Credit cards & Interest Rates

5 September 2006 by Jb
Filed under Banks + Interest rates + Solutions & Ideas

So this month my preferential interest rate on a balance transfer on my RBC Visa card expires. I’ve been enjoying a fabulously low 1.9% for the last 6 months on part of my debt, which has been nice. I have one of those low rate Visas from CIBC too, but that low rate is now at 11.5%, which isn’t that low any more. Sure, it’s lower than the regular 19.5% or 21% that a lot of cards offer, but it’s basically the same rate as on my line of credit, so it’s not saving me as much moolah as it could be. So I think I’ll be getting rid of the low rate option on that CIBC card, seeing as I’m almost finished paying that one off. My PCF MasterCard is still the winner though, giving me 3.97% on the balance transfer I did when I first opened the card, and now 4.97% on some of the balance I transferred from the RBC Visa. If you thought the interest rate was good, get this: I get those low rates until I pay the balance off. Yes, you heard me! Until it’s fully paid off. So I’ve been getting 3.97% on the first transfer for the last year & a half, which totally rocks! I can pay just the minimum or whatever I feel like, and I’m still saving money. I admit I didn’t think they’d give me such a good rate on the second transfer, otherwise I would’ve called them up sooner!

My tip this week: if you already have a PCF MasterCard and have space left, call them up and see how much they’ll charge you for a balance transfer. You might be able to save some cash. If you don’t have one, and can afford to apply, DO IT! Then you’ll get the preferred 3.97% on that first transfer, and save some more cash.

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