Ali de Bold
|Tried that on Mar 15, 2008 @ 12:59 pm|
I saw that very episode and was all excited that I could contact my credit card companies to lower my rate. Unfortunately, they were not helpful and said it doesn't work like that in Canada and "I don't care if you saw that on Oprah".
Soooo I ended up moving some balances to lower interest rate credit cards. Alex and I have spent a lot of money on ChickAdvisor so carrying a balance was impossible to avoid. If you have a large balance it is worth it to scale down to a lower interest card even with the annual fee. CIBC has one with an 11% interest rate. I think the fee is around $89ish. RBC has one as well. Am not sure of the fee.
If you are just looking for rewards and plan to pay off the balance every month, then I would go with the RBC Avion rewards card. The annual fee is $120 (ouch!) but you collect 1 point per dollar that can be used to fly on any airline. It also has purchase protection and extended warranty. But of course with a 19.5% interest rate :(
If you are a Shoppers fanatic, try the CIBC Shoppers Optimum credit card. Again, am pretty sure there is an annual fee, but if you pay off your balance every month this is a really good way to earn free stuff from Shoppers as the points add up pretty fast. The interest there is 19%ish.
It seems if you make your payments consistently and on time, banks just want to keep on charging you so there is no incentive for them to lower your rate. You have to get really good at consolidating and moving things around. Credit lines are often a much better way to bring down your debt than credit cards because they offer lower rates and are a bit more flexible.
|Oprah said so on Mar 16, 2008 @ 05:08 pm|
That's exactly what they're going to say!
Hey, If Oprah says so, it is for real! Ha! Nasty credit card people.
Now that I'm married I have to share a Creit card, and even though there is only one, it can get UPTHERE..
I saw this Capitol One card for like 7%, tempting but I like rewards too.
Our "President's Choice" c-card is really good beacause every time I go to good ol' Superstore I get like $60 off my stuff, but darn you and your 18% interest!
|shop around on Mar 19, 2008 @ 09:55 am|
Visit all the various bank sites and see. Td Has reward cards as well as cards with a lower rate, and travel cards etc, and their annual fee for the lower rate is $25 a year. I used to work for TD, and there is some leeway. You can bargain them down a bit. If you have an account with them tell them you will take your business elsewhere and they will give you a lower card, or if not tell them you would like to give them your business but are looking for a competative rate - TD is so hung up on providing good customer service that their staff is permitted to lower rates and give better investment rates. It sometimes depends on the customer - if you are valuable enough for them to want your money they will give as much leeway as possible.
Department store cards are the worst, they carry the highest interest rates. They are easier to get and is a good way to give you credit on your credit report, but as soon as you have credit ditch those cards and get a lower one! I have a pie 1 card because I needed to furnish my house, but now that I am all furnished and I have paid it off I am thinking of canceling it...
Good luck getting rewards etc. Let us know how you come out! My visa bill scares me so much I have stopped opening them...LOL