Banking, Debt, Finance, Personal

How to Cancel RBC Credit Cards Online 

While having a credit cards from RBC can be a convenient way to make purchases and build credit, there may be instances where you may need to cancel your credit card. 

You can cancel your RBC credit card through various channels, including online. 

Canceling your RBC credit card online is a quick and convenient way to do so. It saves you time and the hassle of having to visit a physical branch or call customer service. 

In this guide, we will explore the steps involved in canceling your RBC credit card online and provide useful tips on how to prepare for the process. 

We will also discuss some of the potential implications of canceling your credit card and alternative options you can explore if you decide to cancel.

Before You Cancel Your RBC Credit Card Online 

Below are some of the key important tasks you need to clear before canceling your RBC credit card.

1. Confirm Your Decision   

Before canceling your RBC credit card, it is important to confirm if you really need to cancel it. 

Canceling a credit card can have potential consequences, such as affecting your credit score and losing any rewards or benefits associated with the card. 

Therefore, it is essential to evaluate your reasons for canceling and weigh them against the potential drawbacks.

2. Pay Off Your Card Balance

One crucial factor to consider before canceling your RBC credit card is to pay off your card balance. 

It is essential to ensure that you have cleared all outstanding balances on your credit card before canceling it. 

Failure to do so may result in additional fees and charges that can negatively impact your credit score.

When you cancel your credit card with a balance, you are still responsible for paying off the debt. 

The bank may charge you interest or other fees until the balance is cleared, making it more challenging to pay off the debt. 

Additionally, carrying a high balance on your credit card can negatively affect your credit score, making it harder for you to get credit in the future.

Learn how a credit score is calculated in Canada 

If you are unable to pay off your balance in full, consider transferring your balance to another credit card with a lower interest rate or contacting RBC to explore other options, such as a payment plan or debt consolidation.

3. Cancel Pre-Authorized Payments 

Another thing you want to do before canceling your RBC credit card is to cancel any pre-authorized payments or direct debits that are linked to your RBC card. 

If you have any pre-authorized payments or direct debits linked to your RBC credit card, they will not be automatically canceled when you cancel your card. 

This means that if you do not cancel these payments or debits beforehand, they may continue to be charged to your card even after it has been canceled, which can result in a failed transaction, hence penalties from your merchants.

To cancel any pre-authorized payments or direct debits, you should contact the companies or organizations that you have authorized to withdraw funds from your RBC credit card.

You can either provide them with an alternative payment method or request that they cancel the payment or debit entirely.

4. Redeem Your Rewards  

Before canceling your RBC credit card, it is important to review and redeem any rewards or points you may have accumulated on the card as you may lose them once the card is closed. 

The redemption options and value of your rewards may vary depending on the type of RBC credit card you have and the rewards program associated with it.

To redeem your rewards, log in to your RBC account and navigate to the rewards section. Review the available options and redeem them. 

Some rewards may require a minimum threshold for redemption, so make sure to check the terms and conditions.

By redeeming your rewards before canceling your RBC credit card, you can maximize the benefits of your credit card usage and avoid losing any accumulated rewards.

5. Subscribe For a New Card

The final thing you want to do is to consider signing up for a new card. 

One of the main reasons for doing so is to maintain or improve your credit score. Canceling a credit card can hurt your credit score, as it can affect your credit utilization ratio and average credit age.

By signing up for a new credit card, you can maintain your overall credit utilization ratio and potentially improve.

Additionally, having a new credit card with a different issuer can diversify your credit profile and potentially improve your credit mix, which is another important factor in your credit score.

When considering signing up for a new credit card, it is important to carefully evaluate your options and choose a card that meets your needs and spending habits to avoid frequent cancellations.

Look for a card that offers rewards or benefits that are relevant to you, such as cashback or travel rewards. Also, be mindful of any fees associated with the card, such as annual fees or foreign transaction fees.

How to Cancel RBC Credit Card  Online

It’s time to proceed with canceling your RBC credit card from the comfort of your own home. Luckily, it is a simple process that requires only internet access.

To cancel your RBC credit card online, follow these step-by-step instructions:

  • Go to your RBC Online Banking account
  • Click “Messages/Alerts” 
  • Go to “Message Centre”
  • Press “Send a Secure Message” 
  • Enter the details of the RBC credit card you want to cancel and the reason for cancelation. 
  • Click send to complete the process  

After receiving your message, RBC will review your account profile to ensure there are no outstanding balances or issues. 

If there are any, you will need to clear them before proceeding with the cancellation. However, if your account is in good standing, RBC will call to confirm the successful cancellation of your card.

Once you have confirmed the cancellation, you can proceed to safely destroy the card.

Congratulations, you have successfully canceled your RBC credit card!

More on RBC:  

Alternative to Canceling RBC Credit Card 

The article highlights the importance of having a good credit score, which is impacted by the length of credit history and credit mix rating. 

Canceling a credit card may not always be the best option, even if there are valid reasons to do so. Instead, there are alternative options that can be explored. 

One option is to negotiate better terms and rates for RBC. This can be done by contacting them by phone, online, visiting a branch, or sending an email. 

You can request RBC to focus on reducing the interest rates or annual fees of your card. You can also negotiate for a credit increase or reduction.

Another option is to keep your RBC credit card account open, even if you’re not using the card frequently. This can help maintain the length of credit history, which is an important factor in determining credit score ratings. 

If none of these options suit you can switch to another RBC card or move to a different credit card provider.

Alternatives to RBC Credit Cards

Being the largest bank in Canada by market capitalization, RBC offers some of the best banking deals in the country across various categories. 

It is important to note that a negative experience with one RBC credit card does not necessarily mean you will have the same experience with another RBC card. 

Therefore, it is crucial to know the different RBC credit cards available, factoring in their credit limit, interest rates, annual fees, rewards, and income eligibility.

To help you make an informed decision, here are some of the top RBC credit cards you may want to consider:

  • RBC Avion Visa Infinite
  • RBC ION Visa
  • RBC Cash Back Mastercard
  • WestJet RBC World Elite Mastercard
  • RBC Visa Classic Low Rate Option
  • RBC Avion Visa Business
  • RBC U.S. Dollar Visa Gold
  • RBC RateAdvantage Visa

You can learn more about the above cards through this link.

However, if you are looking to move to a different card provider, consider the following credit cards, which are among the best in the market.

Credit CardKnown ForAnnual FeeInterest
Tangerine Money-Back Credit CardNo annual feeNone19.95% on purchases & cash advances
Neo Financial MastercardCashback None19.99%-26.99% on purchases & 22.99%-28.99% on cash advances
HSBC +Rewards MastercardLow-interest rates$2511.9% on purchases & cash advances
Students – BMO CashBack MastercardStudents None20.99% on purchases & 22.99% on cash advances
Home Trust Secured VisaBuilding credit None19.99% (or 14.90% with a $59 annual fee) on purchases & cash advances
BMO CashBack Business MastercardBusiness activities None
19.99% interest on purchases & 22.99% interest on cash advances

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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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