A Flexible, Low-Cost Way to Borrow Money
You could save thousands of dollars a year and easily manage your credit with a Royal Credit Line.
Key Features
A Royal Credit Line4disclaimer 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
-
24/7 access
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.
-
Optional
LoanProtector® life and disability or critical illness insurance5disclaimer provides protection for you and your family.
-
Available Credit Alerts
You’ll automatically receive an alert when your available credit falls below $100. Your alert limit can be customized to meet your needs and preferences, helping you stay connected to your money, your way.
Learn more about RBC Alerts
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.
Prime Lending Rate
The prime lending rate is the loan interest rate that a financial institution uses as a base to calculate interest rates. Today's Royal Bank of Canada Prime Rate: 6.450%
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.
Frequently Asked Questions
- Make payments on a fixed schedule (monthly, bi-monthly, bi-weekly, weekly) that includes principal and interest (blended payment)
- Make interest-only payments on a monthly basis and principal payments at your discretion
- Make principal payments scheduled to suit your budget (monthly, bi-monthly, bi-weekly or weekly basis)
- Yes, once you enrol in Online Banking you can:
- View your transactions from this account and your other RBC accounts
- Make principal payments any time, without penalty
- Transfer funds, up to your available credit limit from your Royal Credit Line to your other RBC Royal Bank accounts and other payees
You will receive a monthly statement itemizing your transactions, payments and withdrawals. Statements are not issued for accounts without any activity (no payments, interest or outstanding balance).
Call 1-866-233-3004 or visit any RBC Royal Bank Branch.
Loan Calculators and Tools
Line of Credit & Loan Payment Calculator
$ Dollar
Debt Consolidation Calculator
Find out what your new monthly payments would be and how soon you could be debt free.
Apply for a Line of Credit
Our credit specialists will help you select the credit solution that is right for you.
Call to Talk to a Credit Specialist
1-800-769-2511
1-800-769-2511
Visit Us in Branch
Find a Branch
View Legal DisclaimersHide Legal Disclaimers
1
There is no charge to withdraw funds via ATM or transfer out of RCL. Two Royal Credit Line cheques may be written during each monthly cycle without charge. A $2.00 Royal Credit Line Cheque Fee applies to each cheque thereafter—and a charge for cheque orders that depends on the design and quantity of the cheques you choose. Refer to your Royal Credit Line Agreement for details.
2
Two Royal Credit Line cheques may be written during each monthly cycle without charge. A $2.00 Royal Credit Line Cheque Fee applies to each cheque thereafter—and a charge for cheque orders that depends on the design and quantity of the cheques you choose. Refer to your Royal Credit Line Agreement for details.
3
The minimum payment is the accrued interest, service fees and any other charges that apply for that period, including your LoanProtector insurance premium and taxes, if applicable.
4
Royal Credit Line accounts are available to clients who meet RBC Royal Bank standard credit criteria. This is a general description of Royal Credit Line; for more information and product details, call us at 1-833-345-1137.
5
LoanProtector is an optional creditor group insurance program underwritten by The Canada Life Assurance Company and is subject to terms, conditions, exclusions, eligibility restrictions, and benefits maximums. Please see the LoanProtector certificate of insurance for full details.
