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RBC Visa Classic Low Rate Option Review


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Are you in the market for a low interest rate credit card so you can save on interest? The RBC Visa Classic Low Rate Option credit card may work for you with its 12.99% interest rate.

Low-interest credit cards come in handy if you carry a balance from month to month. With average purchase interest rates for regular credit cards around 20% or higher, a low interest rate card can result in significant savings.

This review of the RBC Visa Classic Low Rate Option card covers its features, benefits, downsides, and alternatives.

RBC Visa Classic Low Rate Option Benefits

RBC Visa Classic Low Rate Option

  • Annual fee: $20
  • Interest rates: 12.99% for purchases and cash advances
  • Welcome offer: None
  • Minimum income required: N/A

The RBC Visa Classic Low Rate Option serves one main purpose – you pay a low interest rate on your balance.

Compared to paying a 20% or higher interest rate, this card charges 12.99% for both purchases and cash advances.

For a limited time, new cardholders also enjoy access to a 0.99% interest rate on cash advances and balance transfers for the first 10 months of card ownership (offer until December 6, 2023).

On the rewards side of things, this RBC credit card offers some benefits, including:

  • Savings of 3 cents per litre on gas purchases at Petro-Canada (and you also earn 20% more Petro-Points).
  • Be Well points when you link your card to your Be Well card. You get 50 Be Well points for every $1 spent on eligible purchases at Rexall.
  • 3-month complimentary DashPass subscription – valued at almost $30

Cardholders also get access to purchase security as well as an extended warranty that increases the manufacturer’s warranty by up to one extra year.

Downsides of the Card

If you want a credit card that earns cash back rewards on all purchases, this card is not suited for that purpose.

Instead, you can check out other RBC credit cards like the RBC ION Visa, RBC ION+ Visa, RBC Cash Back Mastercard, and WestJet RBC Elite Mastercard. You can also look at these cash back credit cards.

Also, the RBC Visa Classic Low Rate Option has a $20 annual fee that will be waived for the first year until December 6, 2023.

Low Interest Rate Credit Cards in Canada

The three credit cards below are worth looking at to save on credit card interest fees:

1. Scotia Value Visa Card

  • Annual fee: $29
  • Interest rates: 12.99% for purchases, balance transfers, and cash advances
  • Welcome offer: 0.00% promotional balance transfer rate for the first 10 months
  • Minimum income required: $12,000

The Scotia Value Visa is Scotiabank’s low-interest rate credit card.

If you want to consolidate your credit card debt and save on interest fees, this card offers a remarkably low 0% balance transfer rate for the first 10 months.

Cardholders can save up to 25% on car rentals at participating AVIS and Budget locations when they pay with their card.

Learn more about this card in my detailed Scotiabank Value Visa review.

2. MBNA True Line Gold Mastercard

  • Annual fee: $39
  • Interest rates: 8.99% for purchases and 24.99% for cash advances
  • Welcome offer: None
  • Minimum income required: N/A

This card has a low and competitive 8.99% standard interest rate on purchases. It also offers purchase protection for up to 90 days and an extended warranty for one additional year.

When you rent a car at participating Avis Rent A Car or Budget Rent A Car locations and pay with your card, you save up to 10% off the base rates.


Low-interest rate credit cards like the RBC Visa Classic Low-Rate Option can cut your interest fees when you carry a balance from month to month. To get started, sign up here.


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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