thanks jeankarla... that is a good article about low interest rate balance transfer credit cards...

the key here is that people can save money when they transfer a balance over from one credit card to the other... just as people like to shop for the lowest prices on all types of products and services, they should shop for the lowest prices on credit cards...

Case in point... Walmart is the largest retailer in the world... people love to go there because they feel they're saving money...

Why not do the same thing with your credit card interest?

Question: are you a credit user or a convenience user?

hello there,

i have the right website for low interest rate balance transfer credit cards.
this site presents different balance transfer credit cards coming various credit card issuer. Go over the whole article and maybe you can be luckiest person to find one which is the best card that suits you and hopefully get a hold of it.

here is the link for best balance transfer credit cards:
/archives/2010/4/balance+transfer+credit+card+canada.html

this article is comprehensive enough for you to search for the perfect credit card. you can also check the other link at the bottom of the article to give you more choices and information.

from below;
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Can someone list the better offers they know of for low rate balance transfers or ongoing low rates? I have a Cap One already but im looking for another company to deal with.
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RBC Visa offering 1.9% cash advance or balance x-fer for 6 months.

Monty Loree introduces the CapitalOne Secured credit card for Canada.

Listen Now!: 1.5 minutes

Capital One Canada

Too a point, Monty. Too much available revolving credit is a problem too.

Rummager, go talk to either your bank or wherever you got your unsecured revolving card from.

The advantage to going to a bank is that they can use your deposit as security which will help you to get the loan.

I do not recommend a car loan as a means to increase your credit unless you actually need the car. A simple small investment loan will have the same positive effect. It also means you will be paying less interest as the interest you pay on the loan will be partially offset by the investment interest. Plus if something happens you have the ability to pay off your loan by closing out the RRSP.

ABSOLUTELY keep it to what you know you can pay off! There is no point taking out a loan that you can't pay for. You'll only damage your credit more if you miss payments. And if you're not even certain of the payments on the small loan don't take it out. You are better off going as you are than missing payments on a loan.

An RRSP is simply a savings plan for your retirement. You can go high risk or low risk and the money you put in is a tax deduction and any interest money earned and left in is not taxed. The money is taxed when you remove it in your retirement. Your banker will be able to help you with this. And once the loan is paid off you can set that same payment to just go to your RRSP or GIC... and won't even miss it cause you're used to paying it out. Also, seeing you build up savings won't help your FICO score, but it will give you a much higher credit worthiness factor in the eyes of your bank for when you do decide you want that mortgage.

Finally, a mortgage will not help your credit score (although missing payments will hurt it). Since not all banks and finance companies report mortgages to the bureau it is not used in the score calculation... although if your bank does report a mortgage to the bureau potential creditors will see you have a mortgage.

Delayed...

Rummager... I agree with angella..
It goes against the usual understanding of credit cards. However, it's good to keep open good credit cards so that they'll continue to have a positive affect on your credit score.

More good credit means a good credit score.
Translated. Other creditors will know that you keep good credit by the amount of good pieces of credit your have available.

Yeah thanks for the tips. I will leave both cards alone and let them age and use them semi-regularly.. its worked so far in getting me where I am.

My next hurdle that I'm lacking in knowledge is, that I now know I need is a mix of credit.. Not just my credit cards (revolving), but also installments (hope to get this..), mortgage (which I am not read for :D so can't get this), or auto... (my used older truck is already paid for, but from the USA, so will have a lack of history/paid anything for that).

With my installment loan, maybe do as recommended below? Open up an RRSP and deposit it into there.... This is where I have no knowledge about, I know the rrsp is basicly a tax free.. to a point, savings box that builds up.. apart from that having one I don't.

Also I don't know who I should go for in getting an RRSP from... my bank or another place? Same with an installment loan? The up's and downs of this? Take out a lot? or just what I know I can pay off... and would it even be good or bad to put into an RRSP or possible? Now were getting into the area I know little about... same with investing and all that hoop-ha.. but even that I would like to get into, to diversify my portfolio (of which I also don't have) :D But maybe in a few years I can reach that goal and get into that to...

But for now.. Any tips, links, advice and general knowledge that you can direct me to about an installment loan and RRSP's would be a world of help.. I of coarse am and will be using the general search features of this site, others to find help/tips but anything more refined would be greatly appreciated!

THANKS!

I agree with Angela, don't cancel the card. Stop using it perhaps, file it in a drawer sure, but if it's your oldest trade line you'll want to hang onto it, at least until some other trade line has aged appropriately.

As far as deposits with Capital Ones "secured" cards, it's iffy.

I've done the dance with them, in an effort to change my old secured card over to a different card and/or get rid of the annual fee and/or get the security deposit (a mere $75, but it's the principle of the matter) returned to me.

Nope, nope, nope.

Change the card: Can't do it they tell me. Best they can do is have me cancel my existing Cap1 card and then re-apply (no earlier than 45 days later) for the card I want (obviously with no guarantee of acceptance). This kinda defeats the purpose of the card in the first place which was to establish a long-term trade line.

Get rid of the annual fee: Can't be done, would need to change the plan the card is for, complicated process (see above).

Refund the security deposit: Nuh-uh. This would be done on a case by case basis initiated ONLY by Cap1. Likely that it will be done automatically at an anniversary date (6 months, 12 months, 18 months etc) but only way to expedite this process is to cancel the card and then await a cheque.

Sub-optimal to be sure.

Now don't get me wrong, The Cap1 card helped me re-establish my credit without question, I've gone from a 500-something Fico to a 700's score in just over a year and have acquired two unsecured cards in the process (the reason my score hasn't climbed higher appears to be the newer trade lines) and Cap1 has almost trippled my original limit which isn't a bad thing.

I suspect I'll end up cancelling my card as soon as my newer cards reach a year in age and then reapplying for a low-interest no-fee card with Cap1.

Rummager, no, do not close the capital one card. You could ask for your deposit back... not sure what their policy is on that, but closing one hit your average length of credit with a double whammy... closing a long term card and opening a new one. Your score will tumble.

If you don't already have installment loans (ie car loan etc) and don't need a car loan, then go to the bank and ask for an RRSP or GIC loan. Put the money you receive in the investment and make the payments over a couple of years. It doesn't have to be a huge loan 1 or 2k (2k over 2-3 years is better) and pay it off over that length of time. Part of your score is based on "types of credit" open.

you could try president's choice mastercard