Vancity enviro Classic Visa (Low Rate Rewards) Review

3.85

$50.00

Annual Fee

$126.00

Annual Rewards

N/A

Intro Offer

$50.00

Annual fee

$126.00

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

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 Stores1 point
All Other Spend0.5 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 methodAnnual 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 Score725 – 759
Interest Rates
Purchase11.2%
Cash Advance11.2%
Balance Transfer11.2%
Fees
Annual Fee$50.00
Extra Card Fee$0
Card typeVisa

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Travel Accident200000

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

<p>With the <strong>Vancity enviro Classic Visa (Low Rate Rewards)</strong> credit card, cardholders can redeem points for a variety of rewards. These include:</p> <ul> <li><strong>Gift cards</strong> – Popular retail, entertainment, and dining establishments.</li> <li><strong>Merchandise</strong> – Electronics, household items, and other merchandise from the Vancity rewards catalogue.</li> <li><strong>Travel rewards</strong> – Flights, hotel stays, car rentals, and vacation packages.</li> <li><strong>Charitable donations</strong> – Contribute points towards donations to Vancity’s enviroFund program in support of local environmental initiatives.</li> <li><strong>Financial products</strong> – 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.</li> </ul>

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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