Sign in to follow this  
OutOfSa

13% Scotia bank Credit Card? & others

Recommended Posts

OutOfSa

Why am I paying 19% on

my CC, when there are 13% personal cards and 6% small business cards available.....

They are 2% promotional for 6months then 13.... I understand that trap.

I read the fine print a few times and I don't see any increase to the traditional 19-20%

What's the catch? 13 beats 19

What don't I understand - no cash back rewards - no problem.

Do I seem suspicious ūüėĀ

Share this post


Link to post
Share on other sites
OutOfSa

Well, I'll answer my own question :D

Sept 2018:

BMO  & RBC have one 12.99% - if you default on a payment, the interest jumps to 19.5% for 6 months - (it seems).  No rewards and annual fee $20.

 

Share this post


Link to post
Share on other sites
Nettie

Yep. Shop around and save money. :)

Share this post


Link to post
Share on other sites
GrantM

Amex has one for 8.99%

https://www.americanexpress.com/ca/en/credit-cards/essential-credit-card/?linknav=CA-Acq-CreditCards-CardTypes-LowRate-Essential-LearnMore

That being said, it depends why you need the credit. A line of credit or home equity line of credit will give you even lower rates if you have a decent credit score.

Share this post


Link to post
Share on other sites
Jules

Credit cards are not good credit vehicles. Ideally you should use credit cards as a point of payment tool only, and then settle the balance monthly to avoid interest costs. Take the loyalty points but avoid the interest. 

If  you need credit then apply for a personal loan or line of credit. Much lower rates usually. 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this