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Thread: credit card /bank suggestions.

  1. #1

    credit card /bank suggestions.

    Hi guys, the bank is raising my VISA rate to nearly and astonishing 20% !$@#%@!#%. Do you have any suggestions where I can go for a better
    rate, or how to ask for one? PS if you have advise on banks, and getting
    a better deal on savings account please do tell.

  2. #2
    Try this site:

    http://www.cardratings.com/

    You can shop around for a credit card that fits your needs.

  3. #3
    .........................
    Join Date
    Jun 2006
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    Pay your bill at the end of the month, that's it.

    I have a visa credit card since 10 years and I have never paid any interest fees.

    If you don't have the money, don't buy it.

  4. #4
    Recreational User
    Join Date
    Nov 2006
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    In a house, on a street, duh.
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    1,443
    Quote Originally Posted by richm41
    Try this site:

    http://www.cardratings.com/

    You can shop around for a credit card that fits your needs.
    Am I missing something or is that site America-only? I searched on aeroplan and got zero results
    You are cordially invited to toss my salad. There's an app for that!

  5. #5
    There are some Canadian sponsored cards on the site, so not only U.S.

  6. #6
    Quote Originally Posted by argon27
    Pay your bill at the end of the month, that's it.
    The government is stepping in and making some new laws that limit how much credit card companies can fleece their customers who don't pay off the monthly balance. So to make up for their lost revenue its been mentioned some might start charging you interest from the date of purchase...ie as soon as you swipe that card, their money is rolling in. So not only do they get money from the business who has to pay a percentage for the use of their service...they'll be grabbing it from the customers who use their cards.

  7. #7
    Breadman,

    That is not going to happen. However, if it does happen, they will be forced to send each customer written notification of this change to the cardholders agreement. Then, customers have the right to send their own written notice back declining to accept said change (since they signed up for the card without that ridiculous provision). The problem is the 85% (or more) of customers will never reply to the notice and those people will may get screwed.

    If VISA and MC and their affilated banks really try to start doing this, they will lose tons of business to AMEX.

    Ocean,

    If the bank raises your rate to 20%, you should tell them to put it back under 10% immediately or you will close the account AND consider moving all of your assets elsewhere. You should be prepared to show them competing offers from other cc companies. It's an ongoing scam that they play on everyone. Tell them to shove it up their asses. I deal with one of these at least once every year or two and have never had a rate over 10.99%. Watch out for all the promotional garbage, points etc... Unless you have big bucks, you will never earn much and the fees and charges on these cards are almost always higher.

    Of course, you need to eliminate any revolving balances asap either way. Like someone else said. If you ain't got it, don't spend it and then the interest doesn't matter.


    BD

  8. #8
    Quote Originally Posted by argon27
    Pay your bill at the end of the month, that's it.

    I have a visa credit card since 10 years and I have never paid any interest fees.

    If you don't have the money, don't buy it.



    BINGO!!

    There you go

  9. #9
    ARAGON 27: Pay your bill at the end of the month, that's it.

    I have a visa credit card since 10 years and I have never paid any interest fees.

    If you don't have the money, don't buy it.
    This is a good rule, keep in mind 1. I take trips and am sometimes 2.obliged to make large purchases,both
    of which get paid off maximum within 30-60 days usually.

    On the bad side which I should semi blame myself #1: I acquired a 6000$ balance on my Visa,
    which I carried for about 2-3 months paying it off (by the end of this July with all will be paid
    off then I can start wheeling and dealing with the bank saying look I have zero balance
    I can cut you off any time, and I will take my accounts too.

    #2: An accountant pays off my visa every 60 days, so sometimes I let the payment lapse,
    but they have taken advantage of that (shame on me-no more I have or will very soon re zero
    my card and take the effort to make min payments so they cannot blemish my credit history at all.
    Again shame on me that has all come to an end, no more dropping the ball for even one second.

    I still think though even if I paid off all cards on time diligently which I do most of the time, they
    would still try to screw me.I have been doing some shopping around in anticipation of re zeroing my
    card and going hey this guy has this and I notice almost everyone is charging 19.7%-20%.

    After this month I am going on a credit card strike, I will only use it for gas/online/rent a car
    (due to necessity, and convenience).
    Last edited by ocean; 07-10-2009 at 03:34 AM.

  10. #10
    Quote Originally Posted by ocean

    After this month I am going on a credit card strike, I will only use it for gas/online/rent a car
    (due to necessity, and convenience).

    If you're not careful thats still enough to screw yourself

    Especially online and for gas which are known targets of fraud

  11. #11
    Don't forget that when you don't pay all that you owe by the date due... interest doesn't start running from that date but from the date of the original purchase... so you lose the grace period...

  12. #12
    Yeah you guys are rightr but stay tuned in the next month all finances will be back in control then I wil start wheeling and dealing with the bacnk like I did with videotron.

  13. #13
    Get a Presidents Choice card at Loblaws, I do not know if there are any promotions at this time but when I got the card they gave me $20 credit to spend at Loblaws. They have a low interest rate of only a few percentages points for the first 6 months if you transfer. Then after the 6 months you can transfer to Pharmaprix and get about $25 Pharmaprix points and get the low introductory rate there as well. I think that there may be a simular deal at Scotia Bank if you get their card.

    Card safety

    - Do not use your card at restaurants where you can not see the person swipe your card through the machine. They might swipe it twice or pass the card through a card cloner.

    - Do not use stand alone many dispensers, they are owned by the Russian Mob. If you use the machine to get cash today, they might clean out your account a year from now because they have collected you card information.

  14. #14
    - Do not use stand alone many dispensers, they are owned by the Russian Mob. If you use the machine to get cash today, they might clean out your account a year from now because they have collected you card information.
    Actually most of the stand alone machines are owned by the banks. It's just another way the banks can charge excessive user fees to their customers. Banking is quite well controlled in Canada and I doubt that the 'Russian mob' would be able to install machines that are able to connect to the major bank databases to verify your card information and account balance.

    On the original topic...did you ever think of looking into a personal line of credit from your bank? They are usually offered at prime plus a couple of points, much better rates than you will get from any credit card.
    And the Lord said unto John, "Come forth and receive eternal life." But John came fifth and won a toaster.

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