Personal Finance

Low interest credit card vs. Line of credit

  • Last Updated:
  • Mar 5th, 2018 10:49 pm
Deal Addict
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Feb 4, 2015
1341 posts
878 upvotes
User455957 wrote: I have a cc with CIBC since 2005, and last year I was pre-approved for a LOC prime +4%. I took it of course as no documentation was required and I didn't even have to go into a bank.

I asked why I was pre-approved and they said I was a long term customer and had a solid history with CIBC.

I like it because it's like an all inclusive chequing account with free everything

I've got MBNA 9.9% and waiting for Amex essential 8.9% to come in the mail.

If I get offered a LOC form anywhere else, it could be a good bargaining tool as Prime keeps creeping up, and it certainly isn't going to go down
Received mine today, just 3-4 days after approval! Beautiful card. Remember to call and obtain a PIN for cash advances at most RBC ATM's.
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Nov 8, 2017
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barmadrid wrote: Received mine today, just 3-4 days after approval! Beautiful card. Remember to call and obtain a PIN for cash advances at most RBC ATM's.

Did my pin online when I was applying. I'll use it once in awhile to keep it active, but it'll just be a stand by kinda card. Low APR for a CC. Just curious, how much can you pull @ one time or a day. Can you order cheques?
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Feb 4, 2015
1341 posts
878 upvotes
@User455957

Yeah, me too was wondering about the daily cash advance limit. Will call them soon and verify about this and the cheques as well!
Deal Addict
Nov 8, 2017
1556 posts
894 upvotes
barmadrid wrote: @User455957

Yeah, me too was wondering about the daily cash advance limit. Will call them soon and verify about this and the cheques as well!

The way Prime is creeping up, it may be better to go low interest CC. The one advantage of my LOC is I can pull 3k as a etransfer(free) and there's no fee to do it unlike a CC. Another advantage is I can dump half my pay in it
Think the most interest I've paid is like 4 bucks.

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