In the world of finance, credit cards play a pivotal role in providing individuals with financial flexibility. Choosing the right credit card is crucial for optimizing financial benefits. One such credit card that has been gaining attention is the Gold Royal Trust Credit Card.
Here’s what you should know about this card:
What is it?
The Gold Royal Trust Credit Card is a financial product offered by Royal Bank of Canada. It’s a secured credit card backed by a pool of credit card receivables. This means that the card is not directly issued by Royal Bank of Canada, but by a trust that holds these receivables as collateral.
Who is it for?
The Gold Royal Trust Credit Card is a good option for people who have bad credit or limited credit history. It can help them build credit and qualify for better interest rates and loans in the future.
Benefits of the Gold Royal Trust Credit Card
- Build credit: Because the Gold Royal Trust Credit Card is secured by a pool of receivables, it can help you build credit even if you have bad credit or limited credit history.
- Low-interest rates: The Gold Royal Trust Credit Card typically offers lower interest rates than unsecured credit cards.
- Rewards: The Gold Royal Trust Credit Card may offer rewards such as cashback or points.
- Widely accepted: Visa is accepted at over 44 million merchants around the world.
Applying for the Gold Royal Trust Credit Card
Contact RBC customer service:
- Call the customer service number on the back of your existing RBC credit card or visit a local branch.
- Inform the representative that you’re interested in applying for the Gold Royal Trust Credit Card.
- They will guide you through the process and provide information on how to proceed with your application.
Gold Royal Trust Credit Card Application Requirements
Specific application requirements for the Gold Royal Trust Credit Card may vary depending on individual circumstances. However, here’s a general outline of the documents and information typically required:
Personal Information:
- Valid government-issued photo ID (e.g., passport, driver’s license)
- Social Security Number (SSN)
- Proof of residency (e.g., utility bills, bank statements)
Financial Information:
- Proof of income (e.g., paystubs, tax returns)
- Bank statements (optional)
- Details about assets offered as collateral (e.g., investment portfolio, property deeds)
Credit Information:
- Credit history report (optional)
- Consent to perform a credit check (RBC may obtain your credit report)
Additional Requirements:
- Completion of the application form or submission at a branch
- Signature on the application form
- Agreement to terms and conditions
It’s important to note that providing collateral is a specific requirement for this secured credit card. The value and type of collateral will affect your credit limit.
Checking Your Gold Royal Trust Credit Limit
Your credit limit for the Gold Royal Trust Credit Card can depend on several factors, including:
- Value of collateral: This is the primary factor determining the credit limit. The higher the value of the collateral, the higher your credit limit will be.
- Creditworthiness: Your credit history, score, and income will also be considered when determining your credit limit.
- Cardholder agreement: The specific terms of your cardholder agreement may also impact your credit limit.
Here are some ways to find your Gold Royal Trust Credit Card limit:
- Check your online banking: If you have online banking access, you should be able to see your credit limit there.
- Call customer service: You can call the customer service number on the back of your card and speak to a representative who can tell you your credit limit.
- Review your monthly statement: Your monthly statement will show your current credit limit.
Note that your credit limit can change over time. If you make your payments on time and use your card responsibly, your credit limit may increase. Conversely, if you miss payments or exceed your credit limit, your credit limit may decrease.
Alternatives to the Gold Royal Trust Credit Card
While the Gold Royal Trust Credit Card offers a way for individuals with limited credit history, it’s essential to consider alternatives before committing to a secured card. Here are some options worth exploring:
Other Secured Credit Cards:
- RBC Secured Visa: This card offers similar benefits to the Gold Royal Trust Credit Card but with a lower annual fee and potentially lower interest rates.
- Capital One Platinum Secured Mastercard: This card boasts a competitive interest rate and no annual fee, making it a budget-friendly option.
- Discover it® Secured: This card provides cashback rewards on purchases and automatically converts to an unsecured card after on-time payments.
Unsecured Credit Cards for Bad Credit:
- OpenSky® Secured Visa: This card requires a security deposit but offers the potential to graduate to an unsecured card with responsible credit usage.
- Indigo® Mastercard®: This card caters specifically to individuals with bad credit and offers a chance to improve their credit score over time.
- Capital One QuicksilverOne® Cash Rewards: This card offers cashback rewards and a manageable credit limit for those rebuilding their credit.
Conclusion
The Gold Royal Trust Credit Card can be a good option for people who have bad credit or limited credit history. It can help you build credit and qualify for better interest rates and loans in the future. However, it is important to compare different secured credit cards before you apply to find the best one for you.
Additional resources:
- Royal Bank of Canada Investor Relations: https://www.rbc.com/investor-relations/golden-credit-card-trust.html
- Golden Credit Card Trust – DBRS Morningstar: https://www.dbrsmorningstar.com/issuers/606/golden-credit-card-trust
- Credit Cards – RBC Royal Bank: https://www.rbcroyalbank.com/credit-cards/index.html
Disclaimer:
This blog post is for informational purposes only and does not constitute financial advice. Please consult with a financial advisor before making any financial decisions.
