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Financial Ed 101 – 2nd Day – Low Rate Interest Cards

Ecstatic from the response to the line of credit information … as a follow-up and for those people who either a. don’t yet qualify for a LOC or b. feel 15 minutes is still too long, here’s the “TGIF” Class #2: Low Rate Credit Cards (your bank has them too)


Do you have over $2000 of credit card debt that you didn’t pay off last month? ( It’s ok, we all do!)

If you answered YES: take our your credit card right now and flip it over and call the # on the back.

WHY: you’ve probably been using a points return card that or cash back card that gives you a 1% point return or 2% cash back if you’re lucky.

PROBLEM: what you’ve really been doing, paying

19.99%  – RBC Avion Card

19.50% – Scotia No Fee, Scene or Student Card

19.50% – Cibc Aero Gold Card

19.99% – TD Rewards Classic

MATH: Your $2,000 you pay then $399.80 a year in interest, if you have the BEST card at 2% cash back ($40)

You are net paying $359.80 a year.
(OR if you have taken a “cash advance” congrats … you’re paying from that second at 21-29% interest! )

(Rewards Card: $399.80 Paid  and earned yourself the right to a “free toaster” that has really just cost you $400 bucks, hope it toasts well!)

WHAT YOU’RE GOING TO DO RIGHT NOW: flip that card over, no matter what bank, and call visa centre.  As long as you’re currently not late or over limit of your card here’s some options the bank has probably not told you during the flashy point-earning sheeple they will convert your card over to below in 5 mins.

11.99% – RBC Low Rate ($20/yr)

11.49% – Scotia Value Visa Card ($29/yr)

11.99% – CIBC Select Visa ($29/yr)

LOEWEN’s FAV ONE: TD Emerald ($25/yr) ~ Prime + 1.75% up to Prime + 9.75%  ** for good credit this could mean Prime(3) + 1.75%= 4.75% for a CREDIT CARD !!!

WHAT HAVE YOU DONE?: lowered your interest rate by 8% ($160) or more … take off $20 annual fee and is $140 NET

CONGRATS: you just saved $140 in about 5 minutes … that’s $1680 an hour if you can keep that up !

Yours in mortgages & low rates,

James Signature

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Here to help inform, educate and represent you in the home financing process.

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Burlington, ON
L7L 0B4


Office: (289) 337-4029
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