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?
Has anybody had any luck with relief on a ULOC?
- Last Updated:
- Apr 20th, 2020 1:59 pm
Tags:
- SCORE
- DonkeyDoo [OP]
- Sr. Member
- Feb 18, 2019
- 514 posts
- 664 upvotes
11 replies
- coolintheshade
- Deal Fanatic
-
- 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).
Unlikely banks will lower PLOC rates, especially with the higher risk of many people (folks affected by layoffs).
- joshnet
- Deal Addict
-
- 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)
📈 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)
- coolintheshade
- Deal Fanatic
-
- Aug 24, 2016
- 8044 posts
- 8468 upvotes
- The Prairies
- joshnet
- Deal Addict
-
- 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)
📈 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)
- vkizzle
- Deal Expert
- Aug 22, 2011
- 35542 posts
- 21598 upvotes
- Center of Universe
RBC lowered mine to 4.45%
- terracotta92
- Deal Addict
- Feb 6, 2018
- 1303 posts
- 1061 upvotes
- vkizzle
- Deal Expert
- Aug 22, 2011
- 35542 posts
- 21598 upvotes
- Center of Universe
No credit check.terracotta92 wrote: ↑ full credit check?
- User455957
- 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
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
- ROYinTO
- Deal Addict
- Dec 12, 2009
- 4573 posts
- 2197 upvotes
- Toronto
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.
- optikal
- Newbie
-
- 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
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
- User455957
- Deal Addict
- Nov 8, 2017
- 1527 posts
- 850 upvotes