I have had a letter sitting here for a few weeks that got lost in the pile of mail I get and finally opened it today.
Turns out it's my Credit Card renewal. I do wonder why do they have to be renewed?
Anyways, I haven't used it in a very long time and was debating as to whether I should bother although I realize without one you can be limited on booking Hotels etc..
So I open the big page up and it tells me my Cash Advance and purchase limits.
Where it gets interesting is that if you don't make the minimum payment on the due date the rate goes to 24.99% for purchases and 27.99% for Cash Advances.
Out of interest I searched lowest interest rate canadian credit card and found what looks to be a good deal at National Bank even though I don't fit the profile ; I never carry a balance. If I do use it, it's for a rental or such and I pay it off well before I get the statement and since I don't use it, I'm not interested in points.
This Card Is Great For You If:
- You're prone to carrying a balance
- You want to pay down your credit card debt
- You don't mind not earning rewards
Even though I don't see the fine print on the site as to what rates would go to if you miss a payment etc., the moral of the story is people who are prone to using these cards should shop around......