Personal Finance

RBC lowered my LOC interest - I'm shocked!

  • Last Updated:
  • Aug 24th, 2019 10:55 am
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Member
User avatar
Mar 27, 2010
451 posts
111 upvotes
Montreal
canucks4life wrote:
Aug 14th, 2019 11:25 pm
Wow that is even lower than my HELOC which I’ll be needing to use pretty soon for our condo’s special levy Disappointed Face
It's only for 12 months but better than nothing I suppose.
Newbie
Feb 20, 2017
65 posts
35 upvotes
Hamilton, Ontario
my unsec LOC with RBC is 10.16%. Have had it for about a year and never used it. Hopefully, wont ever have to use it. But would still like the rate lowered just in case.
Deal Fanatic
User avatar
Mar 17, 2006
6460 posts
5032 upvotes
North York
UrbanPoet wrote:
Aug 13th, 2019 8:33 pm
I guess once in a while life throws you a bone.
life still looks at you like a dog
savage
Penalty Box
Aug 17, 2012
1445 posts
543 upvotes
Windsor
travelandshoppingwoman77 wrote:
Aug 13th, 2019 8:11 pm
No, that's not a typo. I have been moving my business away from RBC for the past few years and just have a basic day to day savings account, LOC and a credit card with them. (oldest credit card so I'd like to keep it)
Every so often, I'll do a transaction just so they don't de-activate my accounts. I looked at the interest rate for my LOC and I was surprised to see they reduced it. I don't know when they reduced the rate but it went from over 8% to 5.94%. Not that I'm complaining and I have a zero balance on my LOC and no, I didn't ask them.
Has anyone else had a bank lower the LOC interest rate without asking ?
I just checked after reading this post and mine in decreased to 5.94 ..
[OP]
Member
Jun 28, 2011
331 posts
75 upvotes
VANCOUVER
Update:
Yesterday I received a letter in the mail from RBC (dated August 19) saying they're offering a special interest rate of prime + 1.99% until March 9, 2020. The usual caveats apply and noted at the back of the letter in fine print.
I'm guessing this is targetted to select RBC customers.
I have a large bill coming up and I'll take advantage of this offer and pay everything off before March.

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