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Used properly, your credit card provides fast and easy access to funds without the need to carry a large amount of cash. Understanding how interest costs are generated will help you make educated decisions about the responsible use of your credit card.

How to minimize interest charges

Here are some tips to help minimize the interest charges on your credit card:

  • Pay off your credit card balance in full each month.
  • If you choose not to pay off your balance in full, try to pay more than the minimum balance due.
  • If you carry a balance from month to month, consider a RBC Royal Bank credit card with a lower interest rate.
  • Understand the interest charges and fees being applied to your credit card account. For example, remember that with cash advances, interest begins to accrue as soon as the cash is advanced, and with RBC Royal Bank credit card cheques, interest begins to accrue once the cheque has been cashed.
  • Remember that the faster you pay off your outstanding balance, the less interest you'll pay.
  • Consolidate your debt from higher interest cards-like department store cards-to a lower interest RBC Royal Bank credit card.
  • Make payments on time. Take advantage of helpful tools like automated payment options and the use of RBC Royal Bank credit card cheques.
  • Be a careful consumer and know the cost of using credit cards. Be sure to read the important information in the Cardholder Agreement mailed to you when you receive your RBC Royal Bank credit card.

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