Last week the Royal Bank of Canada (RBC) released a new poll, which doubled as the launch of a brand new credit card, the RBC MyProject MasterCard.
To recap, the RBC MyProject MasterCard is a credit card that gives you the convenience of a credit card and the security of a loan. This credit card is ideal for anyone looking to renovate their home. The fact is, the RBC MyProject MasterCard is a flexible way to finance a specific project you have in mind.
What are the features and benefits of the RBC MyProject MasterCard?
As I mentioned, the RBC MyProject MasterCard offers you the use of a credit card, with the security and repayment schedule of a fixed or variable rate loan.
- A credit limit of $10,000 to $40,000; there is a pre-determined interest rate and a structured payment plan.
- Make no payments and accrue 0% during your 6 month purchase period. Once you have reached the end of your purchase period, your credit card converts into a loan with a set monthly payment amount.
- You are given great online tools, such as myFinanceTracker, which allows you to automatically track your expenses and stay in control of your budget
- Your purchases are protected automatically against loss, theft or damage for up to 90 days from the date of purchase. Your warranty is also doubled!
With any project, your expenses can get unpredictable. The RBC MyProject MasterCard allows you to spend up to your approved credit limit. To allow yourself to be prepared for just about anything, apply for 10-20% more financing than you estimated in your project budget (just in case you need it).
Hoe does the RBC MyProject MasterCard work?
The RBC MyProject MasterCard can be broken down into 3 steps:
Step 1: Apply
Ideally, you want to apply 3 – 4 weeks before you need to start your project. You need to choose the amount you want to apply for, whether you want a fixed rate or variable rate loan, your amortization term (up to a maximum of 15 years) and the RBC branch you want to pick up your card at.
Step 2: Making purchases
You can use your RBC MyProject MasterCard to make project related purchases anywhere MasterCard is accepted. Remember, you have a 6 month purchase period where you are accrue no interest.
Step 3: Make monthly payments
Once you have reached the end of your purchase period, your RBC MyProject MasterCard account will expire and your balance automatically converts into a loan with regular monthly payments.
The main reason I like the RBC MyProject MasterCard is because you can spend as if you are pulling from a loan, but it is on plastic. You are not wasting time transferring money from one credit source to another. You are using one source, and you have 6 months to potentially pay it off, if not a good chunk interest free.
If you are interested in the RBC MyProject MasterCard, apply here.
What do you think of the RBC MyProject MasterCard?