RBC RateAdvantage Visa Is No Longer Offered: RBC’s Replacement and 2 Alternatives

RBC no longer offers the RBC RateAdvantage Visa to new applicants. As of October 2026, the card is no longer listed among RBC’s credit cards, and its former product page on RBC’s website automatically redirects to the RBC Visa Classic Low Rate Option, which is now the only card in RBC’s low-interest category. The product page started redirecting in June 2026 and the online application no longer works. RBC has not published a formal closure notice that we could find, and it still publishes the card’s terms for existing cardholders.

If you came here looking for a low-interest RBC card, the short answer is that RBC has effectively replaced RateAdvantage with the Visa Classic Low Rate Option. The biggest change is how interest is calculated: RateAdvantage had a variable rate tied to RBC Prime, while the Low Rate Option uses a fixed rate. Below we explain the difference, what existing cardholders should know, and how RBC’s replacement compares with two strong low-rate cards from other banks.

What the RBC RateAdvantage Visa was

RateAdvantage was RBC’s variable-rate credit card for people who sometimes carry a balance. RBC’s legacy listing described its interest rate as variable, tied to RBC Prime plus 4.99% to 8.99%, with the margin depending on the applicant’s credit. It was a no-frills card: the value came from a lower interest rate rather than from rewards or travel benefits.

A variable rate works in your favour when interest rates fall and against you when they rise. Every time the Bank of Canada moved its policy rate, RBC Prime followed, and so did the cost of any balance carried on the card. That is the key difference from RBC’s current low-rate card.

If you already have a RateAdvantage card

Product changes for new applicants do not automatically close existing accounts, and RBC still hosts the RateAdvantage benefits guide for cardholders. If you have the card:

• Keep using it as normal and check your statements and any letters from RBC for changes to your rate or terms.
• Compare your current variable rate with the fixed rates below. If your margin over prime is at the high end, a fixed-rate card could cost less.
• If you are thinking of switching to the Low Rate Option, ask RBC whether you can change products on your existing account rather than applying for a new card, and whether the current introductory offer would apply.

RBC’s replacement and two alternatives

All three cards below are aimed at Canadians who carry a balance from time to time. Figures were checked on the issuers’ websites in October 2026 and can change, so confirm the details before you apply.

1. RBC Visa Classic Low Rate Option: RBC’s own replacement

This is where RBC now sends anyone looking for RateAdvantage, and it is the natural choice if you want to stay with RBC. Instead of a rate that moves with prime, you get a fixed annual interest rate that does not change when the Bank of Canada adjusts rates.

• Annual fee: $20.
• Interest rates: fixed 12.99% on purchases and 14.99% on cash advances, including balance transfers.
• Current offer: 0.99% introductory interest rate for the first 10 months on balance transfers, plus no annual fee for the first year, when you apply by November 4, 2026. The introductory rate applies to balance transfers and cash advances, not to purchases.
• Protection: purchase security and extended warranty coverage.
• Extras: RBC partner offers, such as fuel savings and extra Petro-Points at Petro-Canada with a linked card, and offers from Rexall and DoorDash.

Who it suits: RBC clients who want the simplest path from RateAdvantage, and anyone who wants to move a balance and pay it off during the 10-month introductory period.

Drawback: a fixed rate will not fall if prime drops, and the $20 fee applies from the second year.

Read our full guide to the RBC Visa Classic Low Rate Option.

2. BMO Preferred Rate Mastercard: a close rival from BMO

Next to RBC’s card, the BMO Preferred Rate Mastercard has a purchase rate one point higher and a cash advance rate one point higher. Where it can win is on cost of ownership: if you bank with BMO, the annual fee can disappear entirely.

• Annual fee: $29, rebated every year when you also hold a BMO Performance chequing account.
• Interest rates: 13.99% on purchases and 15.99% on cash advances.
• Balance transfers: BMO is currently advertising an introductory balance-transfer offer that includes a first-year annual fee waiver. Check BMO’s site for the rate, transfer fee and end date.
• Protection: extended warranty that doubles the manufacturer’s warranty by up to one year, and 90-day purchase security on eligible items.
• Extras: car rental discounts with Avis and Budget, and BMO PaySmart instalment plans.

Who it suits: people who already have, or plan to open, a BMO Performance chequing account.

Drawback: its ongoing rates are slightly higher than RBC’s, and without the chequing rebate the fee is $29 a year.

Read our full guide to the BMO Preferred Rate Mastercard.

3. MBNA True Line Mastercard: if you want no annual fee

RateAdvantage had no annual fee, which appealed to people who wanted to keep costs down. If paying any annual fee bothers you, the MBNA True Line matches RBC’s 12.99% purchase rate with no annual fee.

• Annual fee: $0.
• Interest rates: 12.99% on purchases, 17.99% on balance transfers, 24.99% on cash advances.
• Balance transfer fee: 3% of each transfer (minimum $3.50). MBNA is also advertising a promotional balance-transfer rate for new accounts; check its site for the current terms.
• Authorized users: add up to nine at no additional annual fee.

Who it suits: someone who carries a small balance on purchases only and never takes cash advances.

Drawback: the 24.99% cash advance rate and 17.99% standard balance-transfer rate are much higher than RBC’s 14.99%. MBNA also notes that rates can vary by region.

Read our full guide to the MBNA True Line Mastercard.

SEE THE RBC LOW RATE OPTION GUIDE

Comparison at a glance

Variable or fixed: how to decide

• Fixed rate: predictable payments. You know what a carried balance will cost, but you do not benefit when prime falls.
• Variable rate: cheaper when rates are falling, more expensive when they rise. The rate on your statement can change several times a year.
• Size of your balance: on a $3,000 balance, each percentage point is roughly $30 a year in interest. Compare that with any annual fee before choosing.
• Balance transfers: an introductory rate only saves money if you can pay the balance off before it ends. Add the transfer fee, if any, to the total cost.
• Cash advances: rates range from 14.99% to 24.99% across these cards. If you ever use your card for cash, this difference matters more than the purchase rate.
• Credit history and Quebec: all three are approved on your credit assessment, and terms can differ for Quebec residents. Read the version of the documents for your province.

Frequently asked questions

Is the RBC RateAdvantage Visa discontinued?

RBC no longer lists it among its credit cards, and its product page redirects to the RBC Visa Classic Low Rate Option. We could not find a formal announcement from RBC, so if you need confirmation for an existing account, contact RBC directly.

What is the difference between RateAdvantage and the Low Rate Option?

RateAdvantage had a variable rate linked to RBC Prime. The Low Rate Option has a fixed 12.99% rate on purchases and 14.99% on cash advances and balance transfers, with a $20 annual fee.

Can I keep my RateAdvantage card?

New-applicant changes do not by themselves close existing accounts, and RBC still provides the RateAdvantage benefits guide. Watch for any notice from RBC about your account terms.

Which card is cheapest if I carry a balance?

RBC’s Low Rate Option and MBNA’s True Line both charge 12.99% on purchases. MBNA has no annual fee; RBC has a much lower cash advance rate and a current balance-transfer offer for applications made by November 4, 2026.