Managing business finances effectively is crucial for success, and the RBC Visa CreditLine for Small Business is designed with this goal in mind. This innovative credit card offers business owners a convenient and cost-effective way to access funds when needed. With no annual fee, a competitive interest rate starting at Prime + 2.9%, and the opportunity to earn Avion Points, this card is tailored to help small businesses grow.
In addition to its financial benefits, the RBC Visa CreditLine for Small Business includes features that make daily operations smoother. From separating business and personal expenses to providing rewards that can be reinvested, this card combines practicality with value. Whether you’re starting out or looking to streamline your financial processes, it’s worth exploring what this card has to offer.
Key information about the RBC Visa CreditLine for Small Business
How does the annual fee work?
One of the most notable features of this credit card is its $0 annual fee, making it an excellent option for small business owners. Managing expenses is crucial, and avoiding additional fees allows you to allocate resources to areas that directly support your business’s growth, like marketing, inventory, or employee development.
While many business credit cards charge annual fees to justify their benefits, the RBC Visa CreditLine stands out by offering robust functionality without this added cost. This fee-free structure means you can enjoy perks such as earning Avion Points, accessing credit lines, and benefiting from rewards—without the burden of extra charges. For cost-conscious entrepreneurs, this isn’t just a convenience but a significant advantage, providing both flexibility and value to support long-term financial success.
How is the credit limit determined?
The RBC Visa CreditLine for Small Business functions as an unsecured line of credit. The credit limit is determined based on your business’s financial profile, including factors such as:
- Creditworthiness: A strong personal and business credit score can lead to a higher credit limit.
- Annual revenue: Higher revenues often translate into increased borrowing capacity.
- Business history: Established businesses with a track record of success may qualify for higher limits.
Because the card is unsecured, no collateral is required, making it accessible for businesses that may not have significant assets to pledge. RBC’s evaluation process ensures that the assigned credit limit aligns with your business’s financial health and borrowing needs.
Advantages of the RBC Visa CreditLine for Small Business
This card offers a range of benefits that cater specifically to business owners. These include:
- No annual fee: Keep your operating costs low without sacrificing features or rewards.
- Earn Avion Points: Earn 1 point for every $2 spent on eligible purchases. These points can be used for business reinvestment, travel, or merchandise.
- Fuel savings: Save 3¢ per liter at Petro-Canada and earn 20% more Petro-Points and Avion Points.
- Expense management: Easily separate personal and business spending, which simplifies tax preparation and budgeting.
- DoorDash perks: Enjoy three months of complimentary DashPass, which includes $0 delivery fees on orders over $15.
- Fraud protection and extended warranty: Protect your purchases with robust security features and additional warranty coverage.
A standout advantage: the Avion Rewards program
The Avion Rewards program is a significant benefit for businesses looking to maximize their spending. For every $2 spent on eligible purchases, you earn 1 Avion Point, which can be redeemed for a variety of options:
- Travel rewards: Redeem points for flights, hotels, car rentals, or vacation packages.
- Business reinvestment: Use points to purchase equipment, supplies, or gift cards for employees.
- Financial rewards: Apply points toward your credit card balance or other financial goals.
What sets Avion Rewards apart is its flexibility. Unlike many other programs, there are no blackout dates for travel, and you can book flights on any airline at any time using their online booking tool powered by Orbitz.
Disadvantages
While the RBC Visa CreditLine for Small Business is a strong contender for small business credit cards, there are a few drawbacks to consider:
- Limited availability: This card is designed exclusively for businesses with up to two owners, limiting its scope.
- No introductory bonus: Some competitors offer welcome bonuses or cashback promotions, which this card lacks.
- Dependent on credit profile: Approval and credit limit are tied to your creditworthiness, potentially excluding startups or businesses with limited credit history.
A disadvantage to note: no introductory rewards
Unlike other business credit cards that provide an upfront incentive, such as a bonus for meeting a spending threshold within the first few months, the RBC Visa CreditLine for Small Business does not offer such promotions. For businesses prioritizing immediate rewards, this might feel like a missed opportunity.
Who can apply for this card?
To apply for the RBC Visa CreditLine for Small Business, applicants must meet the following requirements:
- Be at least 18 years old.
- Own a registered business in Canada.
- Provide documentation of business income and financial health.
- Maintain a good credit score, as approval depends on your financial history.
This card is best suited for small business owners who are looking for a cost-effective way to manage expenses. However, it may not be ideal for individuals with poor credit or those seeking a card with extensive employee card options.
How to apply for the RBC Visa CreditLine for Small Business
The application process is straightforward and can be completed through various channels:
Applying via the website
For additional information regarding this card, we invite you to visit our website (link provided at the end of this document).
While online applications are not currently available, we offer various channels to assist you, including our agency network, customer service hotline, and dedicated business specialists. The most suitable option will depend on the size of your company.
Applying by phone
For more information or to request this card, please contact our customer service department at 1-800-769-2520.
Applying in person at a branch
- Locate the nearest RBC branch and schedule an appointment.
- Bring required documentation, such as proof of business registration and financial statements.
- Consult with a business banking specialist to complete the application process.
