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Locked: Credit Cards with low interest/free balance transfers?

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  • Sep 7th, 2018 8:06 pm
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[OP]
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Oct 19, 2011
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Credit Cards with low interest/free balance transfers?

I don't know if this is the place to ask, but I'm with Coast Capital and carrying a high balance ATM (~$5k) and wondering what the best way to reduce interest fees is (besides paying everything off which I'm not financially able :(...). I called and they suggested the card with a $50 annual fee and 10.9% interest instead of my $0 annual fee and 20.9% interest. Just wondering what other options I can take advantage of for this. Thanks.
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Deal Guru
May 29, 2006
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I would take their offer. its only 5k. that saves you 40$ in interest every month. but if you have the ability to pay off in 6-9-12 months, then you can certainly look for a card with a low balance transfer rate.
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Oct 24, 2016
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MBNA Platinum MasterCard. Introductory balance transfer rate of 0% for 12 months. No annual fees. And you get $60 cash back if you apply through GCR.
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[OP]
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Oct 19, 2011
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Holystone wrote: MBNA Platinum MasterCard. Introductory balance transfer rate of 0% for 12 months. No annual fees. And you get $60 cash back if you apply through GCR.
I already got that card and using it.
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Nov 8, 2017
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MBNA through western bank has a no fee 9.99% interest.
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Going to the Moon
mcfart wrote: I don't know if this is the place to ask, but I'm with Coast Capital and carrying a high balance ATM (~$5k) and wondering what the best way to reduce interest fees is (besides paying everything off which I'm not financially able :(...). I called and they suggested the card with a $50 annual fee and 10.9% interest instead of my $0 annual fee and 20.9% interest. Just wondering what other options I can take advantage of for this. Thanks.
Yikes, get out of that 20.9% interest at (nearly) all costs, since it's hard to pay down a balance with such high interest. Since you're already running an MBNA PP...
mcfart wrote: I already got that card and using it.
Grab the PC MC. They have a promo on BT's. I think it's $0 upfront, then 0.99% for one year.

If you can, get a LOC with the bank. Have a few safety nets to make sure you never pay over 10% interest on "high interest debt".
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[OP]
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Oct 19, 2011
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titaniumtux wrote: Yikes, get out of that 20.9% interest at (nearly) all costs, since it's hard to pay down a balance with such high interest. Since you're already running an MBNA PP...



Grab the PC MC. They have a promo on BT's. I think it's $0 upfront, then 0.99% for one year.

If you can, get a LOC with the bank. Have a few safety nets to make sure you never pay over 10% interest on "high interest debt".
Tried with RBC (not the bank I have the large balance CC with) and got declined cuz debt payments are 52% of income. Can I try applying with Coast Capital? I think RBC person said I only lost 2 points cuz of inquiry.
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Feb 5, 2018
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American express Essential

1.99% balance transfer for 6 months.

8.99% interest and cash advance.

No annual fee.
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mcfart wrote: Tried with RBC (not the bank I have the large balance CC with) and got declined cuz debt payments are 52% of income. Can I try applying with Coast Capital? I think RBC person said I only lost 2 points cuz of inquiry.
LOC is the hardest to be approved for, especially if you have existing debt, as you’ve already found out.
I recommend you apply for this https://online.royalbank.com/cgi-bin/ap ... k=25276286

It’s an RBC Cashback MasterCard that comes with a promotional balance transfer option.
1.9% for 10 months. That’s pretty good.
You just have to make sure, after the 10 months to have it paid off, or able to balance transfer it somewhere else, so you don’t get hit with the 23% interest it turns into after the promo period.
This card could also be a keeper after it’s served it’s useful purpose, as it is a straight 2% back at grocery stores, which includes WalMart Supercentres.
Just a thought.
[OP]
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Oct 19, 2011
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coolintheshade wrote: LOC is the hardest to be approved for, especially if you have existing debt, as you’ve already found out.
I recommend you apply for this https://online.royalbank.com/cgi-bin/ap ... k=25276286

It’s an RBC Cashback MasterCard that comes with a promotional balance transfer option.
1.9% for 10 months. That’s pretty good.
You just have to make sure, after the 10 months to have it paid off, or able to balance transfer it somewhere else, so you don’t get hit with the 23% interest it turns into after the promo period.
This card could also be a keeper after it’s served it’s useful purpose, as it is a straight 2% back at grocery stores, which includes WalMart Supercentres.
Just a thought.
Thanks, but already have that as well lol. Have primary card mbna and rbc cards. Sadly the balance transfer duration ended on it. Have it paid off tho.
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coolintheshade wrote: LOC is the hardest to be approved for, especially if you have existing debt, as you’ve already found out.
I recommend you apply for this https://online.royalbank.com/cgi-bin/ap ... k=25276286

It’s an RBC Cashback MasterCard that comes with a promotional balance transfer option.
1.9% for 10 months. That’s pretty good.
You just have to make sure, after the 10 months to have it paid off, or able to balance transfer it somewhere else, so you don’t get hit with the 23% interest it turns into after the promo period.
This card could also be a keeper after it’s served it’s useful purpose, as it is a straight 2% back at grocery stores, which includes WalMart Supercentres.
Just a thought.
+1

But it's good to get a LOC whenever possible.
mcfart wrote: Thanks, but already have that as well lol. Have primary card mbna and rbc cards. Sadly the balance transfer duration ended on it. Have it paid off tho.
Churn the RBC card RFD style :lol:
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Which Canadian Credit Card has the lowest balance transfer fee. Thank you all.
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craigslist123 wrote: Which Canadian Credit Card has the lowest balance transfer fee. Thank you all.
Necro thread. I'll respond...
  1. MBNA. PP card is grandfathered. Discussion on other MBNA cards continues here.
  2. RBC
  3. CIBC
  4. BNS
  5. AmEx
  6. Etc. (including TD CT, etc.)

Locking thread.
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