Credit Cards

Locked: Are All Of You Paying Ridiculous Fees With VISA?

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  • Feb 17th, 2019 11:33 pm
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[OP]
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Dec 15, 2017
1847 posts
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Toronto

Are All Of You Paying Ridiculous Fees With VISA?

I seldom use my TD Visa and for a good reason, its ridiculous 19.99% for purchases and 24.99% for cash advances. Now they sent me a letter (along with my new Visa card) that they are going to increase those fees to 24.99% and a whopping 29.99% respectively, or 5 points on each. Are these guys off the wall? My BMO MasterCard is 12.99%.

Im wondering if others are being charged these usurious prices too, my card doesn't have anything special to justify these stiff interest rates. Do any of you know if I can get a VISA with less interests anywhere else besides TD? (they are not my bank btw).

P.S. Their new card sent to me is valid only for 1 year, whereas the old one was for 5 years. Like if I care, at those rates.
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Aug 9, 2011
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do you carry balances? This is irrelevant if you pay it off the entire balance by the due date
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Nov 8, 2017
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TD is kinda like a bank for subprime lending to people that really can't get credit. Usually interest rates will go up for people who miss payments or have shitty credit
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Oct 4, 2004
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MusicBox wrote: Im wondering if others are being charged these usurious prices too, my card doesn't have anything special to justify these stiff interest rates. Do any of you know if I can get a VISA with less interests anywhere else besides TD? (they are not my bank btw).
Aside from promotional offers and special "low-interest" cards, 19.99% is about standard for most cards with most banks. American Express charge cards have a penalty rate of 30%. I bet you that 12.99% BMO card you have has even less benefits than your TD card. Also, rates usually increase for existing cardholders if they've missed a minimum payment or are otherwise delinquent. If on a promotional offer, missing a minimum payment can trigger the promotion to end.

Best just to use a credit card to borrow money for up to 51-ish days interest free.
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Dec 14, 2007
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MusicBox wrote: I seldom use my TD Visa and for a good reason, its ridiculous 19.99% for purchases and 24.99% for cash advances. Now they sent me a letter (along with my new Visa card) that they are going to increase those fees to 24.99% and a whopping 29.99% respectively, or 5 points on each. Are these guys off the wall? My BMO MasterCard is 12.99%.

Im wondering if others are being charged these usurious prices too, my card doesn't have anything special to justify these stiff interest rates. Do any of you know if I can get a VISA with less interests anywhere else besides TD? (they are not my bank btw).

P.S. Their new card sent to me is valid only for 1 year, whereas the old one was for 5 years. Like if I care, at those rates.
Any card-carrying RFD member knows they'd have their membership revoked if they were carrying a balance on anything other than a balance transfer promotional rate.

So... to answer your question, no... all of us are not paying ridiculous fees ( interest ) with VISA. In fact, many of us are carrying charge cards, which have interest rates of 30% on money not paid on time.
I'd love to write history... in advance.
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May 16, 2017
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Anyone that cares what credit card interest rates are should not be using credit cards as a lending source, unless they are able to manage their finances (as suggested above) and card churning to net interest rates far below the standard card rates.
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Nov 22, 2015
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MusicBox wrote: I seldom use my TD Visa and for a good reason, its ridiculous 19.99% for purchases and 24.99% for cash advances. Now they sent me a letter (along with my new Visa card) that they are going to increase those fees to 24.99% and a whopping 29.99% respectively, or 5 points on each. Are these guys off the wall? My BMO MasterCard is 12.99%.

Im wondering if others are being charged these usurious prices too, my card doesn't have anything special to justify these stiff interest rates. Do any of you know if I can get a VISA with less interests anywhere else besides TD? (they are not my bank btw).

P.S. Their new card sent to me is valid only for 1 year, whereas the old one was for 5 years. Like if I care, at those rates.
I've never paid a dollar of interest on a credit card in my life. Doesn't matter what the rate is.
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Dec 13, 2016
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Regardless of the usual RFD brag of being a savvy consumer, I am quite curious how can TD pull this 29.99% rate?

I thought there was a limit to how much interest you can charge. This is no better than being a loan shark and not a bank.

Thank you for this thread OP. I think I will be paying off my mortgage and switching banks. Although credit rates don't affect me, the forex fee was the last straw for me.
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Jan 27, 2004
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BiegeToyota wrote: Regardless of the usual RFD brag of being a savvy consumer, I am quite curious how can TD pull this 29.99% rate?

I thought there was a limit to how much interest you can charge. This is no better than being a loan shark and not a bank.

Thank you for this thread OP. I think I will be paying off my mortgage and switching banks. Although credit rates don't affect me, the forex fee was the last straw for me.
29.99% is no where near the max. Which is 59.99% in ontario.
But 29% is like the higher types of credit cards. Like people who miss payments all the time.
Newbie
Aug 26, 2013
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Oakville
superfresh89 wrote: I've never paid a dollar of interest on a credit card in my life. Doesn't matter what the rate is.
I haven't paid a dollar either... Never have in close to 30 years of having a credit card... And never will, for the rest of my life...
Newbie
Aug 26, 2013
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Oakville
UrbanPoet wrote: I dont really carry a balance on my cc.
When things get hairy i use a line of credit at a much much lower interest rate.
I agree... I setup 2x small PULOCs, one with TD and the other with BMO, specifically for those "tight" times... Much LESS interest on a PULOC compared to ANY modern-day Credit Card...
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Feb 16, 2018
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I couldn't even tell you what the interest is on my credit cards. I don't carry a balance ever.

If I was ever going to need to carry a balance, I would just use my heloc @3.95%
Member
Jul 25, 2008
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yeah, seriously, we need the government to regulate private enterprise more.
Last edited by Redmask on Mar 20th, 2018 12:40 am, edited 1 time in total.
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Dec 13, 2016
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danishh wrote: yeah, seriously, we need the government to regulate private enterprise more.
She put a cap on 1.8% rent increase.

I don't see why she shouldn't put a cap on 60% cc rates.

Why do one and not the other?

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