Overall rating
First year value
$0
Get this card if you:
- tend to carry a balance on your card
- want a low interest rate
- have a poor credit score
Scores by category
Low Interest 3.1
Balance Transfer 2.7
At a glance
The RBC® Visa‡ Classic Low Rate Option is a credit card designed for individuals who may carry a balance, offering a lower annual interest rate on purchases and cash advances compared to standard credit cards. However, it carries an annual fee, and there are alternative low-interest credit cards available that offer similar or lower rates without an annual fee, such as the MBNA True Line® Mastercard®.
Highlights
$20
Annual fee
Interest Rates
12.99%
Purchase APR
12.99%
Balance transfer APR
12.99%
Cash advance APR
Eligibility
Fair
Recommended credit score
Quick Overview of the RBC Visa Classic Low Rate Option credit card
The RBC Visa Classic Low Rate Option offers relatively low interest rates while remaining accessible to customers who might not have a high annual income or credit score. The card's $20 annual fee is somewhat disappointing but for those who prefer a lower APR it might be more attractive than a travel credit card with an annual fee five times that amount.
Who can benefit from the RBC Visa Classic Low Rate credit card?
- Anyone who wants a no-nonsense credit card that prioritizes a great low rate everyday, without the bells and whistles that come with a more expensive rewards credit card
- Shoppers looking to finance larger purchases over several months
- People working to consolidate and pay down existing high-interest credit card debt
- Those seeking purchase protection benefits while paying less in overall carrying costs
- Budget-conscious consumers who find the annual fee outweighed by interest savings
Pros and cons
Pros
-
Low interest rate
-
No minimum income requirement
-
Basic purchase protection and extended warranty
-
Linked benefits with Petro-Points program
-
Holistic evaluation for varied credit histories
Cons
-
$20 annual fee
-
Other cards offer similar rates with no annual fee
-
Optional benefits may be found cheaper elsewhere
-
Not among the best low-interest cards due to competition
RBC Visa Classic Low Rate credit card welcome bonus
The card does not currently offer a welcome bonus.
How to earn rewards with the RBC Low Rate Visa
The RBC Low Rate Visa Classic card doesn't earn Avion rewards or cash back. Instead, it prioritizes a great low APR. That doesn't mean that there aren't any rewards with the card, however.
Cardholders can use their RBC credit card to earn additional Be Well points when linking the Low Rate Visa to their Rexall Be Well account. Cardholders earn 50 Be Well points for every $1 spent on eligible purchases at Rexall when they pay with your linked card and scan their Be Well card at checkout.
Interest rates and fees
Instead of exposing a large purchase to standard Canadian credit card interest rates (usually around 20%) the RBC Visa Classic Low Rate Option charges about half of that in purchase interest:
- Purchase APR: 12.99%
- Balance transfer APR: 12.99%
- Cash advance APR: 12.99%
This makes the card ideal for those who are planning on charging a large purchase to credit and want flexibility in when they pay the balance off.
- Annual fee: $20
- Balance transfer fee: BT intro fee: Up to 3.00% of the balance transfer amount
- Foreign transaction fee: 2.5% of the transaction in CDN
Real-world savings example with the RBC Visa Classic Low Rate Option
It's one thing to quickly cover the low interest rates that come with the Low Rate RBC Visa Classic, but what about a real-world example to show way those savings look like in real life?
Imagine you've racked up $4,000 in credit card debt from holiday shopping and home repairs. With a typical credit card charging 20.99% interest, you'd pay approximately $699 in interest over 10 months of payments.
Switch to the RBC Visa Classic Low Rate Option with its fixed 12.99% interest rate, and you'll pay only $438 in interest on that same $4,000 balance over the same period.
That's $261 back in your pocket over just 10 months - money you can use to pay down your principal faster or build an emergency fund.
Key benefits of the Visa Classic Low Rate credit card from RBC
The primary benefit of a low-interest credit card like the RBC Visa Classic Low Rate is the potential for significant cost savings. With a lower interest rate, you can reduce the amount of interest you might accrue on outstanding balances or new, financed purchases. This can translate to substantial savings over time, especially if you typically carry a balance from month to month.
Having a credit card with a low interest rate also provides you with greater flexibility in managing their finances. This means you have the flexibility to make necessary purchases or handle unexpected expenses without incurring exorbitant interest charges, providing peace of mind and financial security.
- Special partner offers through Avion Rewards from brands like Petro-Canada, Rexall, and DoorDash
- Save 3 cents per litre at Petro-Canada stations when you link your card to a Petro-Points membership
- Earn 20% more Petro-Points on eligible purchases at Petro-Canada
- Purchase Security and Extended Warranty Insurance that protects eligible purchases against loss, theft or damage within 90 days
- Doubles the manufacturer's original Canadian warranty by up to one additional year (maximum five years)
RBC Visa Classic Low Rate Option insurance coverage
The RBC Visa Classic Low Rate Option card provides essential insurance protections:
| Insurance | Coverage amount |
|---|---|
| Extended warranty | 1 year |
| Purchase protection | 90 days |
Alongside the low interest rates, cardholders will enjoy basic purchase protection. When using the card to pay for new items, these purchases will benefit from coverage against direct loss or physical damage. If the items come with a manufacturer’s warranty, the RBC Visa Classic Low Rate Option can extend the warranty by up to 1 additional year.
While the card is decidedly bare bones, that doesn't mean it lacks some nice perks and surprises:
- DoorDash savings: By adding your eligible RBC card to your DoorDash account, you can enjoy a 3-month complimentary DashPass subscription. With DashPass, you can benefit from unlimited deliveries with $0 delivery fees on orders of $15 or more when you pay using your eligible RBC credit card.
- Mobile wallet compatibility with Apple Pay and Google Pay
- Credit score access
How does the RBC Visa Classic Low Rate Card compare ?
0% intro rate
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
Get this card if you...
-
want a low interest rate with no annual fee
-
value extended warranty and purchase protection
-
want to pay down existing credit card debt
Annual Fee & Annual Interest Rates
$0
Annual Fee
12.99%
Purchase
24.99%
Cash Advance
17.99%
Balance Transfer
Our Take
The MBNA True Line® Mastercard® is a no-annual-fee credit card designed for individuals seeking a low-interest option for managing their finances. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as fraud protection and discounts on car rentals.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
-
Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)
-
No annual fee or minimum income requirement
-
Low standard interest rate of 12.99% for all new purchases charged to the card
-
Some extra perks like fraud protection and a discount on car rentals
Cons
-
3% balance transfer fee is comparatively high
-
Very high cash advance interest rate of 24.99%
-
No insurance benefits
-
Can’t transfer a balance owed to either MBNA or TD
Annual Interest Rates
12.99%
Purchase
24.99%
Cash Advance
17.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
0%
Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.
100%
This card is made from 100% recycled plastic
Our Take
The MBNA True Line® Mastercard® is a no-annual-fee credit card designed for individuals seeking a low-interest option for managing their finances. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as fraud protection and discounts on car rentals.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
-
Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)
-
No annual fee or minimum income requirement
-
Low standard interest rate of 12.99% for all new purchases charged to the card
-
Some extra perks like fraud protection and a discount on car rentals
Cons
-
3% balance transfer fee is comparatively high
-
Very high cash advance interest rate of 24.99%
-
No insurance benefits
-
Can’t transfer a balance owed to either MBNA or TD
Annual Interest Rates
12.99%
Purchase
24.99%
Cash Advance
17.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
0%
Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.
100%
This card is made from 100% recycled plastic
Why pay an annual fee for a low interest rate if you don’t have to? The MBNA True Line® Mastercard® offers a similar 12.99% purchase interest rate as the RBC Visa Classic Low Rate Option, without the RBC card’s $20 annual fee.
Aside from its main competitive advantage of offering a low purchase interest rate for $0 annual fee, the MBNA True Line® Mastercard® also stands out because of its balance transfer promotion: . Those who take advantage of this offer must pay a balance transfer fee of 3% of the balance transferred.
| RBC Visa Classic Low Rate Option | MBNA True Line® Mastercard® |
|---|---|
|
Annual fee:
$20 |
Annual fee:
$0 |
|
Intro APR:
N/A |
Intro APR:
Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening. |
|
Purchase APR:
12.99% |
Purchase APR:
12.99% |
|
Balance transfer APR:
12.99% |
Balance transfer APR:
17.99% |
|
Cash advance APR:
12.99% |
Cash advance APR:
24.99% |
|
Insurance:
Basic insurance |
Insurance:
Basic insurance |
| Apply Now | Apply Now |
Disclosures:
- †, ✪, Terms and Conditions apply.
0% interest
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡
Get this card if you...
-
want a low-interest rate on purchases and balance transfers
-
want a modest annual fee
-
don't need comprehensive insurance benefits
Annual Fee & Annual Interest Rates
$29
Annual Fee
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
Our Take
The CIBC Select Visa* Card is a low-interest credit card offering a promotional interest rate on balance transfers for a specified period, subject to a transfer fee. It features a low annual fee and provides basic insurance coverage, making it suitable for individuals seeking to manage existing credit card debt or minimize interest charges on new purchases.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first year annual fee rebate†
-
No annual fee for additional cards (up to 3)
Cons
-
There are other low interest cards available with no annual fee whatsoever
-
Few distinguishing benefits beyond its interest rates
Annual Interest Rates
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
0.00%†
Balance Transfer (Introductory)
25.99%†
Penalty
Fees
$29
Annual Fee
2.50%†
Foreign Transaction
5.00%†
Balance Transfer
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards
10 cents
up to 10 cents off per litre♢ when you link your Journie Rewards card (terms apply)
Insurance Benefits
$100,000
Travel accident insurance amount
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†
Transfer up to 50% of your assigned credit limit†.
If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.
Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card.
This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.
Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.
Our Take
The CIBC Select Visa* Card is a low-interest credit card offering a promotional interest rate on balance transfers for a specified period, subject to a transfer fee. It features a low annual fee and provides basic insurance coverage, making it suitable for individuals seeking to manage existing credit card debt or minimize interest charges on new purchases.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first year annual fee rebate†
-
No annual fee for additional cards (up to 3)
Cons
-
There are other low interest cards available with no annual fee whatsoever
-
Few distinguishing benefits beyond its interest rates
Annual Interest Rates
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
0.00%†
Balance Transfer (Introductory)
25.99%†
Penalty
Fees
$29
Annual Fee
2.50%†
Foreign Transaction
5.00%†
Balance Transfer
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards
10 cents
up to 10 cents off per litre♢ when you link your Journie Rewards card (terms apply)
Insurance Benefits
$100,000
Travel accident insurance amount
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†
Transfer up to 50% of your assigned credit limit†.
If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.
Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card.
This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.
Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.
Both cards offer the same interest rate, but the RBC card has a lower annual fee after the first year. The RBC card also includes the Petro-Canada partnership that saves 3 cents per liter on gas, which provides tangible value for drivers that the Scotiabank card doesn't match.
For Canadians looking for a reliable low-rate card from a major bank with additional perks, the RBC Visa Classic Low Rate Option offers a solid combination of consistent interest rates and practical everyday benefits.
| RBC Visa Classic Low Rate Option | CIBC Select Visa |
|---|---|
|
Annual fee:
$20 |
Annual fee:
$29 |
|
Intro APR:
N/A |
Intro APR:
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡ |
|
Purchase APR:
12.99% |
Purchase APR:
13.99% |
|
Balance transfer APR:
12.99% |
Balance transfer APR:
13.99% |
|
Cash advance APR:
12.99% |
Cash advance APR:
13.99% |
|
Insurance:
Basic insurance |
Insurance:
Basic insurance |
| Apply Now | Apply Now |
Disclosures:
- †Terms and Conditions Apply. This offer is not available for residents of Quebec.
-
This is a digital-exclusive offer.†
To be eligible for this offer:
1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and
2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†
This offer is reserved for you. Please do not forward it to anyone else.
This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.
Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.
Any opinions, analyses, reviews, or recommendations expressed on this page are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by our advertising partners.
0.99% intro rate
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: 0.99% introductory interest rate on balance transfers for the first 9 months (2% fee per cash advance, 13.99% after that), plus no annual fee for the first year ($29 value). Expires Oct 31, 2025
Get this card if you...
-
want to pay down credit card debt
-
want both low interest and a low annual fee
-
appreciate a good welcome offer
Annual Fee & Annual Interest Rates
$29
Annual Fee
13.99%
Purchase
13.99%
Cash Advance
13.99%
Balance Transfer
Our Take
The Scotiabank Value® Visa* Card is a low-interest credit card designed for individuals who may carry a balance, offering a lower annual interest rate on purchases and cash advances compared to standard credit cards.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
Lengthy introductory APR on balance transfers
-
A great low rate everyday
-
Available to applicants with average credit
Cons
-
No rewards program
-
Insurance coverage is an optional extra
-
Carries an annual fee
Annual Interest Rates
13.99%
Purchase
13.99%
Cash Advance
13.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$29
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
0.99% introductory interest rate on balance transfers for the first 9 months (2% fee per cash advance, 13.99% after that). Plus no annual fee for the first year (after that annual fee $29). |
Our Take
The Scotiabank Value® Visa* Card is a low-interest credit card designed for individuals who may carry a balance, offering a lower annual interest rate on purchases and cash advances compared to standard credit cards.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
Lengthy introductory APR on balance transfers
-
A great low rate everyday
-
Available to applicants with average credit
Cons
-
No rewards program
-
Insurance coverage is an optional extra
-
Carries an annual fee
Annual Interest Rates
13.99%
Purchase
13.99%
Cash Advance
13.99%
Balance Transfer
0.99%
Balance Transfer (Introductory)
Fees
$29
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
0.99% introductory interest rate on balance transfers for the first 9 months (2% fee per cash advance, 13.99% after that). Plus no annual fee for the first year (after that annual fee $29). |
For most Canadians looking for a long-term low-rate card, the RBC Visa Classic offers slightly better value with its lower ongoing annual fee and retail partnerships, particularly if you're a regular driver who can benefit from the Petro-Canada savings.
| RBC Visa Classic Low Rate Option | Scotiabank Value Visa |
|---|---|
|
Annual fee:
$20 |
Annual fee:
$20 |
|
Intro APR:
N/A |
Intro APR:
0.99% introductory interest rate on balance transfers for the first 9 months (2% fee per cash advance, 13.99% after that), plus no annual fee for the first year ($29 value). |
|
Purchase APR:
12.99% |
Purchase APR:
13.99% |
|
Balance transfer APR:
12.99% |
Balance transfer APR:
13.99% |
|
Cash advance APR:
12.99% |
Cash advance APR:
13.99% |
|
Insurance:
Basic insurance |
Insurance:
Basic insurance |
| Apply Now | Apply Now |
Disclosures:
- Conditions Apply. Visit here for the Scotiabank Value® Visa* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
What users have to say about the RBC Classic Low Rate Visa
"The advantage to the low rate really depends on if you carry a large balance for month to month to month. Let's say you have a balance owing for month to month of around $7,000. You definitely would be saving interest cost at 13.99% opposed to 21.99%. This only benefits a client if they cannot pay off their balance off within 4 months."
Reddit user u/Intelligent_Bar8903
Is the RBC Visa Classic Low Rate Card worth it?
If you're regularly carrying a balance from month to month, a low-interest credit card will minimize those compounding charges that quickly add up.
With a $1,000 balance, a standard 20.00% card racks up $100 in interest over 6 months. The RBC Visa Classic's 12.99% rate cuts this to around $65—putting $35 back in your pocket.
Despite these savings outweighing the $20 annual fee, this card doesn't make our list of best low-interest cards in Canada. The marketplace offers cards with equally low or lower rates, some without annual fees. You'll likely save more by choosing one of these alternatives instead.
Eligibility requirements for the RBC Visa Classic Low Rate credit card
- Age: Age of majority in your province or territory (18+)
- Residency: Canadian resident
- Credit needed: Fair credit
- Income requirement: N/A
We generally recommend that you check your credit score before applying. Ensuring that you have a score around 650 or so will substantially increase your chances of approval.
Disclosures:
-
Refer to RBC page for up to date offer terms and conditions.
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FAQs
Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.
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