Vancity enviro Classic Visa (Low Rate Rewards) Review

3.80

$50

Annual Fee

$126

Annual Rewards

N/A

Intro Offer

$50

Annual fee

$126

Annual rewards

N/A

Intro offer


Pros


  • Competitive low interest rate of 12.99%
  • No annual fee
  • 1 Point per $2 spent on all purchases
  • Redeem points for travel, merchandise, gift cards, or charitable donations
  • Mobile device insurance included
  • Purchase security and extended warranty protection

Cons


  • Points earned on purchases only, not balance transfers or cash advances
  • Limited reward options compared to other cards
  • Mobile device coverage limited to a maximum of $1,000
  • Must be a Vancity member to apply

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 Rewards) has earned a 3.80 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 Rewards) 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 Rewards) the most important factors for scoring this card are its interest and fees.

Rewards

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

Bills0.5 point
Pharmacy0.5 point
Gas0.5 point
Groceries0.5 point
Restaurants0.5 point
Specific Stores1 point
Travel0.5 point
All Other Spend0.5 point

Calculating your annual rewards

We estimate that spending $2,000 per month with the Vancity enviro Classic Visa (Low Rate Rewards) would earn $126 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:

Specific Stores$12
All Other Spend$114

Our study investigating the value found that each dollar spent on the Vancity enviro Classic Visa (Low Rate Rewards) is worth up to $0.01, depending on how you redeem.

This $126 in rewards value puts the Vancity enviro Classic Visa (Low Rate Rewards) 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 Rewards) earns $126 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.

SpendThis CardAverage
Bills0.50%1.25%
Pharmacy0.50%1.17%
Gas0.50%1.48%
Groceries0.50%1.71%
Restaurant0.50%1.53%
Store1.00%1.94%
Travel0.50%1.19%
Other0.50%1.08%
Above, we’ve calculated the earn rate for the Vancity enviro Classic Visa (Low Rate Rewards) for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$126
Apply to statement credit$126
Charity$126
Gift cards$126

For an annual spend of $24,000, we estimated annual rewards value at up to $126.

That’s equivalent to a 0.53% return on spending.

The Vancity enviro Classic Visa (Low Rate Rewards) has an annual fee of $50. After deducting this, we predicted net annual rewards of $76.

This puts it in the bottom 20% 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 Rewards) has a $50 annual fee.

The average card charges $85. So, the Vancity enviro Classic Visa (Low Rate Rewards) is in the top 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 Rewards) scored a 1.5 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 Rewards) 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 Rewards) 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$50
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 Rewards), 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 Rewards) credit card is a good option for Canadians seeking a low-rate credit card that offers both rewards and environmental support. Below, we’ll discuss the earning potential, list four benefits, and mention two drawbacks associated with this card, as well as other relevant information.

Earning potential

The Vancity enviro Classic Visa card earns points under the My Visa Rewards Plus program. Users earn 1 point for every $2 spent on the card, with no specific reward rates for different categories of spending, so the earning potential is consistent across all types of purchases.

Benefits

  1. Low Interest Rate: One of the major advantages of this credit card is its low-interest rate. With only a 12.25% annual interest rate for both purchases and cash advances, it offers reasonable interest rates compared to other cards in the market.
  2. My Visa Rewards Plus Program: The second major advantage of this card is its rewards program. Cardholders earn points through the My Visa Rewards Plus program, which allows them to redeem points for a variety of rewards, including travel, merchandise, gift cards, and charitable donations.
  3. Environmental Support: A unique feature of this Vancity credit card is its focus on environmental support. Vancity donates 5% of Visa’s card profits to support local environmental projects and initiatives, meaning that cardholders can feel good about using this card knowing that they are supporting a green cause.
  4. No Annual Fee: Another notable advantage of the Vancity enviro Classic Visa card is that it comes with no annual fee. This makes it a cost-effective choice for those who wish to enjoy the benefits of a low-rate credit card without incurring additional costs.

Drawbacks

  1. Limited Reward Earning Potential: One significant drawback of this card is the limited reward earning potential compared to other rewards credit cards.

    With only 1 point earned for every $2 spent with no specific category bonuses, the rewards earned may not be as substantial as those offered by other cards with higher earning rates for categories like dining, travel, or grocery spending.
  2. Restricted to Vancity Branches: The Vancity enviro Classic Visa card is restricted to the Vancity branches within British Columbia. This may create some inconvenience for those who live outside the province or travel frequently and need to access bank services in person.

Additional information

Supplementary cards can be added to the account with no additional fee, making it easier to manage household finances or share the benefits of the card with family members.

Although the Vancity enviro Classic Visa card may not offer all the perks or rewards of other credit cards, it is a good option for users seeking a low-rate credit card with rewards and a focus on environmental support.

Not the right fit? You could consider the Brim MasterCard. Or, if you’re looking for other options check out the Air France KLM World Elite MasterCard, and the Triangle World Elite Mastercard.

FAQ

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

  • Gift cards – Popular retail, entertainment, and dining establishments.
  • Merchandise – Electronics, household items, and other merchandise from the Vancity rewards catalogue.
  • Travel rewards – Flights, hotel stays, car rentals, and vacation packages.
  • Charitable donations – Contribute points towards donations to Vancity’s enviroFund program in support of local environmental initiatives.
  • Financial products – Redeem points to make payments towards Vancity loans and mortgages, or to make contributions to Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), and other eligible Vancity accounts.

The Vancity enviro Classic Visa (Low Rate Rewards) credit card charges a foreign transaction fee when users make purchases in a currency other than Canadian dollars (CAD).

This fee is calculated as 2.50% of the purchase amount after it has been converted to CAD. For travellers or those who frequently make international purchases, it is important to be aware of and consider this additional fee when using the card.

The Vancity enviro Classic Visa (Low Rate Rewards) credit card does not have a specific minimum income requirement for applicants. Typically, approval for the card is subject to other factors such as the individual’s credit score and overall financial profile.

Key benefits

  • 12.99% annual purchase interest rate
  • 21-day interest-free grace period
  • 1 reward point for every $2 spent
  • $0 annual fee
  • Points do not expire
  • Zero liability coverage for unauthorized purchases
  • 24/7 customer support
  • International and domestic travel accident insurance
  • Mobile device insurance up to $1,000
  • Access to Vancity comunidad benefits and partnerships
  • Manageable credit limit based on credit score and income
  • Optional Visa Checkout service for faster online purchases

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