Balance protection insurance is a type of insurance that helps you pay off your credit card debt if one of many specific unforeseen events occurs. Injury, job loss, hospitalization, terminal illness, death, or a lawful strike or walkout are examples of these.
Balance protection insurance, like other types of insurance, contains exclusions, eligibility restrictions, and coverage limitations. Before acquiring balance protection insurance from your credit card company, read the policy conditions and insurance certificate carefully.
What does balance protection insurance do?
- Balance protection is a sort of credit card insurance that guarantees that the minimum monthly payment linked with the card’s outstanding debt balance will be paid off.
- This insurance only kicks in if the cardholder is unable to pay owing to a specific set of conditions, such as illness or unexpected unemployment.
- Balance protection can help customers from defaulting on their credit card debt, but it can’t stop the amount from growing.
Address on file
Unless (1) we have received and processed your written notice of a change of address provided in accordance with the terms disclosed on the back of your bill, in which case that new address is the address of record; or (2) if your address changes before we have sent out your first bill, we have received and processed your written notice of a change of address provided in accordance with the terms disclosed on the back of your bill, in which case that new address is the address of record.
APR or Annual percentage rate
An annual percentage rate, or APR, is an interest rate that is calculated on a yearly basis. APRs for different balances on your account, such as your purchase balance or your cash advance balance, may vary. The interest you owe us on the account is calculated using the APR that applies to each balance.
Assign
If we sell or transfer some or all of our rights or duties under the contract to a third party, including any amount owed under the contract, we will convey your credit card contract. Any person to whom we assign your contract will have all of our rights under the contract, including contractual rights to collect monies owed on the account, subject to the scope of the assignment.
Authorized charge
Any charge made on the account by you or any authorized user, as well as any fees and interest charges owed on the account, are considered authorized charges.
An authorized charge is one that has been made by an authorized user. This is true even if you specifically instructed the authorized user not to make that charge.
Even if the transaction is illegal (such as illicit gambling charges), or if it exceeds your credit limit, or if it is made after your account has closed, the charge will be authorized.
An authorized charge can be made by phone, in person, online, or in any other way that your account allows.
Authorized user
He or she is an authorized user if you ask us to issue a credit card on this account to someone else. Furthermore, if you give another person your card or card number, he or she becomes an authorized user.
Average daily balance method with compounding
We calculate interest charges for each amount using this technique by multiplying the “daily periodic rate” for that balance by the “average daily balance” for that balance. We multiply the result by the billing cycle’s number of days. This tells us the total interest costs for that billing cycle for that debt.
‘The’ “A daily interest rate is referred to as a “daily periodic rate.” The APR for a particular balance divided by 365 equals the daily periodic rate on that balance.
We do the math “for each balance, the “average daily balance” We begin with the first dollar amount of that sum for each day. We add any new charges for that day, deduct any payments or credits, and add any interest on the previous daily balance if there is any in that billing cycle. This provides us with the “A daily equilibrium.” We do the math “By summing all of the daily balances for each day of the billing period and then dividing by the total number of days in the billing period, you can compute the “average daily balance” for each balance. Interest compoundes daily when the previous day’s interest is added to the daily balance calculation.
Fees associated with a certain charge are added to the same daily balance as that charge. As on the first day of a billing period, we apply all other relevant costs to your purchase balance.
Average daily balance method without compounding
For each balance, we determine the “average daily balance.” We begin with the first dollar amount of that sum for each day. We remove any payments or credits from any new charges for that day, excluding any unpaid financing charges. This is how we get the “daily balance.” For each amount, we determine the “average daily balance” by summing all of the daily balances for each day of the billing period, then dividing by the total number of days in the billing period.
Balance
We assign a balance category to each item on your account, including interest and fees. We determine the correct interest costs on your account using the various balances. We’ll create a separate balance for any charge that has a different interest rate. This means that your account’s balances for purchases, cash advances, and balance transfers may be different. It also implies that if any charges are subject to an introductory or other promotional interest rate for a period of time, we will place those charges into a separate balance for the duration of the special rate.
Interest charges are added to the balance that created the charges. Interest charges on purchases, for example, are added to your purchase balance.
Fees incurred as a result of a certain charge are added to the same account as that charge. For example, we charge a foreign transaction fee on a cash advance, which we deduct from your cash advance balance. Fees that aren’t related to a specific charge, such a returned payment fee, are added to your purchase balance.
Billing period
The billing period refers to the amount of time that the bill we give you covers. Your new charges, including interest and fees, will be listed on the bill, as well as any payments that were made to your account during that time period. Each bill we issue will state the billing period it applies to.
If your account has a credit or debit balance of $1 or more at the conclusion of any billing period, we will send you a statement detailing what you owe us at that time.
Bill
Your bill is your account’s statement. The total amount you owe us as of the end of the previous billing cycle will be included on your statement. It will also inform you of the minimum payment you must make to us by the specified deadline.
If you have a credit or debit on your account equal to or greater than $1 at the conclusion of each billing cycle, we will issue you a bill. We may not send you a bill if we have determined that your account is uncollectible or if we have filed a collection action against you.
Even if you do not have a credit or debit card with a balance of $1 or more, we may choose to send you a bill at our discretion.
Daily balance method with compounding
We calculate interest charges for each amount using this method by multiplying the “day periodic rate” for that balance by the “daily balance” for that balance. This is done for each day of the billing cycle, and the interest costs are totaled. This tells us the total interest costs for that billing cycle for that debt.
We do the math “For each balance, “daily balance” is used. We begin with the first dollar amount of that sum for each day. We add any new charges for that day, deduct any payments or credits, and add any interest on the previous daily balance if there is any in that billing cycle. This provides us with the “A daily equilibrium.”
Interest compoundes daily when the previous day’s interest is added to the daily balance calculation.
Daily balance method without compounding
We do the math “For each balance, “daily balance” is used. We achieve this by starting with the balance’s initial amount. We remove any payments or credits from any new charges for that day, excluding any unpaid financing charges. This provides us with the “A daily equilibrium.”
Daily periodic rate or DPR
“Daily Periodic Rate” is the abbreviation for “Daily Periodic Rate.” This is the rate of interest on a daily basis. For a given balance, the daily periodic rate, or DPR, is equal to the APR divided by 365.
Due date
The due date is the deadline by which we must receive your payment to be considered timely. The due date is listed on your bill. Your due date will always fall on the same month’s calendar day. It will be at least 21 days from the date we send you the bill and at least 25 days from the end of your most recent billing cycle before we send you the bill. We must receive your payment on or before the due date and by the time stated on your bill in order to be on time. Your payment is on time if we receive it by 5 p.m. on the due date, even if the bill does not specify a time. The deadline of 5 p.m. is determined by the time zone in which we receive the payment, which may or may not be the same as yours. Your payment will be on time if it is received by the next day that we accept or receive payments by mail if we do not receive or accept payments by mail on the due date.
Grace period
When it comes to a certain balance, there is a grace period during which you are not required to pay interest on that balance. If any balances are subject to a grace period, it will be specified in your agreement. There will be a grace period for balances subject to a grace period if you continue to pay your full account balance every month by the due date shown on your statement, and we will not charge interest on those sums.
There will be no grace period if you do not pay the full sum owed as of the end of a billing cycle by the due date; instead, you will owe interest on the outstanding balance from the end of that billing period. All charges will accumulate interest from the date you make them after that billing period ends. You must pay your complete account balance on time for the number of billing cycles specified in your agreement to reclaim the grace period.
Foreign currency transaction
A foreign currency transaction occurs when you make a purchase and/or take out a cash advance in a currency other than US dollars.
For each of these transactions, the card network that processes them will calculate a dollar value in the United States. The network that performs this computation is determined by the type of card you have (Visa, MasterCard, Discover, or American Express). Each network applies a government-mandated or wholesale rate in place at the time the transaction is processed. The rate in effect on the processing date may differ from the rate in effect on the day you performed the transaction or the day it posts to your account.
Minimum Payment
Your due date and the minimum amount you must pay us by that date will be stated on the bill we send you. This is your bare minimum payment. We may charge you a late payment fee if you do not pay the minimum amount by the due date. You’ll be in violation of the contract as well.
You can settle your account balance in full or in part at any time. You must, however, pay at least the minimum payment on each account by the due date indicated on the bill.
Prime Rate
The Wall Street Journal reported the Prime Rate in the United States. We will utilize a similar published rate if The Wall Street Journal no longer publishes a prime rate.
Protected balances
Protected balances are account balances that are not susceptible to an increase in interest rates or fees due to a change in the law. In general, any charge incurred before or within 14 days after we transmit notice of such a raise is considered a protected balance. If you get notice of an interest rate increase, the notice will detail the charges that will be affected by the new rate.
Purchases
The use of your card to buy or lease things or services is referred to as a purchase. A cash advance, not a purchase, is when you buy cash or cash equivalents like casino chips or lottery tickets.
Returned payment
This is a payment you make to us that your financial institution does not accept. If your payment is returned, we may charge you a returned payment fee.
The amount of any returned payment fee that we charge will be specified in your agreement. You may be charged costs by your financial institution for the same returned payment.
We may charge you a fee even if we re-submit a returned payment to your banking institution and your financial institution recognizes it. This is because your payment was previously returned to us unpaid. We will not impose more than one returned payment fee if the same payment is returned unpaid several times. However, if you make a new payment to us and your bank institution does not honor it, we may charge you a new returned payment fee.
Standard payment instructions
You must pay your credit card bill in accordance with all of the following requirements:
- Your payment must be either on a U.S. deposit account, or a cashier’s check drawn on a U.S. bank or a foreign bank branch in the U.S., unless (2) above applies.
- You must not pay from a credit account we give you with, such as a check drawn on any credit card account you have with us.
- If you pay by check, money order, or cashier’s check, you must either include the payment coupon from your statement or write your credit card account number on the check.
- If we accept a form of payment that does not conform with these standard payment instructions at our discretion, we do not relinquish our right to continue to require payments that comply with these instructions.
- If we decide to accept a payment made in a foreign currency at our discretion, we will choose the conversion rate.
Workout arrangement
This is a specific agreement between us and you in which we agree to a temporary decrease in applicable interest rates or fees in exchange for your agreement to adhere to a set of payment guidelines. Any agreement of this nature will be in writing. It may state that if you do not complete the exercise arrangement or if you do not comply with the workout arrangement’s terms, interest rates and costs will escalate to the same levels as before the workout arrangement.
What does TD Visa cover?
For the first 21 days, you can get up to $1 million in coverage. You and your spouse are covered for the first four days of your trip if you are 65 or older. There is also the option of purchasing additional top-up coverage.
Up to $1,500 per insured person for trip cancellation, with a maximum of $5,000 for all insured individuals on the same covered trip, and up to $5,000 per insured person for trip interruption, with a maximum of $25,000 for all insured persons on the same covered trip.
Coverage of up to $500,000 for covered losses while traveling on a common carrier (for example, a bus, ferry, plane, train, or auto rental)
Help is only a phone call away. In the event of a personal emergency while traveling, you can call toll-free for assistance.
Is a 19.99 interest rate high?
On your credit card statement or cardholder’s agreement, you’ve probably seen the term APR before. The APR on most rewards credit cards in Canada is 19.99 percent on purchases, rising to 22.99 percent for non-traditional credit card transactions like cash advances.
How do I cancel my credit card protection plan?
Will I have to pay a fee if I choose the credit card protection plan?
Yes, if you choose the credit card protection plan, you will have to pay a premium.
Yes, you can cancel the Card Protection Plan by contacting the bank’s customer service department. You must, however, contact customer service using the registered mobile number.
What are the contact numbers if I have chosen CPP with State Bank of India?
The following are the phone numbers to call if you have chosen CPP with State Bank of India:
How long do refunds take on TD Visa?
Credit card refunds are usually issued to your credit card account; you won’t be able to get your refund in any other form of payment, such as cash. Purchases made with a credit card normally take 7 days to be refunded.
How do I cancel my balance protector premium account?
When we get your information, a Credit Specialist will examine your request, conduct a full credit check, and mail the results to the address on your bill.
- Send a written request to the address below through fax or conventional mail. Remember to include your full name, signature, and the account number for your RBC Royal Bank credit card.
Please note that the request to cancel BalanceProtector Premiere Plus coverage must originate from the RBC Royal Bank credit card account’s principal cardholder.
The next month, your BalanceProtector Premiere Plus insurance will be discontinued, and Assurant will send you a letter confirming the cancellation to the address on file.
If your RBC Royal Bankcreditcard is lost or stolen, call our 24-hour toll-free number 1-800-769-2512 or 514-218-2929 (collect) from outside North America.
We will be able to restrict the card from future use and send you a new card once you have informed us of the loss.
Credit card numbers will be posted in Online Banking for a minimum of six months after they are reported lost/stolen or closed. This helps you to keep an eye on the old accounts to make sure they aren’t being used.
You can pay your RBC Royal Bank credit card in a variety of ways, including online banking, telephone banking, ATM, or at a local branch.
Payments to your RBC Royal Bank Canadian dollar credit card can be made through Online Banking, by phone at 1-800-769-2511, at an RBC automated tellermachine, or in person at an RBC Royal Bank location.
To pay your RBC Royal Bank MasterCard account using Online Banking, add it to your list of payees and make a payment like you would any other bill.
You can have your Visa account set up with automatic monthly payments. Automatic payments are available in three different ways:
Automatic Visa payments can take up to two monthly cycles to take effect after they are set up.
Please provide your payment account number as well as the sort of automatic payment you want to set up.
ROYCCAT2 is our SWIFT code, and 021000021 is our ABA routing number for US Dollar correspondence.
If you wire money, there is a $10 fee. This fee is deducted at the originating financial institution, resulting in a $10 reduction in the payout. For example, if you make a $500 credit card payment, your account will only display $490 as applied.
It may take up to two business days for transfers made to your RBC Royal Bank Visa card to appear in Online Banking. When you make a payment or transfer, the confirmation number you receive serves as proof that the transaction was completed.
It’s critical to transfer funds by 6:00 p.m. on a business day in order to receive same-day credit.
Send us a secure message by clicking ‘Go to message centre’ or ‘You have messages’ under Your Communications on the Home page, or call 1-800-769-2512 to get a duplicate copy of your current or previous statement.
Copies of past statements cost $5 per and can only be shipped to the credit card account’s address on file.
You might choose to sign up for electronic statements, or eStatements, in the future. RBC Online Banking will allow you to view all future credit card account statements, which we will keep for seven years. Traditional paper account statements are replaced with eStatements, which are speedier and more environmentally friendly. You will no longer receive monthly paper account statements if you choose to receive Electronic Statements.
eStatements are not available for RBC Royal Bank MasterCard accounts at this time.
At this moment, electronic statements for RBC Royal Bank MasterCard are not accessible.
Please use the MasterCard Inquiry feature to view your RBC Royal Bank MasterCard transactions online.
You can automatically redeem your RBC Reward points while banking online if you have an RBC Rewards card.
Call 1-877-636-2870 for Vacation Rewards (flights, hotel stays, auto rentals, travel packages, VIA Rail, and cruises).
- Select creditcard from the RBC home page’s Purchase and Apply section.
- Choose the RBC Royal Bank creditcard that best meets your needs and then click (apply for this card?).
- I’m not sure how to operate in English) to finish an application.
You can also call 1-800-769-2599 to speak with one of our credit professionals or pick up an application at any RBC Royal Bank branch. A personal statement of affairs or business information is necessary, and the application can be completed over the phone in about 15 minutes. Permission is also required for a credit history.
- Choose the “Credit Card” for which the BalanceProtector Premiere will be applied.
What is payment protection fee?
- Credit card issuers and other lenders may occasionally provide a payment protection plan.
- Borrowers who are involuntarily unemployed or incapacitated can stop making payments in return for a small recurring fee.
- In the event of death, several payment protection plans will cancel any outstanding debt.
- Although payment protection plans have low monthly rates, they may have limits and exclusions.
- Rather than purchasing payment protection plans, it is often more cost-effective to purchase disability and life insurance.