Best for: People who carry a balance and want a lower interest rate for a small fee
Ranked #5 of 176 for low interest. See the list
See how we worked it out- Balance transfers
- 1.9% for 10 months
- $5 CAD fee, then 14.99%
- Annual fee
- $0 first year
- Then $20 a year
Have this card?
Details from RBC’s site. Banks can update terms at any time, so give them a quick look before you apply. Source
Is it for me?
Do you carry a balance from month to month?
Do you have a balance on another card you’d like to move?
Do you want to earn rewards on your spending?
Answer the 3 questions to see if it fits.
The good and the bad
Stands out
- Good: 1.9% on moved balances for 10 months
- Good: 12.99% on purchases The usual rate is 20.99%.
- Good: No fee in the first year Then $20 a year.
Watch for
- Watch for: Earns no rewards If you pay in full each month, a no fee cash back card gives you more.
- Watch for: $20 a year from year two
- Watch for: 14.99% after the 10 months Whatever you haven’t paid off by then is charged the regular rate.
Worked out from the card’s rates and fees.
What you’d pay in interest
On a balance of $3,000 that you carry for a year.
If you move a balance here
Moving $3,000 from a card charging 20.99%.
- Fee to move it
- $5 CAD
- Interest here for 10 months
- $48
- Interest on the old card for 10 months
- $525
- Pay this a month to clear it before the 1.9% ends
- $300
- After 10 months, on anything left
- 14.99%
A late payment can end a promotional rate early. Simple yearly interest on a balance that stays the same. Banks charge interest monthly, so the real cost comes out a little higher.
Can I get it?
- Age 18 or older 19 or older in BC, NB, NL, NS and the territories
- Where you live Canada
- Credit score No minimum on record Most banks don’t publish one, and we don’t guess.
Mr. Loonie’s tip A balance transfer only helps if the balance shrinks. Set up an automatic payment so it goes down every month.
Other reviewers on this card
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Money.ca (opens in a new tab) Jul 20256
“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.”
-
“Are you in the market for a low interest rate credit card so you can save on interest fees? 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 fee savings.”
-
Finder (opens in a new tab) Jan 2022
“The RBC Visa Classic Low Rate Option offers affordable terms for customers who tend to carry monthly balances or make regular cash advances. This basic card doesn’t offer any rewards, so it’s best utilized for large purchases, cash advances or balance transfers. Regardless of how you use it, the same low interest rate applies.”
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What comes with it
- Extended warranty Included
- Purchase protection Included
- Mobile wallets Samsung Pay
Coverage limits
We haven’t recorded the coverage limits for this card yet. Read RBC’s insurance certificate before you count on any coverage.
Not included
Not listed for this card: travel medical, trip cancellation, trip interruption, flight delay, lost baggage, car rental damage and mobile device.
What it costs
- Annual fee
- $0 first year Then $20 a year
- Purchase interest
- 12.99%
- Cash advance interest
- 14.99%
- Foreign currency fee
- 2.5%
All fees and rates
Fees
- Extra cards
- None
- Fee waivers
- First year: $20 off (Waived on the first year)
- Cash advance fee
- $3.50, $5.00 fee for cash advances outside of Canada.
- Balance transfer fee
- 3%, Maximum
- Over-limit fee
- $29
- Late payment fee
- None
- Source
- Issuer page
Interest rates
- Balance transfer interest
- 14.99%
- Intro rate: balance transfers
- 1.9% for 10 months, fee $5 CAD
- Source
- Issuer page
Read the card terms and conditions for the full terms.
Checked on Nov 8, 2026. Source
Similar cards
Purchase interest on each card. This card: 12.99%.
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Questions people ask
What is the annual fee on the RBC Visa Classic Low Rate Option?
$0 the first year, then $20 a year.
Does it charge a foreign transaction fee?
Yes, 2.5% on purchases in other currencies.
What is the interest rate?
12.99% on purchases. Cash advances are 14.99%.
Does it have a balance transfer offer?
Yes, 1.9% for 10 months. The transfer fee is $5 CAD. After that, the rate is 14.99%.
Does it include insurance?
It lists extended warranty and purchase protection. Read the insurance certificate for the limits.
Rates, fees and offers come from the card issuers and change often. We work to keep this page accurate and current, but it may contain mistakes, so always check the issuer’s terms before you apply. This page is general information and isn’t financial advice.
Spot something wrong? We’ll check it with the bank. Suggest a correction
Card names, logos and trademarks belong to their owners. No issuer wrote, paid for or approved what we say about this card. Our scores and opinions are our own.
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