RBC Offers RBC MyProject MasterCard to Pay For Projects - But Is It Worth It?

RBC Launches MyProject MasterCard

First Published Date: August 12, 2012

To start a brand new life after the wedding with heavy debt, and to put more Canadians into debts with their everyday projects such as renovations, vacations, or anything else you can possibly think of, RBC came up with an innovative idea to offer a credit card and a loan built into one called RBC MyProject MasterCard. However, the question is, is this credit card + loan worth trying for?

RBC MyProject MasterCard – How Does It Work?

For the first six months, RBC MyProject MasterCard works just like a regular credit card. You make purchases and accrue no interest during your first six months purchase period. After six months, RBC MyProject MasterCard balance will convert into a loan and monthly payments will start. The loan can be either a variable rate loan or a fixed-rate loan with an amortization period of up to 15 years. If you want, the loan can be paid off in full at anytime you want.

Is RBC MyProject MasterCard Worth It?

RBC MyProject MasterCard offers an unbeatable deal if you finance any projects for free for six months. Instead of spending cash, use RBC MyProject MasterCard and pay off the loan by the end of the six month purchase period without paying any interest. If your project is something that must be done even with paying interest, then use an RBC MyProject MasterCard instead of charging your regular credit cards and paying 20% interest. However, I would recommend you call RBC first to check what their variable and fixed interest rates are, and then check with other banks if they can offer a line of credit accounts below RBC’s interest rates.