When it comes to managing finances for your business, having a reliable credit card can make a big difference in terms of convenience and flexibility. If you`re considering applying for a business credit card, the RBC Royal Bank Business Credit Card can be a great option to consider.
Before you sign up for any credit card, it`s important to understand the terms and conditions of the agreement. With the RBC Royal Bank Business Credit Card, there are a few key things to keep in mind:
Interest Rates and Fees
Like any credit card, the RBC Royal Bank Business Credit Card comes with interest rates and fees that you should be aware of. For instance, the annual interest rate for purchases and cash advances is typically 19.99%, although this may vary depending on your creditworthiness and other factors. There is also an annual fee of $120 for the primary cardholder and $50 for each additional cardholder.
Rewards and Benefits
One of the key benefits of the RBC Royal Bank Business Credit Card is the rewards program. You can earn points on purchases, which can be redeemed for travel, merchandise, and other rewards. Additionally, the card comes with travel insurance coverage, as well as access to a concierge service that can assist with travel and entertainment bookings.
Credit Limits and Spending
When you apply for the RBC Royal Bank Business Credit Card, you will be given a credit limit based on your creditworthiness and other factors. This limit will determine how much you can spend on the card. It`s important to keep in mind that exceeding your credit limit can result in fees and penalties.
Billing and Payment
You will receive a monthly statement detailing your purchases, interest charges, and any applicable fees. It`s important to review these statements carefully to ensure that you are aware of your spending and can make timely payments. Late payments can result in additional fees and damage to your credit score.
Overall, the RBC Royal Bank Business Credit Card can be a valuable tool for managing your business finances. By understanding the terms and conditions of the agreement, you can ensure that you are using the card responsibly and maximizing its benefits. As with any financial decision, it`s important to carefully consider your needs and options before choosing a credit card.