This entirely means is that Canadians are going to get into deeper debt. I am glad I am on the debt free side for once.

My next door neighbour just received today an unsolicited offer from Royal Bank Visa on his existing credit card of 0.00% APR on all purchases and cash advances ( but not balance transfers ) from now until May 31, 2011. They have also reduced the minimum monthly payment from 2% to 1% of the balance owing plus interest. If interest is 0.00%, then the minimum monthly payment is now 1% of the balance owing.

He also holds 3 MBNA credit cards with a total credit limit of $22,000 with 0.00% APR until January 2012 on all balance transfers and cash withdrawals ( but not purchases ). His monthly income is $1.300 ( OAS
and CPP ) and MBNA is calling him continually, mostly at night, begging him to increase his credit limit which he has refused to do. He realizes how easy it would be to get in over his head and with his income level, he would never get back out.

What does all this tell me? It suggests the credit card wars are heating up and MBNA are the first "out of the gate" to attract new and existing customers. I was sure that it would be a "Frosty Day in Hell" before I would see RBC offer a 0.00% APR on their credit cards. I guess RBC is starting to feel the "heat" from MBNA. This can only mean "Good News" to those who carry a balance on their credit card bills and can take advantage of these extremely low rates.

Need help with credit card debt? Speak with a debt specialist right now:
http://www.canadiancreditsolutions.com

Lets all get rid of the plastic and go back to the days of paying cash.

Most financial companies don't care if their customer have financial problems, because they are in this business to make money. However it's nice to hear that a Canadian bank would treat its customers right!

OH I too have had bad problems with paying the visa off and when I called them i was 5 mnths in rears they were so polite and so helpful and they worked out a great plan with me to repay my card and keep it in good standing they even informed me of after 6 mnths of good standing I can get a lo9wer intrest rate card and that in 3 mnths of on time payments my intrest rate will go down right now cuz of bad payment is 23.5% but then it will go down in 3 mnths to 18% . I was so pleasently surprised with the way they were so understanding I have no troubles now to call them if i struggle but thanx to them and the repayment plan I can now keep a good credit card!

That's a nice story to hear about Royal Bank Visa. Thanks for sharing. Most times when peple get into a bad situation financially, most companies are non-caring. It gets to be business and they need to collect their money.

I personally haven't haven't had any bad dealings with Royal Bank Visa.

Thanks

I have to tell you, of all the experiences I have been through during a period where business was bad and our bills got so behind, the Royal Bank Visa people have been absolutely OUTSTANDING! They have always been friendly, helpful, kind, never abusive nor made you feel small because you were having financial difficulties. They have negotiated freely with me, and renegotiated as I've needed. I just wanted to say something positive because most of my experiences dealing with anyone I had to make late payments with have been horrible and usually left me crying after hanging up the phone. It's an awful feeling to already have big financial problems and then a virtual stranger phones you up and starts beating you up. Horrible people. I am so glad that this site exists, I am finding it so helpful.