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Help Protect Your Finances by Insuring Your Credit Card Balance

BalanceProtector Max can protect your credit card balance when you need it most. Help prepare for the unexpected with this optional coverage which you can cancel at any time.

3 Ways BalanceProtector Max Can Cover You

Job Loss

Should you involuntarily lose your jobDisclaimer2 or self-employedDisclaimer2 income, your coverage can pay 25% of your total account balanceDisclaimer3 to a maximum of $6,250 each month for up to four months.

$25,000 maximum benefit

Total Disability

If you become totally disabledDisclaimer4, your coverage can pay 25% of your total account balanceDisclaimer3 to a maximum of $6,250 each month for up to four months.

$25,000 maximum benefit

Life

If you pass away, your coverage can make a single payment of the total amount owing.Disclaimer5

$25,000 maximum benefit

Simple Pricing Based on Your Balance

With a credit card balance $10 or higher, pay just:

$1.20 per $100*

of your account balanceDisclaimer6 on your statement date (plus applicable taxes) up to $25,000

For example: With a credit card account balanceDisclaimer6 of $500 for the statement period, pay $6 (plus applicable taxes) for coverage that month.

With a credit card balance under $10, pay:

$0

You will not be charged a premium if you have a credit card account balanceDisclaimer6 of less than $10 on your statement date.

*At age 66, Total Disability and Job Loss coverage ends and your monthly premium will be reduced to $0.60 per $100 of your account balanceDisclaimer6 (plus applicable taxes).

Eligibility

To apply for optional BalanceProtector Max coverage, you must have an eligible RBC Royal Bank credit card and be:

 
  • A resident of Canada
  • 18 to 64 years of age
  • The primary cardholder
  • Employed or Self-Employed
 

Apply Now... It’s Quick and Easy

Sign in to RBC Online Banking to apply today. You can cancel at any time.Disclaimer7

 
Other ways to apply:
 

Already have BalanceProtector?(Opens modal window)

FAQs

You can apply at any time, including at the time you apply for or activate your RBC Royal Bank credit card online, as long as you meet the eligibility requirements. If you would like to apply for BalanceProtector Max at a later date, you can do that by signing into your Online Banking or by calling 1-800-769-2512.

The date your coverage starts will be shown on your confirmation of enrolment letter that accompanies the Certificate of Insurance that will be delivered to you after you enrol.

Your monthly premium will appear on your credit card statement as a separate line item entitled “BalanceProtector Premium”.

If you have been approved for a job loss or total disability claim, insurance premiums will continue to be charged. However, a premium refund will be applied to your account with your monthly benefits. If you continue to use your account during the claim period, you will be responsible for paying the insurance premium on any new charges.

Your insurance coverage will end on the earliest of the following dates:

  • the date the policy is terminated
  • the date insurance termination is processed based on you reaching the age of 80 for life coverage
  • your total disability and job loss coverage ends on the date your monthly premium rate is reduced once you turn 66
  • the date you die
  • the date that RBC Royal Bank cancels your credit card
  • the date that your request to cancel your insurance coverage is processed.

If your RBC Royal Bank credit card is replaced with another RBC Royal Bank credit card eligible for BalanceProtector Max, the insurance coverage will be automatically transferred to your new newly issued RBC Royal Bank credit card and your original effective date will continue to apply.

For complete details, terms and conditions, see a sample Certificate of Insurance opens PDF in new window or the Summary and Fact Sheet opens PDF in new window for residents of Quebec.