CIBC LineOfCredit Promtion get rate for Prime-1.01% from Aug 1 To Mar 5,07

[ewater]

The application has to be approved by July 31. After Mar 01(or Mar 05, not sure) the rate will be back to Prime. Don't know if nation-wide.

[thunderbird]

Thanks. Does it apply only to new application? Any further information on this promotion? I checked their website and couldn't find any info.

[newbeetle]

Do you need to get a certain credit limit to qualify for the rate?

[garfield2006]

you need to pay a set up fee of $400-$500, but they will reimburse you the money when you use your line of credit on Aug. 31st.

[GerryDavid]

you need to pay a set up fee of $400-$500, but they will reimburse you the money when you use your line of credit on Aug. 31st.

Very interesting. I dont suppose they would just give you $5k or something to toss into a high interest account or something?

How do they give you the money anywase? deposit it into your bank account, check? hehe

[doomsday709]

It's for a secure line of credit. You need to have owing in your account at least $25000 for one night (31 August) to get the amount you pay back. The amount will be remebursted on 30 Sep. You need to have some kind of equity to get the rate such as in your home.

[TRK9]

Thx doomsday709, I figured it was for a secured line of credit. I don't think anyone offers even prime on unsecured PLCs (personal line of credits).

[sheriff7863]

TD currently has line of credit @ Prime -1% for small businesses, upto $50,000

[Aware]

The application has to be approved by July 31. After Mar 01(or Mar 05, not sure) the rate will be back to Prime. Don't know if nation-wide.

Do you know if this is available to current customers who already have a CIBC personal line of credit?

[krs]

Do you know if this is available to current customers who already have a CIBC personal line of credit?

I currently have an unsecured line of credit with CIBC. When I called About something on that a few weeks ago, the lady tried to sell me this new deal.

It's obviously available to existing CIBC customer who do not have a secured line of credit from CIBC at this point. From what I understood, they would set up a new secured line of credit with a limit based on a percentage of the equity in your house; the setup costs would be reimbursed if your debt balance with CIBC is $25000 or more on Aug 31st.

The low interest rate was only good for a relatively short period of time - I think March of 2007, so I passed. I like the 0% introductory CC rates for one year better - I'm also in the process of reducing my debt, not adding to it.

[ilfsoy]

I agree with the last poster that for 6mths or so, why not just use the credit card balance transfer options, I'm currently paying 3.9% on my CIBC Visa that's well under prime. Granted you may not be able to put that much on your CC if your credit limit is too low.

[weebg]

I'd say, generally, if you have enough equity to apply for and get a Home Equity Line of Credit, then you probably can apply for and get one of those credit cards with the 0%, 1.9% or 3.9% promotional interest rates.

The only advantage of this offer is that you get the administration costs waived ($425). All said and done, this is only useful if you a big ticket cost coming - like a car, wedding or a renovation. For smaller amounts, you can get a lower interest rate from credits cards.

[weebg]

TD currently has line of credit @ Prime -1% for small businesses, upto $50,000

What's the link to this?

[pluto]

isn't it normally possible to negotiate an interest rate discount of 1% off prime for a secured line of credit ? just like mortgage rates, who pays the posted rate??!?

[hot_ride]

MBNA just gave me 3.99 until April or something like that. If you ask, they always the 1% (BS) fee that they want to charge. YMMV.

[User Name]

Just a note for those who didn't know, CIBC requires that you repay at least 3% of your balance per month, unlike Royal Bank and many others who just require that you pay the interest.

Also for the MBNA guy, if you decline their loan enough times, they will eventually offer you 6 months at 0.99% without the 1% initial service charge. It ends up being 2%/yr.

[Joseph88]

On a secured line of credit like a home equity line of credit (heloc) with CIBC, there is an interest only option.

Just a note for those who didn't know, CIBC requires that you repay at least 3% of your balance per month, unlike Royal Bank and many others who just require that you pay the interest.

Also for the MBNA guy, if you decline their loan enough times, they will eventually offer you 6 months at 0.99% without the 1% initial service charge. It ends up being 2%/yr.