Quote:
Orginally posted by lana2005
Dimple,
I called MBNA call center and asked them the same questions. The answers I got was:
1) The rate is 10 months from the credit card is activated.
2) They told me that I could write a check to myself for the full amount of renovation.
3) They aslo told me that the interest would be calculated as if it is Line of Credit.
I just want to know if anybody has tried this before.
Rate is same during intro offer for cheque (int rate+1% fee or $7.50) and transfering balances
see link:
https://wwwa.applyonlinenow.com/CANapp/disclosure.jsp#bt
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Quote:
Orginally posted by lana2005
Quote:
Orginally posted by naudurivsm
Yes it works and it is good, many of my friends do that, they actually get the card withdraw to the maximum, put them in short term deposits in USA / india and gain some money and they pay it exactly within the time frame ( usually in US you get it for full 12 months).and that too 0% deals.
So you can do that,
Thanks for the info. Amex offers 12 months 0 % interest. I will investigate Amex too.
Amex ? 12 months 0% ?
I think Amex's (Green color card) does Not offer easy payments.
All the amount is supposed to be paid by due date itself.
at least in US it is true as my freinds have it here. Is it different in Canada ? better check that aspect.
How ever Amex (Blue card) offers deferred payments with a monthly minimum payment etc. but that card you may not get with high limits.
So just do not hurry, wait for a good opportunity and then go for it. and also do not apply for too many as well. since too many inquiries on your credit file decreases your credit score
I am talking of Amex Blue. They have 15 months 0 % APR.
I donot know the limit. Do you know what the limit is? I just subscribed to receive e-mails on this later. So I will have to wait and see what they send me.
Location: Western Hemisphere
Posted on: 09-03-06 21:12:23
Quote:
Orginally posted by morning_rain
From what I understand..it is better for the credit score to keep the card..as inactive rather than cancelling it. Hide it..put it in the freezer..whatever it takes to not use it.
An inactive card is still considered an "open line of credit" and acts against you when history is evaluated for, say, mortgage. Cancelling and eliminating as many "open lines of credit" still would be the better option.
Putting it in the freezer would cost electricity to freeze the card. Not a good option either
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Dimple2001
Quote:
Orginally posted by lana2005
I am talking of Amex Blue. They have 15 months 0 % APR.
I donot know the limit. Do you know what the limit is? I just subscribed to receive e-mails on this later. So I will have to wait and see what they send me.
If you go here and check out the features of all cards by Amex http://www.americanexpress.com/canada/en/benefits/choose_card_flash.shtml
you will find most of their cards are to be paid in full by due date.
Amex Blue - is good, but even with a above average credit score you might get only upto 5k. unless you get an exceptional deal - I am sure that would be your max.
Do you know what is the minimum payment on Amex Blue assuming the max is 5k?
I joined the RBC on a welcome to canada package that included a visa with 5K limit unsecured, my mortgage was with scotiabank at the time.
If your local branch of whatever bank you join aren't interested in helping you when yyou've probably moved all your money to their bank I'd go somewhere else.
We eventually moved to the scotiabank for a variety of reasons but I feel that individual branches offer more/less to their customers. I've heard some RBC branches are great while others take a very unhelpful attitude.
If you are looking for a mortgage too then they should be trying to keep your business, not mess you around. Just because you are new to canada doesn't mean you should settle for poor service/bad attitude.
Not sure if that helps but good luck
Onestop
