Credit Cards

Lower interest rate on LOC?

  • Last Updated:
  • Apr 20th, 2020 1:59 pm
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[OP]
Sr. Member
Feb 18, 2019
514 posts
664 upvotes

Lower interest rate on LOC?

So obviously tons of stuff in the news about CC rates being dropped temporarily (by 50% or so).
Has anybody had any luck with relief on a ULOC?
11 replies
Deal Fanatic
User avatar
Aug 24, 2016
8044 posts
8468 upvotes
The Prairies
PLOC are already low interest rate compared to credit card interest rates.
Unlikely banks will lower PLOC rates, especially with the higher risk of many people (folks affected by layoffs).
Deal Addict
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Jan 16, 2007
1311 posts
1476 upvotes
Haven't heard of any relief on PLOCs, but have heard of some relieving customers of some of their limit... (ahahahahaha, *cry*).
🏦 Banking: Alterna Bank (1.1%, No fees), Motive Financial (1.25%, No fees)
📈 Investing: Scotia iTRADE (XGRO, No fees)
💳 Spending: Scotia Amex Gold (5pts dine/3pts drive, forex), Amex SCP (2%, rest), Brim World Mastercard (1.5%, non-Amex spend)
Deal Fanatic
User avatar
Aug 24, 2016
8044 posts
8468 upvotes
The Prairies
joshnet wrote: Haven't heard of any relief on PLOCs, but have heard of some relieving customers of some of their limit... (ahahahahaha, *cry*).
Did your PLOC get reduced in limit?
Deal Addict
User avatar
Jan 16, 2007
1311 posts
1476 upvotes
Not yet, but it wouldn't surprise me. Self employed (although no impact from current circumstances), multiple LOCs of decent limits. Probably risky enough for some lenders to want to... adjust... but time will tell.
🏦 Banking: Alterna Bank (1.1%, No fees), Motive Financial (1.25%, No fees)
📈 Investing: Scotia iTRADE (XGRO, No fees)
💳 Spending: Scotia Amex Gold (5pts dine/3pts drive, forex), Amex SCP (2%, rest), Brim World Mastercard (1.5%, non-Amex spend)
Deal Expert
Aug 22, 2011
35542 posts
21598 upvotes
Center of Universe
RBC lowered mine to 4.45%
Deal Addict
Nov 8, 2017
1527 posts
850 upvotes
Motus 5.94-used to be 6.9
Rbc-7.44-used to be 8.94
BMO -5.9-used to be 7.5

Work in health care so my income hasn't changed , it's actually gone up some with OT
Deal Addict
Dec 12, 2009
4573 posts
2197 upvotes
Toronto
User455957 wrote: Motus 5.94-used to be 6.9
Rbc-7.44-used to be 8.94
BMO -5.9-used to be 7.5
Those all look to be related to the drop in prime.
Or were those in addition to the changes in prime?
Following the advice of the Health Experts - I will consider voting for Dougie @ 12:01 AM, five days after the next provincial election.
Newbie
User avatar
Nov 7, 2013
51 posts
9 upvotes
Kingston, ON
Slightly off topic, has anyone ever have success with Tangerine to lower their rates? I am at Prime + 4 %. CIBC have been fair over the years with rate decreases meanwhile Tangerine refuses to budge at all, they claim its not currently an available feature lol

Every line of credit is linked to prime and are forced to adjust accordingly. Since the pandemic I doubt any institution would want to reduce rates anyway eh
Deal Addict
Nov 8, 2017
1527 posts
850 upvotes
ROYinTO wrote: Those all look to be related to the drop in prime.
Or were those in addition to the changes in prime?
Related to prime, but some didn't drop as far as they should have

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