RBC RateAdvantage Visa Card Review For 2024 

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Written by SnappyRates Team

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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:
760
900

Very Good to Excellent

RBC RateAdvantage Visa Card

On RBC’s website

  • The low interest rate is variable based on your credit score – the higher your credit rating, the lower the interest rate.
  • Purchase security and extended warranty insurance are included.
  • Save 3 cents per litre on fuel and earn 20% more Petro-Points at Petro Canada.
  • Earn 50 Be Well points per $1 spent at Rexall after linking your card.
  • Receive a complimentary 3-month DashPass subscription.
  • No minimum income is required to be eligible.

No annual fee

Low interest rate dependant on your credit score

Savings at Petro-Canada and Rexall

No option to earn and redeem points or cash back

Interest rate can be high, depending on your credit rating

No welcome offer

The RBC RateAdvantage Visa Card is a no-fee, low-rate credit card perfect for paying off your balance without a high interest rate. There is no minimum income requirement, and you get savings at Petro-Canada and Rexall as a bonus.

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:
660
900

Good to Excellent

Scotiabank Value Visa Card

On Scotiabank’s website

  • Low 12.99% interest rate on cash advances, purchases, and balance transfers to pay down your balance faster.
  • $500 minimum credit limit.
  • No fees for supplementary cards.
  • Save up to 25% off base rates at participating Avis and Budget rental car locations in Canada and the US.
  • Pay off purchases of $100 or more with Scotia SelectPay
  • No minimum income is required.

Low interest rate of 12.99%

No minimum income requirement

0% introductory rate on cash advances for 6 months

No promotional balance transfer interest rate

No rewards program

No travel, shopping, or other insurance benefits

The Scotiabank Value Visa Card is a great credit card for those who carry a balance and want to pay it off. With a 12.99% interest rate, you can pay off your balance faster than most other credit cards.

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:
660
900

Good to Excellent

MBNA True Line Mastercard

On MBNA’s website

  • Low interest rate of only 12.99% on purchases, balance transfers, and access cheques.
  • Get a promotional interest rate of 0% for 12 months on balance transfers completed within 90 days of opening your account.
  • No annual fee.
  • Pay for eligible purchases of $100 or more in 6, 12, or 18-month installments with the MBNA Payment Plan.
  • Save 5% to 10% off base rates at participating Avis and Budget car rental locations.
  • No minimum income is required to apply.

Low non-promotional interest rate of 12.99%

No annual fee

0% balance transfer rate for 12 months

No cash back, points, or travel rewards

No insurance coverage

The MBNA True Line Mastercard is one of our top picks for balance transfers. For no annual fee, you get a 0% annual interest rate on any balance transfers completed within 90 days, as well as a low, non-promotional interest rate of 12.99% on purchases.

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:
660
900

Good to Excellent

BMO Preferred Rate Mastercard

On BMO’s website

  • A low interest rate of 12.99% on purchases helps you pay your balance faster.
  • Transfer balances for just a 0.99% interest rate for 9 months.
  • The $20 annual fee is rebated if you have a BMO Performace chequing account.
  • Extended warranty and purchase protection are included.
  • Turn larger purchases into smaller, interest-free monthly payments.
  • Get 24/7 emergency support anywhere in the world.
  • You must have a minimum personal income of at least $15,000 to qualify.

Low purchase and cash advance interest rates

Annual fee is waived if you have a BMO chequing account

No option to earn and redeem points or cash back

$20 annual fee

The BMO Preferred Rate Mastercard is light on rewards but gives you 9 months to pay off your balance with a 0% interest rate plus 12.99% interest on new purchases. If you have a BMO Performance chequing account, the annual fee is waived.

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 CardsAnnual Fee APR PurchasesAPR Cash Advances
RBC RateAdvantage Visa Card$04.99% to 8.99% + Prime4.99% to 8.99% + Prime
Scotia Value Visa Card$2912.99%12.99%
MBNA True Line Mastercard$012.99%24.99%
BMO Preferred Rate MasterCard $012.99% 15.99%

Related:

Bonuses & Deals for July

Free prepaid card with up to 5% cashback. No credit check & $20 bonus when you deposit $50 and complete first purchase.

Unlimited transactions with free chequing account and $400 welcome bonus!

No current offers for this category.

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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  • Earn up to 225x more than other banks!
  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.