hi..

i can suggest that you get a low interest balance transfer credit card in which the $7000 balance you owe in your first credit card will be charged with a lower interest rate..

in this way, you are in a win-win situation as you already have switched into another card and have a low interest credit card.

concerning on your credit score, i won't change your status because you are not getting away with what you owe with the bank. you just transfered the balance on a different card to avoid the high interest charges.

that's another interesting point... you have to consider the annual fees with some of these. But I mean honestly was a person to do with $50,000 available on a credit card? Unless you're making a lot of money, which I'm not, that's way too much credit for one person to have

well I've got a CIBC credit card as well, and I owe about $7000 on it. I'm pretty sure that I'm paying the highest interest rate possible. It looks as if the CIBC select Visa card has a lower interest rate.

Will I create a problem if I start switching my credit cards over to low-interest cards? Will it affect my credit score if I switch my current CIBC Visa over to the low interest CIBC Visa? If not to sound like an excellent idea.

The following is a discussion that I had with CIBC Visa customer service. The goal of my phone call was to learn more about the CIBC Low interest visa, it's rates and any other information.

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Monty: How are you today?

CIBC Visa: I’m well, thank you. And yourself, sir?

Monty: Pretty good, thanks. This is just an inquiry. I’m doing some credit card shopping here and I wanted to know about your lowest interest rate Visa.

CIBC Visa: I would be happy to help you out with that. It’s called our Select Visa Card. It’s at 7.5% with an annual fee of $29 per year.

Monty: Do you have a line of credit Visa type of thing?

CIBC Visa: No, I’m sorry we do not.

Monty: What is the maximum credit line I can get on this card?

CIBC Visa: Typically $15,000.

Monty: That’s the maximum?

CIBC Visa: It could possibly go up, depending on account history. As a starting off point, that would be the maximum.

Monty: So basically I’m looking for either a low interest card or a rewards card because I don’t really carry a balance. But the problem is of course, at some point if you carry a balance and you… But for the most part I just pay it off every month. So what’s your best rewards card if I’m spending around $2,000 a month?

CIBC Visa: That would depend on your personal needs, sir. So to give you an idea, you’re looking at an Aero Gold Infinite or an Aventure Infinite credit card, both at $120 per year. They have some fabulous insurances as well as of course rewards points given to you. You travel right?

Monty: So it’s mostly travel or are there any other rewards?

CIBC Visa: There is. There are quite few different cards for different purposes that we have. Have you ever seen our website? That might be your better bet.

Monty: I’m just on your website right now.

CIBC Visa: Are you? Okay, so you’ve gone into Visa Cards?

Monty: Yes, I’m in that area. I’m going through this with you. I find out what happens when I call customer service, I get more of an intuitive answer.

CIBC Visa: No, I appreciate the fact that you’re on the website at the same time. I think that’s a great idea. It has to be your needs, right? You’re shopping for yourself. We’re hoping that we can provide that to you. So it depends on, do you want a card with rewards points? Would you prefer a card with cash back? Would you prefer a card specifically for travel?

Monty: Cash back sounds kind of interesting. For cash back, is the ratio the same dollar value wise compared to rewards or Aero Gold?

CIBC Visa: For every dollar that you spend on an Aero Gold Visa Card you’re getting one Aero Mile. If you do gas, groceries and drug stores purchases, you get 1 ½ mile. For a dividend credit card, you’re looking at the fact that for your first $3,000 spend, you’re getting half percent back. On your next $12,000 you’re getting 1% back. Then if you’re greater than $15,000 through the $35,000 and you’re at 1 ½% back. So there’s different fees, insurances so you have to make it what suits you. So I really can’t put words in your mouth for that.

Monty: I understand. So basically it’s either that. I’m just noticing here, it doesn’t say cash back on here so the dividend card is your cash back card.

CIBC Visa: It is, yes.

Monty: The Visa Infinite, the maximum is $35,000?

CIBC Visa: Right, for the cash back.

Monty: You probably have to spend quite a bit in order to get that?

Operator: That would be $50,000. Then you have to equate that to how much you would spend if you said $2,000 a month, so that’s $24,000 a year. Say even $25,000 a year with a few extras, that would get you one free flight, return economy fare anywhere in North America.

Monty: So that’s on the rewards side of things. Basically for dollar to dollar are they sort of comparable?

Operator: Right. I would think so.

Monty: The cash back versus the Aero Gold points?

Operator: Right.

Monty: That sounds good. So do I need to have a bank account with CIBC before I get a Visa?

CIBC Visa: Not at all. Not a requirement.

Monty: I can apply online here for that?

CIBC Visa: Absolutely. Right then and there, you can do the application. It takes about 48 hours to just be adjudicated or verified. Then after that they just issue out the card for you. The more information you can provide on the application, the better your possible chances at a higher limit by the way.

Monty: That sounds good. I really appreciate your help today.

CIBC Visa: It’s my pleasure. I appreciate you choosing CIBC. Good luck with everything, sir.

Monty: Thank you. Bye-bye.

CIBC Visa: Thank you for calling. Bye-bye.