The RBC Classic Visa Credit card is not necessarily the flashiest credit card on the market, but it is a card that does exactly what it needs to do. If you like to keep some cash on your credit cards or take out cash advances on them, then this is a good card to have.
They offer low interest rates, which means that you will be able to pay off the balances at your own pace. It also boasts a lower annual fee. Additionally, this card comes with plenty of other perks we will take a look at.
The RBC Classic Visa Credit Card is extremely competitive in a market that is already flooded with better offers. This guide will show you everything you need to know about this card, including how to apply and the most important benefits.
Benefits of the RBC Royal Bank Credit Card
The RBC Classic Visa credit card offers a number of exciting features that make it a strong contender as your primary credit card.
Firstly, it offers a low interest rate of 12.99% on all cash advances and purchases. This will not only save you plenty of money in the long run, but it also makes it easier to pay back outstanding balances and bring your balance down more quickly.
When you link your card with Petro-Canada, you will save around 3¢ per litre on fuel. Using your RBC Royal Bank Classic card to pay means you will also earn 20% more Petro Points when you buy fuel.
Security is at your fingertips with the RBC Classic Visa credit card. From the RBC app, you will be able to lock your card temporarily if you feel that your information has been compromised, or you have lost your card. This helps you to stop fraudulent transactions before they even happen.
Purchase Warranty
Additionally, when using the card to pay for new products, the products you buy will be covered against any physical damage or loss. If they have a manufacturer’s warranty, then RBC will extend this warranty for one more year.
Fees and Charges
As with any credit card, it's important to note the fees and charges that go along with using the card.
- Annual Fee - $20
- Purchase Interest Rate – 12.99%
- Cash Advance Interest Rate – 12.99%
- Balance Transfer Interest Rate – 12.99%
- Cash Advance Fee - $3.50 per transaction (within Canada), $5 (outside Canada)
- Overlimit Fee - $29
- Dishonored Payment Fee - $45
How to Apply for the Card
You can apply online at the RBC website for the card. Complete the application by filling out your personal information.
You need to provide your name, address, telephone contacts, and income information such as how much you make each year, how much you spend, and where you work.
Eligibility Requirements
Additionally, before you can be considered for this credit card, you must ensure that you fulfill the following criteria. You must be a Canadian citizen and have attained the age of majority in the province where you live.
There is no minimum income requirement, however, you must be employed and earning an income.
The bank will also consider your savings and debt in order to analyze your creditworthiness and whether or not you will be able to repay on time.
Ensure to check your credit score before applying, as the bank will require you to have a score of more than 650 in order to be approved.
Contact Information
To contact RBC Royal Bank, call 1-514-392-9167 if calling from within Canada. They can also be reached at their mailing address Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, M5J 2W7.
Conclusion
The RBC Classic Visa Card is a card that offers useful rewards and affordable terms if you tend to carry monthly balances over and if you need to have some regular cash advances.
While it doesn’t have many perks compared to other credit cards with travel rewards and cash back, it is still a useful card to have due to its low interest rates.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
