Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

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  • Jan 27th, 2023 2:38 pm
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Newbie
Jul 17, 2011
16 posts
Speedy1 wrote: Yes, 0% on all cards for 9 to 18 months. But there is a 1 to 2% up front fee for each card.
Do u mind sharing the best balance transfer card? Which one is 0 interest for 18 months with only 1% of one time fee. Thank you!
Deal Fanatic
Jun 29, 2007
5597 posts
2138 upvotes
Vancouver
baxiaofei wrote: Do u mind sharing the best balance transfer card? Which one is 0 interest for 18 months with only 1% of one time fee. Thank you!
YMMV, this was with one of BMO credit cards.

I had like 4 BMO credit cards at that time. If I remember correctly, 2 cards had offer of 2% upfront fee for 12 months and 1 had offer of 2% upfront fee for 18 months.

I moved my credit limit from 3 cards to the 1 card with the 18 month offer, thus I have a $50k credit limit.

For the 1% fee, I got it with my 2 CIBC credit cards ($30k and $40k credit limits) for 12 months. YMMV, I don't think CIBC offers 1% fee anymore. I did it about 4-6 months ago and I am an imperial service client. CIBC had a BT offer on my credit cards every month.

My MBNA (Best Western) balance transfer I think was also at 1% for 9 months or something like that. Got a similar offer on my MBNA Alaska Air WE card but I didn't take it as I will be canceling this card soon since fyf is up.
Last edited by Speedy1 on Dec 3rd, 2022 4:45 pm, edited 2 times in total.
Newbie
Jul 17, 2011
16 posts
Speedy1 wrote: YMMV, this was with one of BMO credit cards.

I had like 4 BMO credit cards at that time. If I remember correctly, 1 card had offer of 2% upfront fee for 12 months and 1 had offer of 2% upfront fee for 18 months.

I moved my credit limit from 3 cards to the 1 card with the 18 month offer, thus I have a $50k credit limit.

For the 1% fee, I got it with my 2 CIBC credit cards ($30k and $40k credit limits) for 12 months. YMMV, I don't think CIBC offers 1% fee anymore. I did it about 4-6 months ago and I am an imperial service client. CIBC had a BT offer on my credit cards every month.

My MBNA balance transfer I think was also at 1% for 9 months or something like that.
I will look up those cards thanks so much for sharing!
Deal Addict
User avatar
Jul 13, 2014
4916 posts
2537 upvotes
Parry Sound
Two questions

1) does Tangerine still not allow for LoC limit increases? They gave me a great rate a few years ago but the amount is basically nothing.

2) for those getting pre-approved with CIBC, do you do your primary banking with them? What other products of theirs did you use and for how long before receiving a pre-approval?

I want to get a CIBC LoC as I understand it can be used as a chequing account.
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Jr. Member
Jul 29, 2021
111 posts
80 upvotes
MayorOfToronto wrote: Two questions

1) does Tangerine still not allow for LoC limit increases? They gave me a great rate a few years ago but the amount is basically nothing.

2) for those getting pre-approved with CIBC, do you do your primary banking with them? What other products of theirs did you use and for how long before receiving a pre-approval?

I want to get a CIBC LoC as I understand it can be used as a chequing account.
I cannot answer your 1st question but I do have an answer for your second question.

I have a Mortgage and Chequing Account with CIBC and CIBC offered me Online Offer for LOC, Credit Card, US Account, Saving Account.
Deal Fanatic
Jun 29, 2007
5597 posts
2138 upvotes
Vancouver
Speedy1 wrote: YMMV, this was with one of BMO credit cards.

I had like 4 BMO credit cards at that time. If I remember correctly, 2 cards had offer of 2% upfront fee for 12 months and 1 had offer of 2% upfront fee for 18 months.

I moved my credit limit from 3 cards to the 1 card with the 18 month offer, thus I have a $50k credit limit.

For the 1% fee, I got it with my 2 CIBC credit cards ($30k and $40k credit limits) for 12 months. YMMV, I don't think CIBC offers 1% fee anymore. I did it about 4-6 months ago and I am an imperial service client. CIBC had a BT offer on my credit cards every month.

My MBNA (Best Western) balance transfer I think was also at 1% for 9 months or something like that. Got a similar offer on my MBNA Alaska Air WE card but I didn't take it as I will be canceling this card soon since fyf is up.
Sorry, correction. The BMO credit card balance transfer promo I did recently is actually 3% upfront fee and 0% for 18 months NOT 2% upfront fee and 0% for 18 months as I previously mentioned. 2 of my other BMO credit cards had 3% for 12 months.

3% upfront is still IMO a good deal considering what the current bank prime is.
Member
Jun 8, 2012
299 posts
99 upvotes
Hi All,

Does any know whats the max uLOC BMO does?

I am looking for 70 80k limit. I do have a preapproved 10k with bmo but wondering if the best option is to make increase limit request with BMO or try someone new like National Bank under their professional plans / uLOC? Is it ok to try both the same day and risk two credit checks? I heard if you try to heloc locs around the same time it doesnt hurt too much.

My credit score is 768. No debts. Multiple credit cards with upto 100k limit aggregated with 0% utilization. 1 BMO LOC with 10k.
Deal Fanatic
Jun 29, 2007
5597 posts
2138 upvotes
Vancouver
SHR3WD wrote: Hi All,

Does any know whats the max uLOC BMO does?

I am looking for 70 80k limit. I do have a preapproved 10k with bmo but wondering if the best option is to make increase limit request with BMO or try someone new like National Bank under their professional plans / uLOC? Is it ok to try both the same day and risk two credit checks? I heard if you try to heloc locs around the same time it doesnt hurt too much.

My credit score is 768. No debts. Multiple credit cards with upto 100k limit aggregated with 0% utilization. 1 BMO LOC with 10k.
Why not check to see if any of your credit cards has a x% upfront fee and 0% interest for x number of months. Likely cheaper than getting uLOC.
A lot of credit cards seem to be quite aggressive with this 0% balance transfer promos. I have been getting one on my CIBC credit cards every month for like the last 9.
I combined my BMO credit card limits and now have a ~$50k balance transfer promo with them.
Catch is to be able to pay it off when promo ends. Credit card companies are betting that some can't pay off so they can charge ~20% plus interest.
Member
Jun 8, 2012
299 posts
99 upvotes
Speedy1 wrote: Why not check to see if any of your credit cards has a x% upfront fee and 0% interest for x number of months. Likely cheaper than getting uLOC.
A lot of credit cards seem to be quite aggressive with this 0% balance transfer promos. I have been getting one on my CIBC credit cards every month for like the last 9.
I combined my BMO credit card limits and now have a ~$50k balance transfer promo with them.
Catch is to be able to pay it off when promo ends. Credit card companies are betting that some can't pay off so they can charge ~20% plus interest.
I have some BT offers as well but i dont think Credit cards have the same flexibility or convenience. For example getting cash or bill pay options. I dont neccessarily have 5 digit expenses that can be charged through credit cards.

Unless there is a work around for that as well?
Sr. Member
Nov 22, 2012
768 posts
880 upvotes
NS
SHR3WD wrote: I have some BT offers as well but i dont think Credit cards have the same flexibility or convenience. For example getting cash or bill pay options. I dont neccessarily have 5 digit expenses that can be charged through credit cards.

Unless there is a work around for that as well?
Depends on the credit card. Some will do balance transfers directly to your chequing account or you can request a BT cheque and write a cheque to yourself.
Member
Aug 29, 2007
246 posts
76 upvotes
Saskatoon
demanche1 wrote: Simplii gave me a new personal loc with a prime rate last month.

I’ll probably use it to help finance my next car, rate is lower.
Was there special circumstances to get this? Simplii is advertising rates as low as Prime + 2.9% when I called so I didn't bother making an application.
Member
Dec 13, 2020
323 posts
313 upvotes
aznaro wrote: Was there special circumstances to get this? Simplii is advertising rates as low as Prime + 2.9% when I called so I didn't bother making an application.
Nope.. but when they called to go through the application, first thing I asked was the rate. I didn’t end up using it for the car we bought — just bought it with savings, but it’s now my emergency fund.
Member
Aug 29, 2007
246 posts
76 upvotes
Saskatoon
demanche1 wrote: Nope.. but when they called to go through the application, first thing I asked was the rate. I didn’t end up using it for the car we bought — just bought it with savings, but it’s now my emergency fund.
Ok so maybe I should talk with a rep first for a app and ask before going ahead? Thanks I'll try that later tonight then.
Deal Addict
User avatar
Mar 25, 2012
2554 posts
1583 upvotes
Kelowna
MayorOfToronto wrote: Two questions

1) does Tangerine still not allow for LoC limit increases? They gave me a great rate a few years ago but the amount is basically nothing.

2) for those getting pre-approved with CIBC, do you do your primary banking with them? What other products of theirs did you use and for how long before receiving a pre-approval?

I want to get a CIBC LoC as I understand it can be used as a chequing account.
I think you can change that. There's a "request change" option in "account details," if I remember correctly.

I'm unclear if paper-based cheques on a Tangerine uLOC will clear or not, though, so if you want paper-based cheques, go with CIBC. If you're fine with pre-authorized debits and direct deposits, a Tangerine uLOC will work. I got approved for $25,000, and my rate was Prime + 3.00%. My ScotiaLine limit was $15,000 and rate is Prime + 2.50%.

Cheers,
Doug
Member
Jul 2, 2021
223 posts
236 upvotes
Vancouver
Prime + 2.5% at Scotiabank for $6000 pre-approved
Deal Addict
User avatar
Mar 25, 2012
2554 posts
1583 upvotes
Kelowna
Kresher wrote: Prime + 2.5% at Scotiabank for $6000 pre-approved
Yeah, that one they went me a printed offer in the mail for.

Cheers,
Doug
Deal Addict
Dec 14, 2017
1482 posts
1799 upvotes
Vancouver
Kresher wrote: Prime + 2.5% at Scotiabank for $6000 pre-approved
Wow that’s awesome! Never really seen a preapproved scotia LOC offer below 10k so looks like they’re changing it up a bit!
Deal Addict
May 13, 2005
4014 posts
4038 upvotes
Montreal
SHR3WD wrote: Hi All,

Does any know whats the max uLOC BMO does?

I am looking for 70 80k limit. I do have a preapproved 10k with bmo but wondering if the best option is to make increase limit request with BMO or try someone new like National Bank under their professional plans / uLOC? Is it ok to try both the same day and risk two credit checks? I heard if you try to heloc locs around the same time it doesnt hurt too much.

My credit score is 768. No debts. Multiple credit cards with upto 100k limit aggregated with 0% utilization. 1 BMO LOC with 10k.
For engineers, doctors, etc.. professions...

National Bank LOC = Prime rate + 0.25%
+ https://www.nbc.ca/personal/accounts/pr ... neers.html

Desjardins LOC = Prime rate
Advantage for individual members / Financing your projects

Lines of credit – Take advantage of a flexible financing solution

To get financing tailored to your needs, while making the most of reduced rates granted on the:

Desjardins Personal Line of Credit: prime rate
Versatile Line of Credit: prime rate
https://www.desjardins.com/ca/personal/ ... /index.jsp
Deal Addict
Apr 23, 2006
1001 posts
557 upvotes
Any rate updates? 7.7% (P + 1.25%) is about the best I can find right now.
Deal Addict
Jan 31, 2007
4968 posts
5084 upvotes
Richmond Hill
HSBC unsecured, $100k at Prime.
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
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