Credit Cards

Credit Card Interest and Fees

Even though all credit cards may result in fees and interest, you can effortlessly enjoy all the benefits of your RBC Credit Card without any penalties. There are basically two types of charges: interest and fees.

Interest

This is what you pay for borrowing money and is shown on your statement. Interest is charged on revolving balances, but by paying your balance in full and on time every month, you will not incur any interest whatsoever. However, it is not possible to avoid interest on cash withdrawals, convenience cheques and balance transfers, which is charged from the date of the transaction. The interest rate on cash advances may vary from the interest rate charged for purchases.

Fees

An annual fee allows you to access all the benefits listed in this guide and will be charged every year, even if you always pay your balance on time.

Late charges occur if you do not make a payment, if your payment arrives after the payment due date, or if your payment does not cover the minimum payment due. You can avoid this by checking the “Payment due date” and “Minimum payment” sections on your statement or online.

Over-limit charges occur if your total of purchases, cash advances, interest and fees goes over your credit limit. If the possibility exists that you may exceed your limit, check online or call Customer Service to find out how much credit you have available. If you feel you need a higher limit, our Customer Service team will be happy to discuss it with you and do all they can to help.

Cash withdrawal fees will be charged if you withdraw cash on your card from a non-RBC cash machine. If withdrawing funds abroad, please see the foreign exchange rate on your statement. Also, there may be an additional charge levied by the ABM that you are using. This fee is not controlled by RBC.

To Avoid Paying Charges

Allow plenty of time for your payment to arrive.
Make sure you know the date your payment is due every month and what the minimum payment amount is.
To make payments on time take full advantage of helpful electronic tools like autopayments, Royal Online payments and ABM payments.
Sign up for our Royal Online Banking so that you will be able to check your balance and see how much you have available to spend.
Pay off your RBC 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.
Read your statement every month to make sure you always know the date your payment is due and what the minimum payment amount is.
Remember that the faster you pay off your outstanding balance, the less interest you will pay.

Talk to a Specialist