The RBC Visa Classic Low Rate Option is a credit card designed for those who want to manage their spending without being burdened by high-interest rates. With a fixed annual interest rate of just 12.99% on both purchases and cash advances, it’s an ideal option for anyone who carries a balance and wants to minimize interest costs.

Plus, the card comes with a variety of perks that help you save even more on everyday expenses like fuel, shopping, and delivery services. From fuel discounts to extended warranty coverage, the RBC Visa Classic Low Rate Option offers a well-rounded set of features for a minimal annual fee. If you’re looking for a credit card that gives you practical benefits without a high cost, this could be the card for you.

Key information about the RBC Visa Classic Low Rate Option

The RBC Visa Classic Low Rate Option credit card is tailored for individuals seeking to reduce interest charges while still enjoying a range of benefits. Below, we’ll break down its main features, including how the annual fee works, how your credit limit is determined, and the variety of advantages this card offers.

How does the annual fee work?

The RBC Visa Classic Low Rate Option charges a modest annual fee of $20, which is one of the lowest among credit cards offering similar benefits. You can choose to pay this fee annually as a one-time payment, making it easier to manage your budget. Plus, if you add additional cardholders, you won’t be charged for extra cards, as the fee for additional cards is $0.

How is the credit limit determined?

The credit limit for the RBC Visa Classic Low Rate Option is determined based on your credit score, income, and financial history. RBC evaluates your ability to repay the credit balance and offers a suitable limit tailored to your financial circumstances.

If you’re applying for a conventional credit card, your limit will depend on these factors. However, with prepaid or secured cards, the limit is based on the amount you deposit, allowing you to have more control over your credit.

Advantages of the RBC Visa Classic Low Rate Option

This credit card offers a range of features that can help you save money and enjoy greater convenience in your day-to-day spending:

• Low interest rate of 12.99% on both purchases and cash advances, ideal for those who carry a balance.
• Low annual fee of $20, making it budget-friendly while still offering valuable benefits.
• Purchase security and extended warranty insurance, protecting your eligible purchases against damage, theft, or extended repairs.
• Fuel savings at Petro-Canada—instantly save 3¢ per liter and earn 20% more Petro-Points when you link your card.
• Rexall Be Well points—earn 50 points per $1 spent at Rexall, making it easier to redeem for store savings.
• DashPass subscription from DoorDash—get 3 months of free delivery fees when you sign up using your RBC Visa card.

Standout Feature: Fuel Savings and Rewards at Petro-Canada

One of the unique perks of the RBC Visa Classic Low Rate Option is its partnership with Petro-Canada. By linking your card to your Petro-Points account, you can save 3¢ per liter every time you fill up at Petro-Canada. Additionally, you’ll earn 20% more Petro-Points on every fuel purchase. This benefit can translate into significant savings over time, especially for those who drive regularly.

Disadvantages of the RBC Visa Classic Low Rate Option

While the RBC Visa Classic Low Rate Option offers a variety of benefits, there are a few drawbacks to consider:

• Limited rewards options, compared to higher-tier cards with more robust rewards programs.
• No travel insurance, which may be a downside for frequent travelers.
• No cash back or points on general purchases, which could limit your ability to earn rewards from everyday spending.

Main Disadvantage: Lack of Travel Insurance

A key downside of the RBC Visa Classic Low Rate Option is the absence of comprehensive travel insurance. While it includes some basic protections like purchase security, it doesn’t offer the more extensive coverage options found in other cards, such as travel medical insurance or trip cancellation coverage. This makes it less ideal for frequent travelers seeking peace of mind while abroad.

Who can apply for this card?

The RBC Visa Classic Low Rate Option is available to Canadian residents who meet certain requirements. To apply for this card, you must:

• Be at least 18 years old (or the age of majority in your province/territory).
• Have a steady source of income, as RBC assesses your ability to manage the credit limit.
• Have a valid Social Insurance Number (SIN) and be a legal resident of Canada.
• Have a credit score that meets RBC’s minimum approval criteria.

If you’re concerned about approval, RBC offers flexible options for those with different financial backgrounds, though this card is not specifically geared toward individuals with poor credit or those who are currently in bankruptcy.

How to apply for the RBC Visa Classic Low Rate Option

Applying for this card is simple and can be done in three ways: through the RBC website, mobile app, or at a branch. Here’s a breakdown of each method:

Applying Online

To apply online, visit the RBC Visa Classic Low Rate Option page and click on “Apply Now.” You’ll be prompted to fill out an application form with personal information such as your income, employment status, and financial details. The online application is secure, and you’ll receive a response in less than 60 seconds.

Applying via the Mobile App

You can also apply through the RBC Mobile App, available for Android and iPhone. Simply log into your RBC account, navigate to the credit card section, and follow the steps to apply for the RBC Visa Classic Low Rate Option. The process is quick, and you can manage your credit card directly from the app once approved.

Applying at a Branch

For those who prefer in-person service, you can visit any RBC branch to apply for the RBC Visa Classic Low Rate Option. A representative will help you fill out the application and answer any questions you may have about the card’s features or your eligibility.