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Is it necessary to be an RBC Royal Bank® client or have a business deposit account to apply for a RBC Royal Bank Visa* CreditLine for Small Business™ card?
No. The RBC Royal Bank Visa CreditLine for Small Business card is available to small business owners that qualify.
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Can the RBC Royal Bank Visa CreditLine for Small Business card be used to purchase large items such as a car or truck?
Yes, if your available credit limit1 allows you to. You decide how and when to use your RBC Royal Bank Visa CreditLine for Small Business card.
1 An overlimit fee or NSF/Dishonoured Visa Cheque Fee will be charged to the account when the debt exceeds the credit limit at the statement date. Please refer to the RBC Royal Bank Visa CreditLine for Small Business cardholder agreement for more details.
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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 as indicated on your Visa monthly account statement.
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What is the annual interest rate on the CreditLine for Small Business account?
A competitive rate of interest is charged on the amount of each purchase, cash advance including Visa cheque and balance transferts and fees from and including the transaction date recorded for them on the Visa monthly account staement, where they appeared for the first time, until the day full payment for the CreditLine for Small Business account is received. The annual interest rate is based on Prime Interest Rate++ plus an additional premium that will be ranging from 0.9% to 6.9% depending on your profile. Your premium will be calculated on an annual basis could only change once per year.
++ Prime Interest Rate means the annual rate of interest Royal Bank of Canada announces from time to time as a reference rate then in effect for determining interest rates on Canadian dollar commercial loans in Canada. The Prime Interest Rate may fluctuate from time to time. It can be found online at www.rbcroyalbank.com/rates or at any RBC Royal Bank branch.
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How do I apply for an RBC Royal Bank Visa CreditLine for Small Business card?
You have the option to apply online, phone, or in-branch. Call us at 1-800 ROYAL® 2-0 for fast, convenient service.
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Who is responsible for the debt on the card, the owner or the company itself?
The RBC Royal Bank Visa CreditLine for Small Business cardholder agreement represents a "joint and several" (in Quebec, solidarily) liability agreement between the applicant (the business), the cardholder(s) (the business owner(s)) and Royal Bank of Canada. Consequently, both the applicant and the cardholder(s) are jointly and severally (in Quebec, solidarily) responsible for repaying the RBC Royal Bank CreditLine for Small Business account balance.
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Does it matter how long I have been in business?
No. The RBC Royal Bank Visa CreditLine for Small Business card is available to anyone who qualifies. Call 1-800-769-2520 to speak to a Business Advisor about the RBC Royal Bank Visa CreditLine for Small Business card.
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Are there any annual fees associated with the RBC Royal Bank Visa CreditLine for Small Business card?
No, although the optional Life and Diability insurance carries an additional fee.
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When the RBC Royal Bank Visa CreditLine for Small Business card is granted with a certain credit limit, can I at some later date apply for a higher limit?
Yes, you can apply for a higher credit limit up to a maximum of $50,000. Simply call 1-800-769-2520 to speak with one of our Business Advisors.
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If I apply for the maximum credit limit of $50,000 and am turned down for the maximum, will I be given a lower credit limit or rejected completely?
If you qualify for the RBC Royal Bank Visa CreditLine for Small Business card, your credit limit will be determined based on the information you provide on the application. Your approved credit limit will be equal to or less than the credit limit you applied for.
