Every bank in Canada offers a few credit card options that you can sift through to decide which one is right for your financial needs. One of the biggest banks in Canada is RBC.
The bank works with partners to provide their customers with many different kinds of cards. From travel to reward to standard credit cards, you have many options.
In this review, we will be looking at one of the standard cards – the RBC Visa Platinum card. Let’s take a look at all the features and benefits that a cardholder is afforded when approved for this card.
Features
The RBC Visa Platinum card has no annual fee and does not charge you for an additional card. The card also allows you to opt-in for insurance coverage for travel, automobiles, and other purchases.
Along with that, the card allows its cardholder to sign up for emergency travel assistance, as well. Some of the other features that you will be able to take advantage of if you are approved are as follows.
- Fuel savings at Petro-Canada
- Credit card lock
- Balance protector insurance
- Identity and Fraud protection
- Road assistance program
- Travel insurance
Benefits
When approved for the card, you will be able to enjoy up to a $50,000 credit limit. This will, of course, depend on your credit and income.
You will also have the ability to choose special offers from brands that will earn you points and cash savings. On top of that, you can opt-in for premium insurance coverage, as we have said above. Choose between 24/7 travel assistance and couple it with other insurance policies to ensure you are covered no matter where or what you are doing.
How to Apply
You can apply online or at a branch. You will need to ensure you have all the documents needed for proof of identity, income, and employment history.
Once you have that, you can then start the application process. If doing it online, you will want to click the link below and follow the instructions. Once the application is submitted, most people receive a response within a few minutes.
If you want to apply, follow this link to the application page.
Who is Eligible?
The bank will, of course, look at things like your credit and income to determine if you are eligible for the RBC Royal Bank credit card. Along with that, you will need to meet the following requirements.
- Be a resident of Canada
- Be the age of majority in your territory or province
- Have a valid bank account
- Present valid identification
Fees and Interest
Again, the RBC Visa Platinum card has no annual fee, and it is usually issued with a representative 19.99% APR on purchases and a 22.99% on cash advances. Of course, these rates will be determined by the applicant’s credit.
For cash advances, there will also be a $3.50 fee charged. Foreign transactions will have a $5 fee attached to each one.
On top of the promotional rate, when it comes to balance transfers, the cardholders will see a 3% fee, as well. Other fees to be aware of include the following.
- $29 for exceeding your daily limit
- $45 for returned or declined payment
- $5 for duplicate statement
- $1.50 for additional statements requested at a branch
- $2 for transaction receipt copies from non-current statement cycles
Bank Contact Info
If you have more questions, you can contact the bank with the following information.
Phone: 1-800-769-2512
TTY: 1-800-769-2518
Collect: 416-974-7780
Royal Bank of Canada, RBC Water Park Place, 16th Floor, 88 Queens Quay West, Toronto, ON M5J0B8
Website: www.rbcroyalbank.com
Summary
Trying to find the right credit card for your needs and financial standing can be challenging, as there are so many options available. Every bank offers its own unique list of cards to choose from, but with a little information, the decision-making process should be easier.
The RBC Visa Platinum card comes with a lot of great features and benefits. If you are looking for an easy-to-manage card that allows you to build your credit, then this one should definitely be in the running.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.