Credit Card Terms

Interest rate

The interest rate is measured as a percentage and usually expressed as an annual percentage rate. RBC Royal Bank offers a host of RBC Royal Bank credit cards with varying interest rates, benefits and rewards to suit every lifestyle. Compare interest rates with our Credit Card Comparison Tool.

Minimum payment

If you choose not to pay the full balance owing on your RBC Royal Bank credit card, you must pay at least the Minimum Payment due each month to maintain a good credit rating. This amount will appear on your monthly credit statement in the box marked "Minimum Payment". It will normally be $10 plus the Interest and the Fees. If the outstanding balance is less than $10 or less than the calculated Minimum Payment, the outstanding balance will be the Minimum Payment. This Minimum Payment may also include any past due amounts and any portion of the total new balance owing that is more than your credit limit.

Annual fees and service fees

Depending upon the level of benefits, rewards and money-saving insurance coverages associated with each card, some RBC Royal Bank credit cards have annual fees-a once yearly charge for ownership-while others do not. In addition, certain charges apply for services such as cash advances, dishonoured cheques, statement copy fees and more. For a complete list of the annual fees and service charges associated with each card, please consult your Cardholder Agreement.

Grace period

The grace period is the number of days you have to pay your bill before interest is accrued on your purchases, providing you do not have a revolving balance. There is no grace period for cash advances. View the grace periods associated with each card.

Outstanding balance

The amount owing on your RBC Royal Bank credit card once a payment has been made, is the outstanding balance.

Cash advance

You can use your RBC Royal Bank credit card to obtain cash at any ATM or for RBC credit cards, at an RBC Royal Bank Branch. Interest is charged on cash advances from the time the cash advance is made. To view the current interest rate for cash advances, refer to your Cardholder Agreement for details.

Credit limit

Your monthly RBC Royal Bank credit card statement shows your credit limit. This is the maximum amount that can be charged to your RBC Royal Bank credit card to cover purchases, cash advances, interest, service fees and other charges. You may use your RBC Royal Bank credit card up to this amount. As the charges on your RBC Royal Bank credit card increase or decrease, the amount of credit available to you goes up and down. To increase or decrease your credit limit, simply call 1-800-769-2512.