low interest credit cards canada

Low Interest Credit Cards Canada - CIBC Low interest line of credit - Phone Call - Podcast - Canada

a good place to talk about links

RE: CIBC Low interest line of credit

Postby JeanKarla » Sun May 29, 2011 06:51:21 AM

The Canadian Imperial Bank of Commerce issues credit cards on two basic limits - one of them is a CIBC high interest credit card and the other one is CIBC low interest credit card. The canadian imperial bank of commerce is currently promoting its series of high interest credit cards so as to provide the user with added benefits for over a long time. The name of CIBC high interest credit card is a bit intimidating at first. But when you hear its offers you would be craving to get one.

Low Interest Credit Cards: http://www.cma1.ca/667
JeanKarla
Moderator
Posts: 214
Joined: Mon May 03, 2010 07:35:12 AM
Province: ON


RE: CIBC Low interest line of credit

Postby jonathanpaul » Sat Jul 03, 2010 08:21:59 AM

hi..

what do you mean by a line of credit? are you referring to other credit cards that offer the same feature like low interest rate credit cards?
jonathanpaul
Moderator
Posts: 350
Joined: Tue Jun 29, 2010 08:08:20 AM
Province: SK


RE: CIBC Low interest line of credit

Postby montyloree » Mon Mar 22, 2010 04:08:30 AM

Again that the reason I made this call is because the credit card companies are offering lower in interest rate credit cards. And so I wondered what was the difference between that and a line of credit.

The credit limit was more thinking about that, but if if the company like capital one is offering a low interest rate credit card, that must be used for a line of credit type situation.

But however in the bank's case, if you have a low interest credit cards usually 11.5%, and are a lot low interest lines of credit or 3.25% or what ever based on your credit rating, so you would want to use line of credit if you're in a carry a balance for any amount of time.
montyloree
Moderator
Posts: 3772
Joined: Sat Jul 16, 2005 10:52:47 AM
Province: SK


RE: CIBC Low interest line of credit

Postby montyloree » Mon Mar 22, 2010 03:44:14 AM

Monty: So how are you today?

Operator: Fine, how are you?

Monty: Good, this is CIBC? I just want to talk about lines of credit.

Operator: Sure. So you’re looking, shopping around for a line of credit.

Monty: The question I’ve got is, if you got a low interest credit card, what’s the difference between that and line of credit?

Operator: Well, the line of credit is even lower and the lowest interest you can get on a credit card is 11.5 while any line of credit will always be lower than that.

Monty: Okay.

Operator: It’s harder to get because the income requirement is $35,000 or more. You can use it like an account but there’s no grace period on the purchase. So you pay interest right away.
montyloree
Moderator
Posts: 3772
Joined: Sat Jul 16, 2005 10:52:47 AM
Province: SK


RE: CIBC Low interest line of credit

Postby montyloree » Mon Mar 22, 2010 03:44:01 AM

Monty: You pay interest right away on the purchases?

Operator: Ye, so there’s no grace period. So that’s another difference. VISA purchases have a grace period. If you pay it back before the due date then you don’t pay interest, right? On the line of credit, even though the rate is lower, but there’s no grace period. So whatever you use, the interest is calculated right away.

Monty: So assuming that my credit is fairly reasonable, what kind of interest rate can I look forward to?

Operator: Well something around 7, 8 or 9%; around that range.

Monty: Then can I hook one of those up to the credit card or how do I get money out of it? Just write checks?

Operator: Oh yes. You can use it like an account so it can be hooked to a CIBC credit card. In order it can be hooked to a separate convenience card, you can use it like an account. You can make purchases out of there. You can take money out of a bank machine. You can transfer it to your credit card, like making a payment to your credit card, you can do that. So most customers use a combination of a credit card and a line of credit, because let’s say you have a higher interest credit card but you also get points on that like airline points. So you can keep using that high interest credit card and just keep paying it off with the line of credit. So you get the best of both worlds. That’s the best rate for you.
montyloree
Moderator
Posts: 3772
Joined: Sat Jul 16, 2005 10:52:47 AM
Province: SK


RE: CIBC Low interest line of credit

Postby montyloree » Mon Mar 22, 2010 03:43:28 AM

Monty: Oh I see. So instead of the 19% or whatever, you just pay it off?

Operator: Instead of the lower interest reason, that offers you other benefits right? But just to get the Visa with the benefits, with all the benefits you want - the better bank points and all that – and pay it off with the line of credit. So you make them work together.

Monty: The 7% to 9% is that unsecured?

Operator: Yes, unsecured. If you want to go secured that’s even lower. That’s actually available at Prime Plus One which is 3.25%. That’s the lowest you can get and that’s a very good product but not everybody qualifies, because not everyone has credit.

Monty: Right. Yes, I am a homeowner.

Operator: Can I ask you how much your house value is?
montyloree
Moderator
Posts: 3772
Joined: Sat Jul 16, 2005 10:52:47 AM
Province: SK


CIBC Low interest line of credit - Phone Call - Podcast

Postby montyloree » Mon Jul 12, 2010 06:35:24 AM

The following is a conversation I had with CIBC regarding their low interest lines of credit if. The point of this conversation was that I was comparing the low interest lines of credit to low interest credit cards and seeing what the difference was.

It seemed that lines of credit are lower interest rates than credit cards by far. In this case eagle a low interest line of credit for around 3 1/2%, which was pretty good. Lines of credit give you much higher line of low limits of spending if, which means that you can have lines of credit up to $70,000 to $80,000, unsecured based on your income.

You don't get travel rewards or cash backs of lines of credit but you do get a very low interest rate so that's another difference there..

This is the interview. Enjoy.

~~~~~~~~~~~~~~~

Monty: No. The thing is, we have no mortgage on the house.

Operator: That’s great. It’s paid off, right? That’s why I was asking you the value. So if it’s paid off then you can use it to get a line of credit, because pretty much what’s happening right now is that equity is sitting there. You’re not using it to your advantage. So getting a line of credit on that is like using your equity to your advantage.

Monty: So basically that’s Prime Plus One.

Operator: That’s the best part that you can have. I mean once you have that line of credit, you can get a good limit of $70,000/$80,000 even $100,000 or even more depending on your income. You only pay interest on what you use, so that pretty much sets you up for life. You don’t need other products after that. The key to using your Visa to earn your points, but always pay the amount.

Monty: Good. I just have one other question.

Operator: Sure.

Monty: No, I don’t carry balances. It’s usually paid. I’ve got somebody here that I got to talk to, can I call back?

Operator: No problem.

Monty: I really appreciate your time today.

Operator: No problem, thank you for calling CIBC.

Monty: Okay, thank you bye.
montyloree
Moderator
Posts: 3772
Joined: Sat Jul 16, 2005 10:52:47 AM
Province: SK


,

Return to Low Interest Credit Cards Canada - Discussion Area