Vancity Enviro Classic Visa (Low Rate) Review

3.95

$25

Annual Fee

$0

Annual Rewards

N/A

Intro Offer

$25

Annual fee

$0

Annual rewards

N/A

Intro offer


Pros


  • Low interest rate on purchases and cash advances
  • No annual fee
  • Earns Vancity Rewards points for environmentally friendly actions
  • Supports local community initiatives
  • Purchase security and extended warranty

Cons


  • Limited rewards compared to other cards
  • No travel insurance benefits
  • Minimal perks compared to higher-tier credit cards
  • Rewards points redemption options may be less versatile than other programs

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The Vancity Enviro Classic Visa (Low Rate) has earned a 3.95 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the Vancity Enviro Classic Visa (Low Rate) are interest and fees.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the Vancity Enviro Classic Visa (Low Rate) the most important factors for scoring this card are its interest and fees.

Rewards

With the Vancity Enviro Classic Visa (Low Rate), here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending $2,000 per month with the Vancity Enviro Classic Visa (Low Rate) would earn $0 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Our study investigating the value found that each dollar spent on the Vancity Enviro Classic Visa (Low Rate) is worth up to $0.00, depending on how you redeem.

This $0 in rewards value puts the Vancity Enviro Classic Visa (Low Rate) in the bottom 20% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the Vancity Enviro Classic Visa (Low Rate) earns $0 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

Above, we’ve calculated the earn rate for the Vancity Enviro Classic Visa (Low Rate) for every spend category and compared it to the average for all Canadian credit cards.

For an annual spend of $24,000, we estimated annual rewards value at up to $0.

That’s equivalent to a 0.00% return on spending.

The Vancity Enviro Classic Visa (Low Rate) has an annual fee of $25. After deducting this, we predicted net annual rewards of $-25.

This puts it in the bottom 10% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The Vancity Enviro Classic Visa (Low Rate) has a $25 annual fee.

The average card charges $85. So, the Vancity Enviro Classic Visa (Low Rate) is in the bottom 50% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The Vancity Enviro Classic Visa (Low Rate) scored a 1.7 out of 5 for perks, putting it in the top 50% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase11.25%
Cash Advance11.25%
Balance Transfer11.25%

The average (median) credit card has a purchase interest rate of 19.99% and so the Vancity Enviro Classic Visa (Low Rate) charges 8.74% less than the average.

For cash advances it costs 11.25% compared to the average of 19.96%.

Testing the Vancity Enviro Classic Visa (Low Rate) with a $2,000 starting balance, you can see in the graph how the 8.74% less in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Travel Accident$200,000$500,000

We scored it 2.0 out of 5 for insurance.

It offers 3 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score725 – 759
Personal Income$0
Household Income$0
Fees
Annual Fee$25
Extra Card Fee$0
Card typeVisa

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 725 to qualify for the Vancity Enviro Classic Visa (Low Rate), while the average card requires 652 to qualify.

This puts it in the top top 50% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

The Vancity Enviro Classic Visa (Low Rate) credit card offers a range of benefits to its cardholders, along with some earning potential for those who wish to keep their interest costs low. In this review, we will discuss the card’s earning potential, benefits, drawbacks, and other relevant information for prospective users.

Earning potential

The Vancity Enviro Classic Visa (Low Rate) does not have a rewards program and does not offer points or cash back for spending in various categories. Its main feature is the low interest rate for cardholders, which helps users save money on interest charges if they carry a balance.

Benefits

  1. Low Interest Rate: The first major advantage of this card is the low interest rate of 11.25% on purchases and cash advances, helping cardholders minimize their borrowing costs should they need to carry a balance on the card.
  2. No Annual Fee: The second major advantage is the absence of an annual fee. This feature is particularly appealing for those who seek to lower their credit card fees and want a straightforward, cost-effective payment option.
  3. My Visa Rewards Plus Program Participation: The third major advantage is that cardholders are automatically enrolled in the My Visa Rewards Plus Program. While not a direct earning opportunity with the card, this program gives access to various discounts and promotions available at participating retailers, adding value for its users.
  4. Support for Local Community Initiatives: The fourth major advantage is the card’s environmental focus. The Vancity Enviro Classic Visa (Low Rate) supports local community initiatives by donating a portion of its profits to the Vancity Community Foundation, resulting in a positive social impact for environmentally-conscious cardholders.

Drawbacks

  1. Lack of Rewards Program: One significant drawback of the card is the absence of a rewards mechanism. Cardholders do not earn points or cash back based on their spending, making it less suitable for those looking to receive direct benefits from their credit card usage.
  2. Lack of Perks and Insurance Coverage: Another significant drawback is the lack of perks and insurance coverage, such as travel insurance, purchase protection, and extended warranty coverage. These features are commonly found in other credit cards, so users seeking additional benefits may wish to explore alternative options.

Additional information

In conclusion, the Vancity Enviro Classic Visa (Low Rate) credit card is designed for those focused on reducing borrowing costs through a low interest rate and avoiding annual fees. While its rewards potential is limited, it is fuelling a conscious community effort, offering an environmentally responsible choice and access to an external rewards program.

Always consider your spending habits and desired features when selecting the right credit card.

Interested in other credit cards? If the Vancity Enviro Classic Visa (Low Rate) credit card isn’t perfect for you, you might want to consider the Vancity enviro Gold Visa. Plus, many Canadian’s that like the Vancity Enviro Classic Visa (Low Rate) like the Vancity enviro Visa Classic with Vancity Rewards, and the Vancity Enviro Visa Infinite.

FAQ

With the Vancity Enviro Classic Visa (Low Rate) credit card, you can redeem your points for a variety of rewards. These include:

  • Gift Cards from popular retailers, restaurants, and entertainment venues across Canada
  • Travel Rewards, including flights, hotels, car rentals, and vacation packages, with no blackout dates or restrictions
  • Donations to local and global charitable organizations
  • EnviroExpense, allowing you to offset the carbon footprint of your purchases
  • Financial Rewards in the form of credits applied to your Vancity loan, mortgage, or investment products
  • Vancity Visa*e-Updates, a subscription-based program that offers exclusive promotions, special offers, and updates

The Vancity Enviro Classic Visa (Low Rate) credit card has a foreign transaction fee of 2.5% on each purchase made in a foreign currency.

This means that when using the card for transactions outside of Canada or online purchases in foreign currencies, an additional 2.5% will be applied to the converted Canadian dollar amount of such transactions, making it important to consider this fee when using this card for international purchases or foreign currency payments.

The Vancity Enviro Classic Visa (Low Rate) credit card does not have a minimum income requirement.

Key benefits

  • 11.25% interest rate on purchases
  • 11.25% interest rate on cash advances
  • 0% annual fee
  • Earn 1 My Visa Rewards Plus point for every $2 spent
  • Redeem points for charitable donations, travel, gift cards, or merchandise
  • Up to $10,000 purchase security on eligible items
  • Extend manufacturer’s warranty up to 1 additional year
  • 24/7 emergency card assistance
  • Optional Vancity balance protection
  • Vancity re-usable shopping bag
  • Environmentally conscious choice

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