RBC MyProject Mastercard
Just got the latest MoneySense through the post and thought this seemed worth a share
Loan Meets credit card with the new RBC my project Mastercard
Apply online for up to $40k
0% interest for a 6 month period with no payments to make during that period.
After 6 months card balance converts to loan.
I have no use for it and of course it depends what the rate is once it's converted into a loan.
Anyway thought it may be of use to some.
Take the 40k, invest it in something safe. Pay back the loan after 6 months!
Great, all we needed was yet another fancy debt product.
After all, 152% personal debt to income ratio is too low.
Getting the money out will be hard -- you can only use it as a MasterCard. Good luck finding a brokerage who will eat the 2% fee.
Not really. It looks like credit card cheques and balance transfers are totally free and cash advances have a $3.50 to $5 fee. All carry the same 0% rate for 6 months.
Originally Posted by cldellow