The Secured RBC Royal Bank Visa Card
A good credit history is an essential element in achieving
financial success. A credit card helps you build a credit
history while providing a convenient way to shop.
If you are new to the country, or don’t have
the information needed to complete a RBC Royal Bank Visa* application,
you can still obtain a Canadian credit card by applying
for a secured RBC Royal Bank Visa card.
How it Works
The secured RBC Royal Bank Visa card works
in exactly the same way as a regular RBC Royal Bank
Visa card does.
Depending on the type of card you choose, you can earn
rewards points that you can redeem for merchandise and
you can include a co-applicant who will also receive
a card for your account.
The only difference is that, with a secured RBC Royal
Bank Visa card, you decide how much credit
you think you’ll need and then deposit that amount
as security.
For example, a $1,000 security pledge would give you
a spending limit of $1,000 on your Visa card.
Your Pledge is an Investment
We deposit your security pledge into an RBC Guaranteed
Investment Certificate (GIC) account in your name. That
means you’ll earn interest that will help your
savings grow, while you build a credit history.
Once you have established a good credit rating, the
GIC security will be released from your Visa
account. It can take up to 18 months or more to establish
a credit rating — that’s why it’s
important to start the process as soon as possible.
*Registered trademark of Visa International
Service Association. Used under license.
The content of this website is provided
for the general guidance and benefit of our clients.
This website is for informational purposes only and is
not intended to provide specific advice. See
full disclaimer. |
