Vancity enviro Classic Visa (Low Rate Rewards) Review
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
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 Vancity enviro Classic Visa (Low Rate Rewards), here’s how you earn rewards:
| Specific Stores | 1 point |
| All Other Spend | 0.5 point |
How much your rewards are worth
The dollar value of your rewards depends on the specific Vancity rewards program and what you choose to redeem your points for.
For Vancity enviro Classic Visa (Low Rate Rewards) in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Redeem for travel | $126.00 |
| Apply to statement credit | $126.00 |
| Charity | $126.00 |
| Gift cards | $126.00 |
Calculating your annual rewards
$24,000.00 annual spending x $0.53% return on spending = $126.00 annual rewards
$126.00 annual rewards – $50.00 annual fee = $$76.00 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 725 – 759 |
| Interest Rates | |
|---|---|
| Purchase | 11.2% |
| Cash Advance | 11.2% |
| Balance Transfer | 11.2% |
| Fees | |
|---|---|
| Annual Fee | $50.00 |
| Extra Card Fee | $0 |
| Card type | Visa |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Travel Accident | 200000 |
Vancity enviro Classic Visa (Low Rate Rewards) Review
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.
Benefit 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.
Benefit 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.
Benefit 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.
Benefit 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.
Drawback 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.
Drawback 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
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
