RBC RateAdvantage Visa Review

3.55

$0.00

Annual Fee

$0.00

Annual Rewards

N/A

Intro Offer

$0.00

Annual fee

$0.00

Annual rewards

N/A

Intro offer


Pros


  • Competitive variable interest rate
  • No annual fee
  • Purchase protection and extended warranty
  • Free supplementary cards
  • Access to RBC offers and Visa Infinite benefits

Cons


  • No rewards or cash back program
  • Requires a minimum personal income of $15,000
  • Not suitable for those seeking travel rewards or perks
  • May not be ideal for individuals with poor or no credit history

How you earn rewards

Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With RBC RateAdvantage Visa, here’s how you earn rewards:

How much your rewards are worth

The dollar value of your rewards depends on the specific RBC rewards program and what you choose to redeem your points for.

For RBC RateAdvantage Visa in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:

Calculating your annual rewards

$24,000.00 annual spending x $0.00% return on spending = $0.00 annual rewards

$0.00 annual rewards – $0.00 annual fee = $$0.00 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score760 – 900
Interest Rates
Purchase11.6%
Cash Advance11.6%
Balance Transfer11.6%
Fees
Extra Card Fee$0
Card typeVisa

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days

RBC RateAdvantage Visa Review

The RBC RateAdvantage Visa credit card is an ideal choice for those looking for a straightforward and low-interest-rate card. The following review highlights its earning potential, benefits, and drawbacks to help you decide whether this card is right for you.

Earning Potential: The primary focus of the RBC RateAdvantage Visa card is its low-interest rate, rather than earning points or cash back. The card does not offer any specific rewards for different categories of spending (e.g., dining, travel, grocery, etc.). Its value lies in the competitive interest rates it offers compared to other credit cards.

Benefit 1: The first major advantage of this card is its low variable annual interest rate, tailored specifically for the cardholder based on your credit score. This means the better your credit score, the lower your interest rate, potentially spanning from prime + 4.99% to prime + 11.99%

Benefit 2: Another advantage of this card is that there’s no annual fee, making it a cost-effective option for those preferring a simple, low-cost credit card without the hassle of annual fees and extensive rewards programs.

Benefit 3: The RBC RateAdvantage Visa card offers purchase security and extended warranty protection, which means eligible purchases made with the card are covered against theft, loss, or damage, and their manufacturer’s warranty period is doubled up to one additional year.

Benefit 4: This card also offers emergency card replacement in case your card is lost or stolen, providing you with an assurance that you have access to critical funds even during unforeseen circumstances.

Drawback 1: A significant drawback of this card is its lack of rewards or cashback earning potential. The focus on low-interest rates means that the RBC RateAdvantage Visa may not appeal to those who prefer a credit card with rewards for their spending.

Drawback 2: Another significant drawback of this card is the absence of travel benefits, such as travel insurance or travel-related perks. This makes the RBC RateAdvantage Visa less suitable for frequent travelers prioritizing those features in a credit card.

Overall, the RBC RateAdvantage Visa credit card is an attractive choice for people interested in a simple, low-interest, and no annual fee card. It may not suit those looking for rewards or travel benefits, but it remains an excellent option for individuals preferring simplicity and low costs over points or cashback programs.

Interested in other credit cards? If the RBC RateAdvantage Visa credit card isn’t perfect for you, you might want to consider the RBC ION Visa. Plus, many Canadian’s that like the RBC RateAdvantage Visa like the RBC Cash Back Preferred World Elite MasterCard, and the RBC Visa Platinum.

FAQ

The RBC RateAdvantage Visa credit card does not offer rewards points for redemption. Instead, this card is focused on offering competitively low interest rates based on the cardholder’s credit score. As such, there are no options to redeem points for goods, services, or travel with this specific card.

The RBC RateAdvantage Visa credit card does indeed have foreign transaction fees associated with it. When using this card for foreign currency purchases, a 2.5% foreign transaction fee will be applied to the converted Canadian dollar amount of the transaction. For example, if you purchase an item for 100 USD, it will be converted to CAD based on the exchange rate, and an additional 2.5% will be charged as the foreign transaction fee.

The RBC RateAdvantage Visa credit card does not have any minimum income requirement for applicants. This means that individuals with varying income levels can apply for this card without the need to meet a specific minimum threshold.

Key benefits

  • Variable annual interest rate based on prime rate + individual’s credit score
  • No foreign transaction fees
  • Up to 97% credit limit utilization
  • 21 day grace period on purchases before interest charges
  • Embedded chip and PIN technology for enhanced security
  • Visa Infinite Concierge hotline for reservations and assistance
  • Visa Zero Liability policy for unauthorized card transactions
  • Convenient payment flexibility with online and mobile banking options
  • Option to enroll in My Rate Compass for personalized financial tips

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