LOC CIBC versus LOC RBC

[anna_22]

The interes for LOC CIBC is compounding -it works like a regular credit card with the 3% minimum payment, but for LOC RBC the interes is taken from checking account and the amount owning is the same in LOC and no minimum payment required.Which one do you think it's worth to have ?
The interes it's the same.(5.5%)

[hoob]

The interes for LOC CIBC is compounding -it works like a regular credit card with the 3% minimum payment, but for LOC RBC the interes is taken from checking account and the amount owning is the same in LOC and no minimum payment required.Which one do you think it's worth to have ?
The interes it's the same.(5.5%)

Those terms are usually negotiable, so go with whichever bank you feel more comfortable with and can accommodate your requirements.

[Blunt]

If the interest rates are the same, I would definately take the RBC over the CIBC one. I'm not sure about the compounding interest part but the no minimum monthly payment is the good thing. I would sometime forget a payment, and with RBC, it wouldn't be a problem. I'm not sure what CIBC if you forget to make the minimum payment.

[Jacklad]

If the interest rates are the same, I would definately take the RBC over the CIBC one. I'm not sure about the compounding interest part but the no minimum monthly payment is the good thing. I would sometime forget a payment, and with RBC, it wouldn't be a problem. I'm not sure what CIBC if you forget to make the minimum payment.

It's not "no payment" at RBC - it's "interest only", so a deduction from your bank account (not the LOC) of the interest accrued on the LOC. Less than the 3% minimum at CIBC, but nothing you'd want to forget (NSF fees can quickly eat up your savings).

[SpillOnAisle9]

I'm not sure what CIBC if you forget to make the minimum payment.

They just take it out of one of your other accounts