Benefits Of The RBC RateAdvantage Visa Card
Let’s go over the main benefits of using the RBC RateAdvantage Visa card.
No Annual Fee
Unlike many popular low-interest credit cards, the RBC RateAdvantage Visa card has no annual fee. This allows cardholders to save the usual $20 to $40 annual fee that other cards charge.
Purchase Security
Through the RBC RateAdvantage Visa card, you can protect the items you purchase from accidental loss or damage for 90 days from the date of purchase. This insurance policy offers up to $50,000 of coverage annually.
Extended Warranty Insurance
Double the original manufacturer’s warranty on products you purchase using your RBC RateAdvantage Visa card for a maximum of a one-year extension. Be prepared to show a police, fire, or damage/loss report when claiming, as they’re often required to be eligible for this benefit.
Extra Savings At RBC’s Partnered Brands
Certain retailers and companies offer exclusive discounts, cash back, and special offers for RBC credit card users. For example, you can save 3 cents/L at Petro-Canada, and you’ll enjoy $0 delivery fees when buying from DoorDash for 3 months.
Downsides Of The RBC RateAdvantage Visa Card
While the RBC RateAdvantage Visa card is an excellent no-fee credit card option, there are several downsides you must take note of before acquiring this card.
Interest Rate Varies
Although this low-rate Visa card offers APR that’s as low as 4.99% + Prime, this interest rate will only apply to you if you have an excellent credit score.
For individuals with lower or bad credit ratings, the interest rate may be closer to or set at 8.99% + Prime.
No Cash Back Or Reward Points
Unlike other RBC credit cards like the RBC ION Visa or the RBC Cash Back Mastercard, the RBC RateAdvantage Visa does not provide cash back or reward points for your purchases.
This downside makes you miss out on potentially earning back over $100 annually.
No Identity Theft & Credit Protection
When using the RBC RateAdvantege card, you won’t be automatically protected from identity theft and online fraud. These services are optional and must be paid for.
How To Apply For The RBC RateAdvantage Visa Card
As one of the best instant approval credit cards in Canada, the RBC RateAdvantage Visa card’s application process is fast and simple. Any Canadian resident who has reached the age of majority in their province or territory can apply for this credit card in minutes.
To apply, call RBC’s customer service or visit one of the bank’s physical branches in person. Currently, you can’t apply for this RBC credit card through the bank’s website or app, so an online application is not an option.
RBC RateAdvantage Visa Card Alternatives
If you’re still in the process of finding the best credit card for you, consider exploring these low-interest credit cards offered by other banks.
Scotia Value Visa Card
For only $29 a year, the Scotia Value Visa Card offers a low 12.99% APR on your regular purchases and cash advance transactions. With this card, you can enjoy benefits such as up to 25% OFF car rental rates, free supplementary cards, and the option to transfer your high-interest balances from other cards.
Scotiabank Value Visa Card
Rewards: Save on interest with a 12.99% interest rate.
Welcome offer: 0% introductory interest rate on cash advances for the first 6 months, plus get the first annual fee rebated.
Interest rates: 12.99% for purchases, balance transfers, and cash advances.
Annual fee: $29
Recommended credit score:
Good to Excellent
On Scotiabank’s website
MBNA True Line Mastercard
If you want a no-fee credit card, the MBNA True Line Mastercard is also a great option.
Similar to Scotia Value Visa, this card offers a low 12.99% APR on your purchases. While cash advance transactions have a higher interest rate of 24.99% APR, you’ll enjoy the benefit of adding up to 9 authorized users for free.
MBNA True Line Mastercard
Rewards: Pay a low interest rate of 12.99% to help pay down your balance.
Welcome offer: 0% promotional annual interest rate for 12 months on balance transfers completed within 90 days.
Interest rates: 12.99% for purchases, balance transfers, and access cheques; 24.99% for cash advances.
Annual fee: $0
Recommended credit score:
Good to Excellent
On MBNA’s website
BMO Preferred Rate MasterCard
The BMO Preferred Rate MasterCard charges a 12.99% APR on purchases and a 15.99% APR for cash advances. Although it has an annual fee of $29, you can fully rebate this if you also have a BMO Performance chequing account.
BMO Preferred Rate Mastercard
Rewards: A low interest rate to help you pay off your balance faster.
Welcome offer: Get a 0.99% interest rate on balance transfers for 9 months with a 2% transfer fee, plus the first year annual fee waived.
Interest rates: 12.99% for purchases, 15.99% for cash advances.
Annual fee: $20
Recommended credit score:
Good to Excellent
On BMO’s website
Is The RBC RateAdvantage Visa Card Worth It?
The RBC RateAdvantage Visa card is a worthy option if you’re looking for a low-interest rate credit card with no annual fee.
Although this RBC Visa card does not offer rewards or cash back for your purchases, it provides you with 90-day purchase security and extended warranty insurance that has up to $50,00 coverage.
Moreover, this card lets you enjoy exclusive perks provided by brands including Rexall, DoorDash and Petro-Canada.
RBC RateAdvantage Visa Card Vs Alternative Cards
| Credit Cards | Annual Fee | APR Purchases | APR Cash Advances |
| RBC RateAdvantage Visa Card | $0 | 4.99% to 8.99% + Prime | 4.99% to 8.99% + Prime |
| Scotia Value Visa Card | $29 | 12.99% | 12.99% |
| MBNA True Line Mastercard | $0 | 12.99% | 24.99% |
| BMO Preferred Rate MasterCard | $0 | 12.99% | 15.99% |
Related:
