How to Apply RBC RateAdvantage Visa Card

RBC RateAdvantage Visa can offer low intro APR, cash-back rewards, and no annual fee for interest-savvy borrowers.

Por: AbutreNews Team em September 13, 2023

The RBC RateAdvantage Visa is a top pick for borrowers seeking to minimize interest expenses on their credit card debt. It offers one of the most competitive introductory interest rates on balance transfers and new purchases, allowing substantial savings on interest.

Transferring over higher-interest credit card balances to the RBC RateAdvantage card during the intro period can save significantly compared to the current higher rates you may be paying. Any new purchases on the card will also accrue interest at this attractively low introductory rate for the promotional period.

In addition to reducing interest costs, the RBC RateAdvantage Visa provides opportunities to earn cash-back rewards on everyday spending. You’ll earn ongoing cash back on common categories like grocery stores, gas stations, recurring bill payments, and more.

This card also packs additional perks like complimentary travel insurance when you use the card to pay for travel expenses. Purchase protection also provides coverage for lost, stolen, or damaged items. A no-annual fee card it provides tremendous value.

Key Benefits

Low introductory rate on purchases and balance transfers – The intro rate offers substantial savings on interest for both transferred balances and new purchases during the promotional period. This allows you to reduce credit card interest expenses.
No annual fee – There is no annual fee to use the card, providing ongoing savings year after year. Many similar cards charge $100+ per year.
1% cash back at grocery stores – You’ll earn 1% back in cashback rewards for grocery store spending, helping offset household grocery costs.
0.5% cash back on gas and bills – Earn 0.5% cash back on gas station and recurring bill payments, rewarding the card for everyday expenditures.
Travel insurance and purchase protection – Get complimentary travel insurance when you use the card to pay for travel expenses. Eligible purchases are also covered in case of damage or theft.

Requirements to Apply

The RBC RateAdvantage Visa has relatively accessible eligibility requirements compared to other premium travel and cash-back cards. Here are the essential requirements to qualify for this card:

Minimum personal income of $15,000 OR household income of $30,000 – The minimum income thresholds are pretty reasonable. Individuals need a personal income of only $15,000, or households can combine income of $30,000 to qualify.
Good to excellent credit score – A good credit score in the fair to good range is recommended for approval odds. But those with excellent scores are very likely to be approved.
Canadian citizenship or permanent residency – Applicants must be Canadian citizens or have permanent resident status in Canada. New immigrants and temporary residents may need help qualifying.

The income and credit score eligibility requirements ensure applicants have the financial means to manage monthly payments. However, the thresholds are undoubtedly reasonable for most borrowers with fair or better credit.

About RBC

RBC has grown into one of the largest financial institutions in North America after serving Canadian clients since 1864. RBC employs over 86,000 people globally and serves 16+ million clients worldwide.

As Canada’s biggest bank, RBC offers a full suite of personal and business financial services, including personal and commercial banking, wealth management, insurance, investor services, capital markets operations, and more.

RBC has over $1.1 trillion in total assets under management. The bank has maintained a reputation for sound fiscal management, long-term financial strength, premium client service, and convenient digital innovation.

RBC’s lengthy history, financial health, competitive offerings, and customer service make it an excellent choice for borrowers seeking a top Canadian bank to provide their credit card. RBC has cemented itself as a leader in the finance industry after over 150 years in business.

Ideal Cardholder

The RBC RateAdvantage Visa is a flexible card suitable for a few different types of customers. Here are some of the borrower profiles that can benefit most from this card:

Borrowers seeking to minimize interest expenses by transferring high-rate balances from other cards can save substantially with the low introductory rate.
Anyone who carries an ongoing balance month-to-month can reduce interest costs by using this card for purchases and transfers.
Frequent grocery shoppers will benefit from the 1% cash back rewards on grocery store spending.
Drivers and households with monthly bills can earn 0.5% back on gas, utilities, cell phone plans, etc.
Couples and families with expenses across categories like groceries, gas, travel, and bills can maximize the card’s rewards.
Responsible cardholders looking to establish or rebuild their credit can use the card wisely to demonstrate on-time payments and improve their score.

It’s a flexible card suitable for any Canadian wanting to earn cash back while saving on interest charges.

How to Apply

Applying for the RBC RateAdvantage Visa is quick and easy in just a few steps:

Visit the RBC website and click “Apply now” on the RateAdvantage page. This will take you to the secure online application.
Provide personal details, including your name, address, date of birth, and social insurance number. Supply financial information like your income, housing costs, and existing debts.
Carefully review the terms and conditions, then apply.
If approved, you will receive confirmation and your new RBC credit card within 10 business days typically. Once received, call to activate it.
As a cardholder, you can register for online banking to manage your account, pay your bill, check statements, set up alerts, and more.

PRESS HERE TO APPLY THE RBC RATEADVANTAGE VISA CARD

With an easy online application process and fast decision time, you could have an RBC RateAdvantage Visa within a few weeks of applying.

Pros and Cons

While the RBC RateAdvantage Visa offers some excellent benefits, there are a few potential downsides to consider:

Pros:

Low intro APR on purchases and transfers saves substantially on interest
No annual fee provides ongoing savings
Cash back rewards on groceries, gas, and bills
Travel insurance and purchase protection are valuable perks

Cons:

The regular 19.99% APR after the intro period is relatively high
The cash-back rewards rates are lower than some competing premium cards
There are better options for travelers or those wanting higher rewards

Overall, the interest savings and everyday rewards make the pros outweigh the cons for most borrowers seeking to lower debt costs. But it’s essential to be aware of the limitations, too.

Activating Your Card

Once you receive your RBC RateAdvantage Visa in the mail, you’ll need to activate it before use:

Call the number on the sticker on the front of your new card.
You’ll need to confirm personal details like SIN, birthdate, etc.
Follow the automated prompts to choose your PIN and activate the card.
Your card will now be ready to use once activated.
Register for online banking to manage your account online and sign up for alerts.

Fees & Charges

Here are the essential costs and fees to be aware of with the RBC RateAdvantage Visa:

19.99% regular APR after the intro period ends. This rate applies to any balances carried after the intro period expires.
No annual fee. Unlike many cards, there is no yearly fee to maintain the account.
2.5% foreign transaction fee on international purchases. The standard for most Canadian cards.