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Is it necessary to be an RBC Royal Bank client or have a current account to apply for RBC Royal Bank® Visa* CreditLine for Small Business™?
No. RBC Royal Bank® Visa* CreditLine for Small Business™ is available to anyone who qualifies. You are an ideal applicant if you have experience or expertise related to your business, you and your business have a satisfactory credit history and can demonstrate the ability to meet your financial obligations.
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Can CreditLine be used to purchase large items such as a car or truck?
Yes. You decide how and when to use your RBC Royal Bank® Visa* CreditLine for Small Business™ -- without restrictions and with no need to consult a banker.
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What is the minimum monthly payment?
It will normally be $100 plus the Interest and the Fees. If the outstanding balance is less than $100 or less than the calculated Minimum Payment, the outstanding balance will be the Minimum Payment.
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What is the annual CreditLine interest rate?
A competitive rate of interest is charged on the amount of each purchase, cash advance and cheques from (and including) the transaction date recorded until the day full payment for the CreditLine is received. Rate is based on RBC Royal Bank Prime plus a premium of 1.0% to 6.0%.
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How do I apply for RBC Royal Bank® Visa* CreditLine for Small Business™?
You have the option to apply by mail, phone, fax, or online. For mail, phone or fax, please call Call us at 1-800 ROYAL® 2-0. To apply online please click here.
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If the business fails, who is responsible for repaying the CreditLine. Who is responsible for the card, the owner or the company itself?
The CreditLine agreement represents a "joint and several" liability agreement between the applicant (business), the CreditLine Cardholder (primary and co-Applicant) and RBC Royal Bank. Consequently, both the business and the cardholder(s) are jointly and severally responsible for repaying the CreditLine balance.
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Does it matter that my business has only been open for less than 24 months?
No. CreditLine is available to anyone who qualifies. You are an ideal applicant if you have experience or expertise related to your business, you and your business have a satisfactory credit history and can demonstrate the ability to meet your financial obligations.
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Are there any fees associated with CreditLine?
There is a monthly account administration fee of $15. Each optional insurance package also carries an additional fee.
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When the CreditLine is granted with a certain limit, can I at some later date apply for a higher limit?
Yes. Simply fill out a new application requesting a change to your existing CreditLine and specify the new requested limit.
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If I apply for the maximum limit of $50,000 and am turned down for the maximum, will I be given a lower limit or rejected completely?
If you qualify for CreditLine, your limit will be determined based on the information you provide on the application. Your approved limit will be equal to or less than the limit you applied for.
