CC promo rate offers

[halflife150]

This is not about CC promo rates offered upon sign up but regular promos offered to existing customers.

Was wondering if others have seen the rates on their promo offers increase on their RBC, TD, and/or any other credit card. Since the start of 2008 the offers I have received for my RBC and TD cards have been between 6-8% which is higher then the 4-5% I used to be offered in previous years. I was expecting with the prime rate dropping that these promo rates would drop as well but they've done the opposite. Is it just me or others experiencing this as well? I haven't used these cards at all this year which could be a reason, but I heard that use of the card doesn't affect the promo rates offered.

For anyone who has a PC mastercard, with the exception of the sign-up promo, what is the lowest promo rate you've been offered. I regularly get offers of 10-12% which is horrible, never been offered anything reasonable.

How often are PC point promos offered for the PC mastercard? Several times a year, yearly, or once every couple of years? And how many points are the offers for? I just received one for 50,000 points but probably won't use it so I can keep my sign-up promo, but if they offer these regularly then it may be worthwhile to pay off the promo balance to make use of these offers.

[koft]

Usually most CCs don't link their interest rate to Prime rate, of course there are exceptions.

The best is not to carry any balance over the next cycle. b/c you are paying interest on the previous balance and whatever you are purchasing on the current cycle.

[Jacklad]

Some issuers are big on balance transfer offers, others not so much. Most of the offers I get are in the 1.9 to 3.9% range. The 3.9% offers are with CIBC Visa and BMO Mosaik, who seem to offer it every single month, while 1.9-2.9% is common (five or six times a year) with RBC. Canadian Tire Options regularly offers 1.9% (every four months or so).

I got a 6.9% offer from Citi recently, which wasn't even worth opening the envelope for - my Cap1 card is fixed at 4.9% for life, so anything higher than that doesn't pique my interest.

PCF hasn't been very forthcoming with offers; neither matching rates or frequency with my other card issuers.

Jackie

[jmc0]

To the OP, I still see CIBC offers of BT at 4% from time to time; no different than before.
I got a 6.9% offer from Citi recently, which wasn't even worth opening the envelope for - my Cap1 card is fixed at 4.9% for life, so anything higher than that doesn't pique my interest.
Jackie
How does one apply to get 4.9% for life; is that for cash advances also?

[Jacklad]

To the OP, I still see CIBC offers of BT at 4% from time to time; no different than before.

How does one apply to get 4.9% for life; is that for cash advances also?

I don't know that you can apply for it without invitation - I had the offer mailed to me, accepted it and then had Cap1 try the old "bait and switch" to 7.9%. I called them up and told them to cancel the card, as the offer clearly stated 4.9%; they made good on it.

Cash advances are more (standard 19-ish % credit card rate), but they mail convenience cheques with every statement that maintain the normal transaction balance so there's really no reason to ever advance cash.

It's the only card I have that isn't doing the normal credit-line increase routine- wonder why that is? :D

Jackie

[logik]

I kept missing calls from a 1-800# and when I decided to return the call to find out who was calling, it ended up being MBNA. They said they were calling to offer me a new BT rate and that I qualified for 1.99% x 10 mos.

This was about a month ago or so...

[Jucius Maximus]

PCF hasn't been very forthcoming with offers; neither matching rates or frequency with my other card issuers.
I haven't seen anything from PC but they will sometimes just quietly lower people's rates permanently.

I have a 9.97% permanent rate from PCF fro all purchases, cash advances, etc.

I have also heard of people getting 5.97% permanent rate.

[jiepie]

Does it matter what rate we get when we pay the cc bills in full every month?

[Jacklad]

Does it matter what rate we get when we pay the cc bills in full every month?

That's why I don't really care - but there are times where you have to (or want to) carry a balance for a short while. In that case, you want the best rate possible.

And - let's face facts - we might pay in full, but most people don't.

Jackie

[Jucius Maximus]

Does it matter what rate we get when we pay the cc bills in full every month?

Nope, you pay no interest if you always pay your bill in full and don't use cash advances or convenience cheques.

[halflife150]

Thanks for the people who actually stayed on topic and replied. I guess it is just me then, if nobody else is seeing their promo rates offered increase from half a year go.

Does it matter what rate we get when we pay the cc bills in full every month?

I'm not talking regular rates, but the special promo rates offered with convenience cheques from time to time. Sometimes the rates offered are lower then any loan you could get, making it very profitable to borrow and pay off higher interest loans like your mortgage or LOC or borrow and invest.

For the past couple of years when prime was around 6% I was regularly getting promo rates offers of 4-5% which is the best rate I could get for any type of loan, Prime-1 and Prime-2. For the past couple of months, prime has dropped yet my promo offer rates have increased equal to Prime +2 and Prime +3, which is too high of a rate to borrow.

I'll maybe try calling and see if they can offer me lower rates because the convenience cheques I receive don't have decent rates.

[jacksorbetta]

I just got 3 offers in the mail this week: Rbc 3.9% 8 months, Amex 7.9% LOB, and 0.9% Mbna.

Of course, I will not use any of them since I have no balances to transfer at the moment ( using 2.9 LOB amex already, and 0% Mbna).

Seems there's lots of offers out there, but the rates are too high for my standards, and can't beat what I was offered last year.

[KevC]

I haven't seen anything from PC but they will sometimes just quietly lower people's rates permanently.

I have a 9.97% permanent rate from PCF fro all purchases, cash advances, etc.

I have also heard of people getting 5.97% permanent rate.

Interesting. I definitely wouldn't mind a 9.97% rate from PCF. Mine is the standard 18%+...

I'm gonna call them up. I'm currently on the 2.97% promo BT rate with a big balance (~8k). I guess I'll "threaten" to move the whole balance to Citi or MBNA unless they give me a better rate. Then I'm gonna cross my fingers for the 9.97% rate...

Is that a good idea?