Basic interest comparison question (+ cash advance bonus question)

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Basic interest comparison question (+ cash advance bonus question)

Postby CCTor » Mon Jul 16, 2012 7:33 pm

Hi all,

I currently have a TD Bank VISA Rebate Rewards card with the following stats:

Interest: 19.99%
Cash-Advance: 21.99%
Limit: $2500 (currently using $2000)
1% Cash Back
No fee

I recently received a new ScotiaBank Value Plus Visa credit card with these stats:

Interest: 11.99% regular rate
Cash-Advance: 0.99% (Promotion for 9 months starting today on cash advances and balance transfers, after 9 months it's 11.99%)
Balance Transfer: 0.99% (1% transfer fee waived, after 9 months it's 11.99%)
Limit: $7500 ($0 balance)
Fee: $29

I'm wondering if it would be wise to transfer my TD balance of $2000 to my new ScotiaBank card so I can enjoy the lower 11.99% interest rate, or should I take out a cash advance of $2000 from the card at a 0.99% interest rate and use it to pay the balance off on my TD Visa card. (this would probably avoid TD charging me a fee for transferring my balance too)

Finally, I'm looking to book a flight in the next few weeks, and I'm trying to figure out if booking the flight for $1000 at 11.99% interest is better than just taking out a cash advance of $1000 and paying only 0.99% interest?

Is the cash advance interest of $1000, 11.99% + 0.99%, or is it really just 0.99%? It seems odd that they would offer such a low cash advance interest rate. What's my incentive to using the card vs. just taking out the cash and using it if that's the case?


Money card
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Postby Money card » Wed Aug 01, 2012 10:10 pm

I have no idea how cash advances, balance transfers work how do you like your TD bank card?

I have there debit card for vacations only, not wanting to carry a lot of cash through airports, I have the debit card. you would be surprised if I tell you how many people I see using this card a lot a real lot.

on my Exxon mobile charge card believe it or not it has a cash advance from the machines about the same amount as yours it says 29.99, I showed this to my banker and she suggested I use my TD bank debit card, I never had any intrest I was just surprised to see a card like that with those numbers.

if you need to get cash out of a machine do you have a debit card? for travel purposes I would recommend a credit card, for booking flights..

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Postby DavidNY » Thu Aug 02, 2012 8:59 am

I would encourage you to pay your balances in full rather than incurring more debt.

Having said that, it looks like the cash advance promo will save you money as long as you pay off your balance within the promotional period. Call Scotiabank if you're unclear what the APR is.

The bank wants to get consumers on the hook for as much as possible because banks know some people will stay in debt beyond the promotion period to be milked for the jacked-up interest.

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