Hardcore Rock Superstar

iTrader: (2)

Hey Folks,

Debating the idea of signing up for a rewards card, but don't wanna lose my low interest rate. I carry a bit of a balance usually 1-3k on my visa and spend maybe 20k on it annually.

Currenlty i have a CIBC select 11.99% interest rate card.

I'm lookin at signing up for a rewards card, probably at 19.5% interest rate to pay EVERYTHING on, and then if there's anything I cna't pay that month, move it to the other low interest rate visa.

Basically all bills would be paid on the rewards card and I'd have an automatic bill payment from my CIBC bank account to that rewards card visa to cover that. Then any additional expenses would hopefully be paid off, but if not, i'd pay it off with my CIBC account via a bill payment, then reimburse my account with the cibc select visa (which i'd continue to chip away at as I could).

Apart from losing the 21 day no interest grace period, could i legitimately do this on an ongoing basis. From what I can tell, the cash advance interest rate is 11.99%, same as the regualr interest rate, so no real loss there.


ps: I tried phoning visa, but despite trying to explain this numerous times over, the lady thought i just wanted a 1 time balance transfer which she said was fine and told me about some promo they had going on.

PistonHead

Not sure if that is legit or not.

I'd consider a line of credit instead. I have a regular rewards visa that gets paid off every month from my line of credit if necessary. 3.5% rate on my line of credit sure beats anything available from Visa.

I spend about 16 - 20,000 a year on my Visa and I pay absolutely nothing in interest to Visa. It gets paid off each month. When things are tight I may carry a balance on my line of credit.

Just a thought.

Later,
Brad

Dukk

^ That's the way to do it for sure.

jalat

iTrader: (6)

If you pay off a visa with another visa, you can kiss your life goodbye. Be smart, and dont spend money you dont have.

Whoever invented credit cards was an absolute genius, as he has corrupted millions of peoples lives, and gets paid to do it

Gen.Ben

iTrader: (4)

this

CoolieBoi

yes you can, its called consolidating balances, you can use your rewards card to build your rewards and then transfer the balance to a lower interest rate card. there are also cards out right now that if you consolidate your balance with them they offer as low interest as 0%

bugstyvy

of course you can

DaVibe

iTrader: (9)

I'm going to change your life ... for the next 15 months.

MBNA MasterCard ... no fee card, google it and you should be able to find the promo for 15 months of 0 (or 1%) Balance Transfers for 15 months.

What's this mean? You can transfer any balance, from any credit card (in your name) onto this MBNA Credit Card that's as large as your balance.
So if they give you a credit of $5K, you can only transfer a little less than 5k.

As much as people are against opening new paths of credit, if you're really in trouble it might buy you some time ... a lot of time actually.

If you don't want to do that, approach your bank and ask for a line of credit.
Personally, I like the new credit card option better

DaVibe

iTrader: (9)

Wow, great advice jalat.

Why am I putting these bulbs on my credit card again?