- Posts: 1
- Joined: Mon Jul 16, 2012 7:17 pm
- Location: Toronto
I currently have a TD Bank VISA Rebate Rewards card with the following stats:
Limit: $2500 (currently using $2000)
1% Cash Back
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)
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?