A Royal Credit Line could save you money and time, and help you easily manage your credit. Here are some of the valuable benefits that you can enjoy:
Everyday low rate
Save thousands of dollars a year in interest—rates are typically lower than those offered by credit cards.
No annual fee
Plus, there is no fee to withdraw funds and we do not charge over limit fees on Royal Credit Line accounts.1disclaimer
Withdraw funds at the ATM, write cheques2disclaimer from your account, or transfer money through RBC Online Banking.
Additional Features & Benefits
The ability to decrease your credit limit and close your account is available through RBC Online Banking.
Reuse available credit
Once you pay down your balance—no need to re-apply.
Flexible payment options
Make just the minimum payment3disclaimer, or pay more to reduce your balance. You can also make changes to your payment account, payment amount, payment frequency or payment due date through RBC Online Banking.
LoanProtector® life and disability or critical illness insurance provides protection for you and your family.
Choosing a Secured or Unsecured Line of Credit
When you apply for a Royal Credit Line, you can choose to apply for either a secured or unsecured line of credit:
Secured Line of Credit
- You could use the equity in your home or your investment portfolio as collateral to secure a higher credit limit at a lower interest rate.
- Limits are available from $5,000 to as much as 65% of the value of your home, less any prior outstanding mortgages. If there are no outstanding mortgages, limit is available up to a maximum of 65% of the value of your home.
- The interest rate is variable and will rise and fall with changes in the RBC Prime Rate.
Unsecured Line of Credit
- Credit limits are available from $5,000, with no collateral required.
- Receive a competitive interest rate, depending on your credit history and financial standing.
- The interest rate is variable and will rise and fall with changes in the RBC Prime Rate Unsecured Line of Credit.
If you are not sure what's right for you, an RBC Royal Bank credit specialist can help you choose.