ultrarunner

I am sure am not alone on this....I don't like paying fees to access my own money. I can understand it when you are new to a country and have to settle / build a credit rating, but once you have been here for a while, you should be able to negotiate a better deal.

Two of the banks I use for my daily banking are no-fees. I got rid of my last high interest rate credit card recently when they refuse to play ball with the interest rate (19.7%).

My cards and our LOC are now at maximum 6% or less.

What are your rates?

Alan2005

I don't care about the interest rate on my credit card - I think it's 13%, but not sure. I'm more interested in the other things it does - cash back, reward schemes, insurance etc.

iaink

I pay zero percent on all my credit cards....

Aviator

I pay no interest on credit cards.

Former Lancastrian

Is that because you pay them off so no interest payments or you have a 0% rate on them?
With that many different cards out there dont most pick one that gives them a perk say Air Miles, cash back etc. Also dont some of them charge an annual fee of $90 or more for that perk.

iaink

Is that different to me then?

Im trying to think of a charitable term for people that run a balance on their credit cards, but I cant think of anything that wont offend...

Line of credit is sometimes a necessary evil, but running a balance on a card?

I use my cards for the grocery point cashback and the convenience factor.

Aviator

I pay $360 a year for banking, all in, incl two credit cards. The benefits back from the cards gave me a many times return on my banking costs this year.

iaink

I pay $zero a year for banking, all in, incl three credit cards. The benefits back from the cards are worth many times your banking costs a year.

Souvy

I think the interest rate on our Desjardins card is 19.4%. Not that it matters. We never carry a balance. I think there is an annual fee, although it's not huge.

We use the card for almost everything and the monthly statements tend to be quite large (last one was $3.6k, which is about average). The Bonidollars come in handy. We've got 790 at the moment and they are convertible directly to real dollars. That's a reasonable chunk of our winter vacation paid for already.

That reminds me that my bank manager told me to get my own credit card instead of relying on Souvette's account. I've been here for 12 years and have no credit rating (none at all).

ultrarunner

I don't think anyone does if you pay it off right away. Is that with PC financial? If it is, I don't see how you managed to swing that ( 3 credit cards with no interest and annual fees). Perhaps you can point us to that info online?

I am not interested in the rewards cards because unless you are spending a lot, it's not worth it.

I get PC points which I redeem for store (loblaws, zehrs et al) credit to be used towards groceries and that

Almost Canadian

I put everything on my business credit cards: business rent and all expenses, as well as all other personal expenses. I pay each off as I charge them. I don't have an airmiles type reward, but rewards that can be used to pay off all vacation items (TD Travel): accommodation, flights, rentals, etc. We don't normal pay for any such vacation items. It makes going away so much more affordable

The interest on my LOC is far below 6%

iaink

I charge everything to a couple of cards, pick up the points/ discounts, and pay off the balances. The interest rates are irrelevant, I dont pay any interest.


Paying the balance in full is the most important part. Running a balance on a card is a mugs game. If needs be use the low interest line of credit to pay the CC bill, just dont make a habit of it.

ultrarunner

Here is a magazine we subscribe to that gives good financial advice

The cards are broken down into the different benefits

http://www.moneysense.ca/2012/08/22/...it-cards-2012/

Another perspective

http://www.moneyville.ca/blog/post/1...cards-compared

ultrarunner

Never said my LOC is 6%. I replaced a 19.7% credit card with a 6% card. I have 2 LOCs that are under 3%

My Govt Amex gives the air miles that I need to go away

ultrarunner

I get that, and I think a lot of us do it that way. Yes you don't pay interest like some of us, but what happens if an unforeseen circumstance happens that requires you to pay $$$$$$$? Your PC financial 19.7% will kick in then won't it?