Running a small business involves constant decision-making, from managing day-to-day operations to planning for long-term growth. One critical component of success is access to flexible financial tools that support your business’s evolving needs. The RBC Visa CreditLine for Small Business is designed with entrepreneurs in mind, offering a seamless combination of a credit card’s convenience and a line of credit’s flexibility.

With competitive interest rates, no annual fees, and a robust rewards program, this card ensures that business owners can focus on growth rather than worrying about financial limitations. It’s more than just a credit card—it’s a comprehensive financial solution tailored for small businesses.

Key information about the credit card

How does the annual fee work?

One of the defining features of the RBC Visa CreditLine for Small Business is its $0 annual fee. This aspect is particularly significant for small businesses looking to reduce operational costs while maximizing financial flexibility. Many credit cards for businesses come with hefty annual fees that can eat into budgets, especially for startups or smaller ventures.

How is the credit limit determined?

RBC determines the credit limit for this card based on a detailed assessment of the applicant’s financial profile. Key factors include the business owner’s credit score, the company’s income and cash flow, and overall financial health. Unlike secured credit cards, which require collateral, the RBC Visa CreditLine operates as an unsecured line of credit, offering greater accessibility for businesses that may not have significant assets to pledge.

Advantages of the credit card

• Earn Avion Points: For every $2 spent on net purchases, cardholders earn 1 Avion Reward point. These points can be redeemed for a variety of rewards, from merchandise and gift cards to travel and financial credits, making every purchase an opportunity to reinvest in your business or reward yourself.
• No annual fee: With no annual fee, this card ensures that businesses keep more of their profits while accessing critical financial tools.
• Fuel savings at Petro-Canada: By linking the card, business owners can save 3¢ per liter on fuel and earn 20% more Petro-Points and Avion Points, a valuable perk for businesses with regular transportation or delivery needs.
• Expense tracking: A dedicated business credit card simplifies expense management, helping owners separate personal and business transactions. This is especially useful during tax season, as it makes identifying deductible expenses easier.
• DoorDash benefits: Cardholders receive a complimentary three-month DashPass subscription, offering $0 delivery fees on orders of $15 or more. This perk is ideal for team meals or client meetings.
• Low interest rates: With competitive rates starting as low as Prime + 2.9%, this card minimizes borrowing costs, making it a cost-effective financing option for businesses.

Standout advantage

The most notable feature of the RBC Visa CreditLine for Small Business is its dual functionality. It seamlessly combines the features of a credit card with a line of credit, offering unparalleled financial flexibility. This means that businesses can manage both everyday expenses and unexpected costs without needing separate financial products. Whether you need to purchase supplies, cover payroll, or handle unforeseen repairs, this card adapts to your needs, making it a true partner for business growth.

Disadvantages

• Limited card issuance: Only two cards can be issued per company, which may not suffice for larger teams with multiple employees needing access to funds.
• Dependent on creditworthiness: Approval and credit limits are tied to the applicant’s financial standing, which could exclude businesses with weaker credit profiles.
• No travel-specific perks: While the card offers rewards, it lacks certain travel-focused benefits like lounge access or comprehensive travel insurance, which some competitors provide.

A standout disadvantage

A significant drawback is the restriction of only two cards per business. This limitation can be challenging for growing companies where multiple team members might require access to a business card. Owners may need to seek additional solutions to accommodate their team’s financial needs, which could lead to fragmented expense tracking and added administrative work.

Who can apply for this card?

The RBC Visa CreditLine for Small Business is available to business owners who meet specific eligibility criteria. Applicants must have a registered business and provide documentation to verify their operations and financial stability. While there isn’t a strict income requirement, RBC evaluates the business’s revenue, cash flow, and the owner’s credit history to determine eligibility.

Additionally, applicants must have an active RBC business account and provide identification, proof of income, and financial statements. The card is not designed for individuals with poor credit or businesses without established financial records. However, it offers a straightforward application process for qualified candidates, ensuring accessibility for most small business owners.

How to apply for the RBC Visa CreditLine for Small Business

For the website

Applying online is a convenient option for business owners who prefer handling the process remotely. To begin, visit RBC’s official website and navigate to the small business credit cards section. From there, select the RBC Visa CreditLine for Small Business and click “Apply Now.”

The online form requires you to fill in details about your business, including its name, registration number, and financial performance. You’ll also need to provide personal information such as your contact details and identification. Ensure you have supporting documents, like financial statements and tax returns, ready to upload. Once submitted, RBC will review your application and typically respond within a few business days.

Through the app

The RBC mobile app provides another efficient way to apply for the card. After downloading the app, log in to your business account and navigate to the “Credit Cards” section. Select the RBC Visa CreditLine option and complete the application directly from your smartphone.

The app streamlines the process by allowing you to securely upload required documents and track your application status in real time. Notifications keep you informed of updates, and RBC’s customer support is readily available through the app if you have questions. This method is perfect for busy entrepreneurs who need a fast and hassle-free application process.

At the branch

For those who prefer a more personal approach, visiting an RBC branch is a great option. Schedule an appointment with a small business advisor who will guide you through the application process. During your visit, bring all necessary documents, including proof of business registration, financial statements, and identification.

The advisor will assess your business needs and provide tailored recommendations, ensuring that the RBC Visa CreditLine for Small Business aligns with your goals. This in-person approach is particularly helpful for applicants who have complex financial situations or require additional services beyond the credit card.