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The stand-out advantage to the RBC Visa Classic Low Rate credit card is the extremely low interest rate if offers: only 11.99% on both purchases and cash advances.

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Once approved, you can use it like any other credit card, and Home Trust will report your payments to both Equifax and Trans Union, helping you re-establish your credit.

The card’s key features are: The card comes with a standard 21-day grace period on all new purchases before you’ll be charged interest, so you can avoid paying the slightly higher interest rate as long as you pay off your balance within that time frame.

The credit card company holds your deposit in a savings account and will use it to cover the balance if you default on a monthly payment.

An unsecured credit card just means that you don’t need to provide a security deposit, and is the type of ‘normal’ credit card that most consumers are familiar with.

All that’s required for you to apply is to be a permanent resident of Canada and to have no current bankruptcies.

RBC Visa Classic Low Rate works with a sliding scale interest rate, with the lowest rate of 11.99% offered to applicants with higher credit scores.

The Visa’s other fees are relatively low, with .50 charged for cash advances at any ABM in Canada, for every dishonoured payment, and if you exceed your credit limit.

Other key features include: Other benefits of using the No-Fee Scotiabank Value Visa are contactless Visa pay Wave payments, a discount of up to 20% on Avis car rentals nationwide, and the option to add a supplementary card user.

Foreign transactions incur a 2% fee, and cash advances are charged a minimum of .50, depending on the amount you withdraw at once.

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