RBC RateAdvantage Visa Card Review

Take control of your finances and significantly reduce your interest costs with the RBC RateAdvantage Visa Card!

The RBC RateAdvantage Visa empowers you to pay down your balance faster, keep more of your hard-earned money, and manage your cash flow with greater ease. Imagine the peace of mind that comes from knowing your credit card balance isn’t accumulating interest at the high rates typically seen with rewards cards. With no annual fee and essential purchase protections, it’s a practical and transparent tool to help you achieve your financial goals.

CREDIT CARD

RBC RateAdvantage Visa

Annual Fee $0 more Be Well points

APPLY NOW You will be redirected

Benefits: Your Path to Lower Interest Costs

The RBC RateAdvantage Visa focuses on providing value through its low interest rate and essential everyday protections.

1. Low Variable Interest Rate: This is the card’s standout feature! Enjoy a low variable annual interest rate on purchases and cash advances, which is calculated as RBC Prime + 4.99% to 8.99%.
2. No Annual Fee: Access this excellent low interest rate without paying any annual fee. This makes it an incredibly cost-effective tool for managing your finances, especially if you’re focused on reducing interest payments rather than earning rewards.
3. Significant Interest Savings: By using a card with a lower interest rate, you pay less in interest charges each month if you carry a balance. This allows more of your payment to go towards the principal, helping you pay off your debt faster and save substantial money over time.
4. Peace of Mind for Carrying a Balance: If you anticipate needing to carry a credit card balance for a period, whether due to a large purchase or unexpected expenses, this card offers greater peace of mind knowing that the interest accumulating is much less than on a high-rate card.
5. Better Cash Flow Management: For planned large purchases, using this card can help you manage your cash flow more effectively by allowing you to pay off the item over time at a lower interest cost, without depleting your savings.
6. Instant Fuel Savings at Petro-Canada: Save money every time you fill up your tank. Link your RBC RateAdvantage Visa card to your Petro-Points card to instantly save 3¢ per litre on fuel at any Petro-Canada location.
7. Bonus Petro-Points: On top of the instant fuel savings, you’ll also earn 20% more Petro-Points on your purchases at Petro-Canada locations when you use your linked RBC card.
8. Bonus Be Well points at Rexall: Get more from your pharmacy shopping. Link your card with your Be Well account and earn 50 Be Well points for every $1 spent on eligible products at Rexall when you scan your Be Well card and pay with your linked RBC card.
9. Complimentary DashPass Subscription: Enjoy the convenience of food delivery for less! Cardholders receive a 3-month complimentary DashPass subscription from DoorDash, giving you unlimited deliveries with $0 delivery fees on eligible orders.

Who Can Apply: Eligibility Criteria

The eligibility requirements for the RBC RateAdvantage Visa are designed to be accessible to many Canadians looking for a low-interest credit solution.

• Age of Majority: You must have reached the age of majority in your province or territory of residence.
• Canadian Resident: You must be a Canadian citizen or permanent resident.
• No Minimum Income Requirement: This card does not have a stated specific minimum annual income requirement, making it accessible to a broader range of applicants.
• Good Credit Score: While no specific minimum score is officially published by RBC, a “Good” credit score (generally considered to be 660 or higher) is typically recommended for a strong chance of approval and to qualify for the lower end of the variable interest rate range. RBC will perform a credit check as part of the application process.

How to Apply: Your Steps to a Lower Interest Rate

Applying for the RBC RateAdvantage Visa is a straightforward process that can typically be done online.

1. Visit the RBC Website: Go to the official RBC Royal Bank website.
2. Navigate to Credit Cards: Find the “Credit Cards” section, and then look under “Low Interest Credit Cards” to find the “RBC RateAdvantage Visa.”
3. Review Card Details: Carefully read through the card’s features, the variable interest rate structure (RBC Prime + a percentage, depending on your credit assessment), the $0 annual fee, and other terms and conditions.
4. Click “Apply Now”: Start the secure online application form.
5. Provide Your Information: You will be asked to fill out the application with your personal details, including your full name, date of birth, address, Social Insurance Number (SIN), and contact information, as well as details about your employment and income.
6. Consent to a Credit Check: As part of the application, you must agree to allow RBC to perform a credit check.
7. Review and Submit: Carefully double-check all your information for accuracy before submitting the application.
8. Await a Decision: You will often receive a decision within 60 seconds. If not, RBC will notify you of the outcome within a few business days.

You can also apply by phone or by visiting an RBC branch to speak with an advisor.

Frequently Asked Questions (FAQ)

1. Does this card earn cash back or Avion points?
   No, the RBC RateAdvantage Visa is a low-interest card and does not earn any cash back or rewards points.
2. What insurance benefits are included?
   The card includes Purchase Security (90 days of protection against theft/damage) and Extended Warranty (doubles the manufacturer’s warranty up to one year).
3. Does this card include travel insurance?
   No, the RBC RateAdvantage Visa does not include travel medical, trip cancellation, or other travel insurance benefits.
4. How can I find out what my specific variable interest rate would be?
   The fixed percentage rate above RBC Prime that applies to you (between 4.99% and 8.99%) will be disclosed to you prior to completing your application and will be indicated on your card documentation if approved.
   

CREDIT CARD

RBC RateAdvantage Visa

Annual Fee $0 more Be Well points

APPLY NOW You will be redirected