TD Canada Trust interest rate changes
Results 1 to 2 of 2
  1. #1
    Registered User MomToTwoBoys's Avatar
    Join Date
    May 2008
    Edmonton, AB Canada
    Post Thanks / WTG / Hug
    Blog Entries
    Rep Power

    Default TD Canada Trust interest rate changes

    I'm not sure how many TD Canada Trust members we have on the boards, and if anyone knows of what TD will be doing to their current card holders come December 1st, but here is what we just saw on the news:

    As of December 1st, TD Canada Trust will raise the interest rate on many of their cards by 5%.

    What does this mean? The current average TD Canada Trust VISA card holds an interest rate of 19.75%. We fall into that category because that is who our VISA card is through and it's DH's bank. If we miss two monthly payments, then the 5% raise will go into effect. Now is this a permanent effect? Only if you don't make your minimum payments. If you make them for two months, they will lower the interest rate back to where it was before.

    Perhaps this will help people realize that relying on credit and not paying for the things you charge after the charge has been on there for 60 days is reckless and financially irresponsible. Even for a card that has a limit of 6k and the card is almost at that limit (like we are), if we don't make at least a $118.00/mo payment for two months then we end up paying more interest. We already pay more than the minimum because the minimum doesn't cover both balance protection and retail interest charges, which amounts to roughly $150/mo.

  2. #2
    Registered User mom2three's Avatar
    Join Date
    Mar 2006
    Post Thanks / WTG / Hug
    Rep Power


    Are any other cards following this practice as well?

Similar Threads

  1. Interest Rate Increase
    By mnmarty03 in forum Question and Answer
    Replies: 33
    Last Post: 03-15-2010, 04:57 PM
  2. Wow 79.9% Interest rate
    By Nana2two in forum General Chat
    Replies: 24
    Last Post: 12-25-2009, 12:31 PM
  3. *cry* There went my awesome interest rate.
    By MomToTwoBoys in forum Debt Reduction & Money Management
    Replies: 10
    Last Post: 08-04-2008, 07:17 AM
  4. Interest rate went down!
    By momofslg in forum Debt Reduction & Money Management
    Replies: 1
    Last Post: 01-13-2008, 09:35 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts