The 10 Most Frequently Asked Questions

1. Is it necessary to be an RBC Royal Bank^® client or have a current 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 anyone who qualifies. You may apply for this product starting March 3, 2009. Applications are temporarily suspended so the product can be redesigned. If you have an immediate credit need, please call 1-800-769-2520 to speak with a business advisor.


2. 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 limit allows you to. You decide how and when to use your RBC Royal Bank Visa CreditLine for Small Business card.


3. 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 statement.


4. 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 and cheques from (and including) the transaction date recorded until the day full payment for the CreditLine for Small Business account is received. The annual interest rate is based on Prime Rate⁺⁺ plus an additional percentage of 0.9% to 6.9%.

⁺⁺Prime Rate means the annual rate of interest Royal Bank of Canada announces from time to time as a reference rate for determining interest rates on Canadian dollar commercial loans in Canada. The Prime Rate may fluctuate from time to time. It can be found online at www.rbcroyalbank.com/rates.


5. How do I apply for a RBC Royal Bank Visa CreditLine for Small Business card?s


You may apply for this product starting March 3, 2009. Applications are temporarily suspended so the product can be redesigned. If you have an immediate credit need, please call 1-800-769-2520 to speak with a business advisor.


6. 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" liability agreement between the applicant (the business), the cardholder(s) (the business owner(s)) and Royal Bank of Canada. Consequently, both the business and the cardholder(s) are jointly and severally responsible for repaying the CreditLine for Small Business account balance.


7. 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.


8. Are there any fees associated with the RBC Royal Bank Visa CreditLine for Small Business card?


No, although each optional insurance package carries an additional fee.


9. When the RBC Royal Bank Visa CreditLine for Small Business card is granted with a certain 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.


10. 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 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.