# New inactivity fee on PC Mastercard



## james4beach (Nov 15, 2012)

I noticed this buried in a November email from PC MasterCard, a change effective February 2016. Since there seem to be quite a few cardholders around here, thought I'd share: http://www.pcfinancial.ca/notice/eng.pdf



> A NEW inactivity fee will be introduced. The inactivity fee will be charged if on your statement date there is a credit balance on your account and there has been no activity (meaning no debits, credits, interests or fees) on your account for the preceding 12 consecutive months. The fee charged will be a fee equal to the lesser of $10 or the credit balance amount.


Doesn't seem like it would affect too many people. It only kicks in after 12 months of inactivity if you keep an idle account that's sitting with a credit (not owing).


----------



## andrewf (Mar 1, 2010)

It seems like a mechanism for cleaning up/closing abandoned accounts with positive credit balance, which I am sympathetic to.


----------



## dotnet_nerd (Jul 1, 2009)

Crooks.

Once per month, when you've filled up your car, reset the pump. Then swipe your PC MC and do one squirt of gas.
They'll spend a dollar in postage sending you a bill for 3cents. But your account will be active.


I had nothing but bad experiences with PC Mastercard.

I cut guitar picks out of my card and sent them back my card with the triangular holes cut out.


----------



## andrewf (Mar 1, 2010)

I have been a customer for a long time with no complaints. Why would anyone keep a credit balance on a credit card for years at a time (ie, they owe you money)? Just use up the credit.


----------



## bgc_fan (Apr 5, 2009)

andrewf said:


> I have been a customer for a long time with no complaints. Why would anyone keep a credit balance on a credit card for years at a time (ie, they owe you money)? Just use up the credit.


I have an example, though it is pretty rare. I have a relative who had some VISA rebate card and had a credit balance. But he moved to the US and hasn't used the card since; however, VISA keeps sending a monthly statement with the credit. 

OTOH if they actually use the card to eat up the credit, they'll end up with the rebate and still be stuck with the same situation.

I guess as long as there's a non-zero balance, they keep sending them out.


----------



## Butters (Apr 20, 2012)

barely use mine anymore, i just cancelled it so i wouldnt have to deal with it


this card is the best for students or people with lower income....credit

its 1% credit at superstore... which is awesome!!!



but once you get more income...credit, there are better cards.... one worth checking out is Tangerine's new CC ... flat 1% cash, with some 2% additions


----------



## carverman (Nov 8, 2010)

dotnet_nerd said:


> Crooks.
> 
> Once per month, when you've filled up your car, reset the pump. Then swipe your PC MC and do one squirt of gas.
> They'll spend a dollar in postage sending you a bill for 3cents. But your account will be active.
> ...


PCFMC is a greedy bank!

I cancelled my PCFMC after they suspended my card because they claimed it was "comprimised" (three times over the space of 1 year), leaving me with no credit card to use,
and I do a lot of online ordering these days, so I told them I don't want another card from them ever again.

I switched to Capital One MC (after PCFMC suspended my third MC leaving me in a lurch at a online sale and didn't warn me ahead of time. 

Haven't had any problems with them. I pay my balance every month and my Capital One MC is always available. 
In fact Capital One sends me a email warnings if there is an international transaction appears on my CC or if my balance has exceed 50% of the available funds.

My friend, who has always made payments faithfully on his LOC is being charged 6.45%, when he hasn't missed a payment. 
They refuse to lower his LOC interest rate, because he is on ODSP,and has no assets other than a small amount in a TFSA.

That to me is highway robbery! They refuse to lower his interest rate just because he is on ODSP. 

He used to have a PCFMC a while back, and finally paid it off last year. 
Now has a Capital One MC and will never go back to PCFMC every again.


----------



## andrewf (Mar 1, 2010)

SheaButters said:


> barely use mine anymore, i just cancelled it so i wouldnt have to deal with it
> 
> 
> this card is the best for students or people with lower income....credit
> ...


Not sure why that is better. I just got their World Elite card with 3% back in pts at Loblaws/SDM stores and 1% elsewhere, plus 2 cents per litre at Esso. And points are as good as cash when you shop at a grocery store. I think you can redeem for gift cards at other stores if you want, even.


----------



## andrewf (Mar 1, 2010)

Carver, 6.5% (guessing prime+3%) for an unsecured LOC is pretty much the going rate. I'd be curious if your friend could get a better rate from any other bank.


----------



## jetsfan (Mar 20, 2015)

..


----------



## Joe Black (Aug 3, 2015)

carverman said:


> My friend, who has always made payments faithfully on his LOC is being charged 6.45%, when he hasn't missed a payment.
> They refuse to lower his LOC interest rate, because he is on ODSP,and has no assets other than a small amount in a TFSA.
> 
> That to me is highway robbery! They refuse to lower his interest rate just because he is on ODSP.


I always wonder at the justification of accusing a business of "robbery" when the price was agreed on by both parties (your friend knew the terms when he used the LOC). If your friend doesn't like those terms, he should take his business elsewhere.


----------



## Eclectic12 (Oct 20, 2010)

carverman said:


> ... My friend, who has always made payments faithfully on his LOC is being charged 6.45%, when he hasn't missed a payment.
> They refuse to lower his LOC interest rate, because he is on ODSP,and has no assets other than a small amount in a TFSA.
> That to me is highway robbery! They refuse to lower his interest rate just because he is on ODSP.


I'll have to go back and calculation but this looks like the same that they are charging me, where it sounds like there's many more assets, in my case.

I'm also having trouble recalling any financial institution that's offered a lower rate without negotiation, regardless of payment frequency.




andrewf said:


> Carver, 6.5% (guessing prime+3%) for an unsecured LOC is pretty much the going rate. I'd be curious if your friend could get a better rate from any other bank.


This is the only way I've ever been offered lower rates (unless the market reduced the rates across all institutions).


Cheers


----------

