An unsecured line of credit can give you flexibility to deal with any current or future financial needs. Whatever your plans may be, an RBC Personal Line Of Credit is a solid choice. With a minimum of $5,000 and no stated maximum, RBC's offering can be more flexible than offers from other banks.
On the other hand, there's no mention of being able to use your debit card to make payments directly, and the variable interest rate means it's not a comfortable choice for everyone.
RBC Personal Line Of Credit features
This table is an overview of all the features the RBC Personal Line Of Credit has to offer:
Why You Want It
No annual fee + 24/7 access via ATM, cheques, or online transfers.
Special Features
- Optional LoanProtector life and disability or critical illness insurance available
Eligibility
- Canadian citizen
- Employed
- Age of majority
Provinces
ALL
Features
Secured Or Unsecured
Unsecured
Bank Prime Rate
4.7%
Flexible Repayment Options?
Access Funds Online?
ATM Access?
Cheques Access?
Debit Card Access?
Branch Access?
Minimum Credit Score
See Issuer for Details
Secured Available
RBC Personal Line Of Credit product rating: 2.8 stars
This flexible, unsecured line of credit from RBC is an excellent option that provides flexible repayment options and free withdrawals. Its variable interest rate offers the opportunity for low interest rates too, but you'll want to watch this carefully and plan accordingly
Access to an RBC Personal Line Of Credit is a bit limited since there's no mention of a debit card. But you can use Interac e-Transfers to cover charges on your credit card, giving you a chance to earn some rewards in the process.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of an RBC Personal Line Of Credit
An RBC Personal Line Of Credit is backed by a trustworthy big bank and has plenty of top features, like these:
Pros
Standard minimum limit of $5,000
Though RBC doesn't mention a maximum limit on their line of credit page, it does state that the minimum limit you can receive is $5,000. This is standard among other banks but is worth noting as it's a significant amount of cash to receive.
Upper limit of 65% of your home’s value
An RBC Personal Line Of Credit allows you to borrow up to 65% of the value of your home, less any prior outstanding mortgages. If you don’t have an outstanding mortgage, then you can borrow up to a maximum of 65% of your home’s value.
Multiple ways to access your cash
Being able to actually use your funds is an important feature of lines of credit. With RBC, you can access your line of credit funds 24/7 with 3 different methods: withdrawing money from an ATM, writing cheques, or transferring money through online banking. Just remember that you'll pay interest on the amount you withdraw.
Flexible repayment options
One of the main appeals of a line of credit is its flexibility, and RBC has capitalized on this. You have the option to pay more than the minimum payment at your discretion, and you can change all the payment details right in your online banking portal. This means you don't need to make a call every time you want to make an extra payment.
No fee to withdraw funds
While other banks sometimes charge no fees to withdraw funds from your line of credit, RBC doesn't. It also doesn't charge over-limit fees, which is a nice touch, keeping every dollar available for your personal use.
The cons of an RBC line of credit
Of course, every product has some downsides – here's what to keep in mind when considering an RBC Personal Line Of Credit:
Cons
No access card mentioned
Some lines of credit will give you a specialized access card to use for easy access to your money. We couldn't find any mention of this on the RBC site, so it's likely that no access card is issued for the RBC Personal Line Of Credit. That said, you can easily transfer your funds to other accounts through online banking.
Variable interest may mean higher rates later
The interest rates on an RBC Personal Line Of Credit are variable and based on the bank's prime rate (which is currently 4.7%). Though variable rates are usually lower than comparable fixed rates, your rate can change alongside the prime rate at any time. If you're nervous about possible fluctuations, this product isn't the right choice for you.
Only 2 free cheques a month
One of your access options is using a cheque. The good news is the first two cheques you use in a month are free, barring the initial costs of actually getting the cheques. But once you hit two in a month, you'll have to pay $2 per cheque until the monthly cycle resets. This isn't expensive, but it would be better if you didn't have to worry about it at all.
RBC line of credit alternatives
Curious how this product compares with similar products? Here's a side-by-side look at a few competitors:
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Personal Line Of Credit | TD Personal Line Of Credit | BMO Personal Line Of Credit | Scotiabank Personal Line Of Credit |
| Genius Rating | ||||
| Why You Want It | No annual fee + 24/7 access via ATM, cheques, or online transfers. | Choose between a variable or fixed rate + Access funds with debit card. | Low minimum monthly payments + Repay at your own pace. | Borrow up to $75,000 + Get a Visa Access card to use your funds easily. |
| Secured Or Unsecured | Unsecured | Unsecured | Unsecured | Unsecured |
| Bank Prime Rate | 4.7% | 4.7% | 4.7% | 4.7% |
| Flexible Repayment Options? | | | | |
| Access Funds Online? | | | | |
| ATM Access? | | | | |
Show More | ||||
| Find a loan See more RBC products Compare | Learn More See more TD products Compare | Learn More See more BMO products Compare | Learn More See more Scotiabank products Compare |
FAQ
How does an RBC Personal Line Of Credit work?
This product is similar to an RBC credit card – you get a set amount of money you can use and you only pay interest on the amount you take out. You can reuse your balance once you’ve paid it off.
What is the RBC Personal Line Of Credit interest rate?
It's a variable rate that's based on RBC's prime rate, meaning the rate is a number plus 4.7%, which is RBC's current prime rate. If you're uncomfortable with unpredictable rates, this LOC isn't right for you.
Is it bad to get a line of credit?
A line of credit is a type of revolving credit that can help you in emergencies, consolidate debt, etc. As long as you use it and regularly pay off your balance, it can be a powerful financial tool.
Is the RBC Personal Line Of Credit unsecured or secured?
You can get a secured or unsecured line of credit, depending on what you want. The type we discussed in this review was the unsecured version. The secured version means you’ll put your home or other assets on the line.
Is an RBC Personal Line Of Credit safe?
Yes, RBC is one of the biggest banks in Canada, so you can rest assured that the RBC Personal Line Of Credit is a solid product from a reliable, CDIC-insured institution with plenty of security features.
What is the maximum credit line for RBC?
Qualified borrowers can get up to 65% of the value of their home, less any outstanding mortgages. That’s for a personal line of credit, but RBC’s credit cards provide a variety of different credit limits.
What credit score do you need for a bank line of credit?
A score of 680 is considered a good credit score to apply for a bank line of credit. However, all banks have unique processes for determining approvals and credit score is just one part of your overall application.
How do I take money out of my line of credit at RBC?
You have a few options, including using ATMs, Interac e-Transfers via online banking, or using cheques to take money out of your line of credit. Remember you only get 2 free cheques per month, then they're $2 each.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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