When we were getting married we got a PLC at prime + 2% or something like that. Used it once for the wedding hall and paid it off after the 'big day'. CIBC has increased the limit over the past 6 years to $28K
Well I'm glad I haven't used it since as I just received a letter from CIBC stating that as of April 6 the rate will increase to prime + 3% due to the global market conditions. Meanwhile what are the banks getting their money for? An all-time low of 0.5% ?
The rich keep gettin' richer.
Ah but you see, they justify the scam by saying things like "increased credit risk in the face of economic uncertainty" <_<
Meanwhile us poor schlubs that have to pay these obscene interest rates have to bend over & take it while the banks cherry pick who they will lend to.
NefCanuck
we just got the same letter.
We closed it last night. And they had the audacity to ask us why. :lol:
I've got a Homeline setup through RBC- mortgage and equity-based LoC all in one. My interest rate is decent and has gone down of late. I think they can't raise it (at least not immediately) due to the type of LoC I have.
Thanks for the heads-up, I'll keep an eye on the interest rate via online banking in the coming days/weeks.
NOS2Go4Me,Mar 7 2009, 10:32 PM Wrote:I've got a Homeline setup through RBC- mortgage and equity-based LoC all in one. My interest rate is decent and has gone down of late. I think they can't raise it (at least not immediately) due to the type of LoC I have.
Thanks for the heads-up, I'll keep an eye on the interest rate via online banking in the coming days/weeks.
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My unsecured LC is still at 5% same as it was when I set it up 5 years ago but I actually haven't used it and so haven't bothered to demand a lower rate ... IIRC correctly it was based on prime +1.
My mortgage and equity LC are both currently just above 3% variable and I expect that to be coming down in the near term and I'm actually thinking of buying another income property - I think we're approaching the perfect storm for acquiring real property - low prices and incredibly low mortgage rates. Fortunately lenders here seem to have plenty of cash.
Yeah, I'm at 3.5% right now for the LoC side. I can think of worse rates to have than that. :)
Iteresting...
I got a letter in the mail couple of weeks ago from American Express stating that the economy is in poor shape so they had to lower my credit limit from $4,000 to #1,200 @ 19%. I was like wow and VISA has no problem with me having a card at $20,000 @6.3%. Some things in this world are a wonder. <_<
Scorcher000,Mar 9 2009, 10:48 AM Wrote:Iteresting...
I got a letter in the mail couple of weeks ago from American Express stating that the economy is in poor shape so they had to lower my credit limit from $4,000 to #1,200 @ 19%. I was like wow and VISA has no problem with me having a card at $20,000 @6.3%. Some things in this world are a wonder. <_<
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keep in mind AMX has a smaller market share then Visa, and Visa is more widely accepted then AMX, and not to mention Visa has been around a long long time.