RBC MyProject^™ MasterCard^‡

Features and Benefits of the RBC MyProject MasterCard

The RBC MyProject MasterCard combines the use of a credit card with the security and repayment schedule of a fixed or variable rate loan. It’s a unique and practical solution for anyone who wants a cost-effective and flexible way to finance a big project.

• No Surprises. You’ll have credit limit of $10,000 to $40,000, with a predetermined interest rate and a structured repayment plan. All contract terms and conditions are outlined from the start.
• Cost-Savings. Make no payments and accrue 0% interest during your 6-month purchase period. At the end of your purchase period, your card converts to a loan with a set monthly payment amount. See How the RBC MyProject MasterCard Works.
• Convenience. Shop anywhere MasterCard is accepted. You can also write cheques and withdraw cash at the ATM to pay service providers that do not accept MasterCard.
• Easy Budget Management. During the purchase period you will receive monthly statements and you can use online tools like myFinanceTracker to automatically track your expenses and stay in control of your budget.
• Flexibility. Project expenses can be unpredictable. The RBC MyProject MasterCard lets you spend up to your approved credit limit but only the balance at the end of your 6-month purchase period will be converted to a loan. (Tip: Apply for 10%-20% more financing than you estimated in your project budget to allow for contingency.)
• Purchase Protection. Purchases are automatically protected against loss, theft or damage for up to 90 days from the date of purchase. The coverage also doubles the manufacturer’s original Canadian warranty for up to one extra year.

How the RBC MyProject MasterCard Works

Applying for and using the RBC MyProject MasterCard is simple!

Step 1: Apply online.

The ideal time to apply is about 3-4 weeks before you're ready to start your project. You can apply online in three easy steps. During your application, you'll have the option to choose:

• The amount you want to apply for—from a minimum of $10,000 to a maximum of $40,000
• A fixed rate or variable rate loan
• Your amortization term (how long it takes to pay off your loan)—up to a maximum of 15 years
• The RBC Royal Bank branch where you can pick up your card

After submitting your application, you will know your application status and repayment terms within 24 hours. The RBC Royal Bank branch will call you when your card is ready to be picked up—approximately 1-2 weeks after approval.

Step 2: Start purchasing.

Use your card to make project-related purchases anywhere MasterCard is accepted during your interest-free, 6-month purchase period. Use the credit card cheques to pay suppliers that do not accept MasterCard or withdraw cash at the ATM.

Step 3: Make easy monthly payments.

At the end of your purchase period, your RBC MyProject MasterCard account will expire and your balance will automatically convert to a loan with regular monthly payments.

Tip: If you need additional financing after your purchase period ends, you can apply for a new RBC MyProject MasterCard.

Frequently Asked Questions about the RBC MyProject MasterCard

Below are answers to some common questions asked about the RBC MyProject MasterCard.

General FAQs

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What is the RBC MyProject^™ MasterCard^‡?

Who is this card suited for?

How can the RBC MyProject MasterCard help me?

How much money can I borrow?

Is there an annual fee for this product?

If my project goes over budget, can I increase my credit limit?

How does the RBC MyProject MasterCard help me manage my budget?

Where is this card accepted?

What if MasterCard isn't accepted?

Purchase Period FAQs

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Once I receive my card, how long can I use it?

Can I choose the length of my purchase period?

What if my project will take longer than my purchase period?

What if my project goes beyond the purchase period and I have not used all my funds?

Application FAQs

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How do I apply?

I'm not sure when I will begin my project. When should I apply?

How do I get my card?

Can I apply with a co-borrower?

Will my co-borrower receive his or her own card?

Can I get additional cards for my family?

Can a co-borrower create a login account?

Loan FAQs

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I'm not sure whether I should choose a fixed or variable rate loan. What's the difference?

Can I change the payment frequency of my loan?

Can I increase my monthly loan payment amount?

Can I pay off my loan early? Are there any charges?

Other FAQs

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After my account was converted to a loan, I received another credit card statement. Why?

What number do I call if I have questions about the My Project MasterCard?

What should I do if my card is lost or stolen?

Are my purchases eligible for RBC Rewards^® points?

What type of insurance is offered on this product?

What is included with Purchase Security and Extended Warranty insurance?

Why should I pick up my card from the branch as soon as possible?

Can I convert my RBC MyProject MasterCard to another RBC credit card-or vice versa?

What will happen if I make a return on the RBC MyProject MasterCard after it has converted to a loan?

* RBC Online Banking is provided by Royal Bank of Canada.