With TD I had a student line of credit which was Prime +1% i believe... I had an $8,000 dollar limit when I was a fulltime student and it iwas a revolving account. 6 months after I was done my studies they froze the account so I opned up a PLC.
They gave me the same 8,000 dollar limit even though I had 6,500 outstanding in my student LOC still. The interest rate is Prime +4-5% and it is revolving.
Earlier this year I went into TD again to ask about LOCs and mortgages. They wont lower the interest rate unless i take out a bigger LOC. 15,000 LOC would be Prime +2 and a 25,000 LOC would be Prime +1% I believe.... Interesting how that worked out, the more money you go in debt with them for the better rate they are willing to give you.
Anyhoo, I pay off my Credit Cards Every 2-3 weeks with my PLC then pay off my PLC every paycheck. I can take my time paying back the LOC through the bank because its my bank and they know i have money, but if I missed a payment on a card id be screwed. I cant remember the exact number, but the bank requires a 3% minimum[???] payment against the balance on your LOC each month (IE you have a 8,000 PLC, and currently have it maxed out you'd have to pay a minimum of $240.00/mth)
I believe you can get a PLC @ prime if you take out a secured line of credit. This means you must actually have the cash or assets (IE Equity, holdings etc..) to pay off the credit.
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