Build your credit history with an RBC Royal Bankо Visacard.pdf by yan198555



Build your credit history with
an RBC Royal Bank® Visa card
In Canada, to borrow money for significant purchases,
you need to have a good credit history. One great way
to start building your credit history is with an RBC Royal
Bank Visa card.
Your credit history is a list of facts,   good reasons to get a Canadian card:
gathered from financial institutions,     > It’s a convenient way to shop and
retailers and other lenders, about          pay for services.
how you have handled credit in the        > A credit card is essential for certain
past. Canada’s central credit bureaus       purchases, such as setting up
keep track of how Canadians borrow          contracts for a mobile phone, renting
and repay money, and then create            a car or shopping online.
a credit score for each borrower in       > It enables you to make everyday
the country. Your good credit score is      purchases without carrying large
proof to other potential lenders that       amounts of cash.
you can be relied on to pay your bills    > You’ll make purchases in Canadian
and make payments on time.                  funds and avoid exchange-rate costs.
                                          > You can often use it as a form of
Helping newcomers get established           identification.
For people who are new to Canada,         > Your credit history from another
one of the easiest, most effective          country is not considered when
ways to start building a credit history     creating a credit history in Canada.
is to get a Canadian credit card.
                                          The secured RBC Royal Bank Visa card
We can help you complete an ap-
                                          Depending on your circumstances,
plication for an RBC Royal Bank Visa
                                          you might benefit from using the
card. You’ll need identification and
                                          secured RBC Royal Bank Visa card.
some personal information. Come
                                          With this card, you decide how much
into any branch for complete details.
                                          credit you think you’ll need and then
Even if you have a credit card from       deposit that amount as security. For
another country, there are many           example, a $1,000 security pledge
                                          would give you a spending limit of
2   Banking                                                                              Build your credit history with an RBC Royal Bank Visa card

$1,000 on your RBC Royal Bank              Your security pledge:
Visa card.                                 it’s an investment                          Important banking terms

The secured card must be applied           Your security pledge is placed in an        Here is an explanation of the terms
for at an RBC branch.                      RBC Guaranteed Investment Certificate       you’re most likely to encounter when
                                           (GIC), where it earns interest for you.     you apply for a credit card.
Who should get a credit card               The amount deposited will grow, while
                                                                                       Automated Teller Machine (ATM). A
In most cases, it’s a good idea for all    you build a credit history. Once your
                                                                                       self-service machine where you can
adults over age 18 to have their own       credit rating is established, the GIC
                                                                                       complete basic banking transactions
credit card account. That way, every-      security will be released from your RBC
                                                                                       and withdraw cash using your Client
one in your family will be establishing    Royal Bank Visa account. It can take
                                                                                       Card and a PIN.
a credit history that will put them in a   up to 18 months to establish a credit
good position for the future.              rating — that’s why it’s important to       Credit card balance. The total amount
                                           start the process now.                      owing on your credit card.
In addition, you can arrange for
another person, such as your spouse,                                                   Credit bureau report. Your credit history
to be a co-applicant on your RBC                                                       is compiled by Canada’s central credit
Royal Bank Visa card. The co-applicant                                                 bureaus. When a bank or utility con-
                                           Tips for using credit wisely
will receive a separate card to use, but                                               siders an application for credit or an
you’ll be the primary cardholder, all      To keep your personal information safe      account, it will request the applicant’s
charges will appear on your account        and build a strong credit history, always   credit report.
and a credit history will be built in      remember to:                                Credit history. A list of facts, gathered
your name only.                                                                        from financial institutions, retailers
                                           >   Sign the back of your RBC Royal Bank
                                               Visa card when you receive it.          and other lenders, about how you have
Choose your RBC Royal Bank Visa card                                                   handled credit in the past.
We offer a range of personal RBC Royal     >   Compare your receipts to your
                                                                                       Credit limit. The amount of credit a
Bank Visa credit cards. Whether you’re         monthly statements and report any
                                                                                       financial institution will give a client.
looking for a card with travel and             discrepancies.
                                                                                       Can also be the maximum amount a
merchandise rewards, valuable
                                           >   Pay off your card in full each month    credit card company allows someone to
discounts, low interest rates, or Gold
                                               by the due date.                        borrow on one credit card.
and Platinum cards, we offer a suite of
products to complement your lifestyle      >   Never exceed your credit limit.         Security pledge. An amount of money
and reward your spending habits.                                                       equal to the amount of credit you wish
We want to ensure you get the best                                                     to receive on an RBC Royal Bank Visa
value, security and convenience for                                                    card. The security pledge is held by
your money.                                                                            Royal Bank of Canada in case you are
                                                                                       unable to pay the amount owing on the
Ready to get started?                                                                  credit card.
If you’d like to apply for an RBC Royal
Bank Visa card, just drop by an RBC
branch and ask for a member of our
team. Additional information about
RBC Royal Bank Visa cards is available
online at
3   Banking                                                                                                            Build your credit history with an RBC Royal Bank Visa card

     How RBC Royal Bank can help

     For more information about how we can help newcomers to                               These publications also exist in the following languages:
     Canada, please visit our Website:                                        English                               Tamil
     We have created publications specifically for newcomers to                                   French                                Tagalog
     Canada on the following topics.                                                              Chinese                               Farsi
     >   Bank accounts                                                                            (traditional & simplified)            Korean
     >   Credit                                                                                   Punjabi                               Romanian
     >   Buying a car                                                                             Hindi                                 Spanish
     >   Buying a home                                                                            Urdu                                  Russian
     >   General insurance                                                                 Please feel free to ask for the publications of your choice.
     >   Creditor insurance
     >   Registered Retirement Savings Accounts
     >   Registered Education SavingsAccounts
     >   Investing

                 All Visa products mentioned in this brochure are offered by Royal Bank of Canada. This publication provides general
                 information only and is not intended to provide specific advice. Not intended to offer services or solicit customers where
                 prohibited by law.
                 ® Registered trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. *Registered trademark of Visa
                 International Service Association. Used under license.
                 © 2008 Royal Bank of Canada. All rights reserved.

                                                                                                                                                              28393 (02/2008)

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