The TD customer service rep then mentioned to me that if I wanted a lower rate on an interest with TD Visa products I could get the TD Emerald card. This card's interest rate is at prime (currently 4.25%) + 3.75%. That's an interest rate of 8.25% for the TD Emerald Card. This is 11% less per annum than the TD GM Card.
The only benefit of the TD GM Visa card is that you get a 3% discount on the next General Motors product you purchase. You pay an extra 11% to save 3%.?!!??
The point is, that there are cheaper credit cards out there. You can save money by calling up your credit card company and asking for lower interest rates on your current credit card, or by changing to another product that that credit card company offers.
You are certain to get a better interest rate if you have a higher credit score. If you haven't seen your credit score recently you can purchase your credit scores both on equifax Canada's website and transunion Canada's website. Make sure you see what other people are saying about TD Visa cards.
