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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.
Old enough to know me limit, yet young enough to exceed it.
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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
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we just got the same letter.
We closed it last night. And they had the audacity to ask us why. :lol:
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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.
Daily driver 1: 2007 Jeep Wrangler Unlimited Sport "S"
33" BFG Mud-Terrain KM2s, lots of Rough Country gear - bumper, 2.5" lift, swaybar disconnects, Superwinch 10,000lb winch, Detroit Locker in rear D44 axle, custom exhaust, K+N filtercharger, Superchips-tuned.
Daily driver 2: 2006 Subaru Legacy GT
COBB Stage 1+ package - AccessPort tuner, COBB intake and airbox. Stage 2 coming shortly - COBB 3" AT stainless DP and race cat, custom 3" Magnaflow-based exhaust and Stage 2 COBB tune.
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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.
2008 Fusion SEL MTX - DD1 * 2009 Fusion SEL - DD2 * 2007 Focus ZXW - R*I*P * 2004 Focus ZTW CD Silver - sold * 2004 Focus ZTW Black - sold * 2003 Focus ZTW Black - sold * 2001 Focus ZTW Gold - sold * 2000 Focus SE Wagon (ZTW option) - Black - sold * 2000 Focus SE Wagon (ZTW option) - Gold R*I*P
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Yeah, I'm at 3.5% right now for the LoC side. I can think of worse rates to have than that. :)
Daily driver 1: 2007 Jeep Wrangler Unlimited Sport "S"
33" BFG Mud-Terrain KM2s, lots of Rough Country gear - bumper, 2.5" lift, swaybar disconnects, Superwinch 10,000lb winch, Detroit Locker in rear D44 axle, custom exhaust, K+N filtercharger, Superchips-tuned.
Daily driver 2: 2006 Subaru Legacy GT
COBB Stage 1+ package - AccessPort tuner, COBB intake and airbox. Stage 2 coming shortly - COBB 3" AT stainless DP and race cat, custom 3" Magnaflow-based exhaust and Stage 2 COBB tune.
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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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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.
I was the only member on this board with a Yellow Focus Sedan, and a 2002+ Euro Facelift on a sedan.