Home Capital draws $250 million more from emergency line of credit + MORE May 24th

One card that does not get too much attention on our site or many others is the Scotiabank Platinum American Express card. The card is a sleeper card. That is, there is little promotion of it, little talk of it but when you consider the benefits that come with it you can see why we call it a sleeper card.We even reminded ourselves of the card, hence this post, when we released our Ultimate High End Credit Card portfolio a few weeks ago. We did consider the card but in reality the ultimate high end card is the Platinum Card from American Express so that card took the Amex slot for the portfolio. However you could give this card consideration if you don’t need all the benefits and the heftier price tag from Amex’s own offering.This card isn’t cheap as well but it is $300 less than The Platinum Card from American Express. At $399 the Scotiabank Platinum American Express Card falls into the realm of less than 10 cards in Canada that have annual fees over $150. That being said, this card fills a great niche for someone who may be a semi-frequent traveller that only travels maybe a half dozen times per year or so…

May 24, 2017: The national average APR for new card offers dropped to a four-week low Wednesday, according to the CreditCards.com Weekly Credit Card Rate Report.

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Home Capital Group says it has drawn down a further $250 million this week from its emergency line of credit to repay deposit notes due Wednesday.
That leaves the Toronto-based mortgage company (TSX:HCG) with $350 million left from a $2 billion line of credit provided by the Healthcare of Ontario Pension Plan late last month.
The pension plan provided the loan after Home Capital’s customers began to drain their high-interest savings accounts.
The flood of deposit withdrawals followed allegations filed against Home Capital in April.
Home Capital has denied accusations that it misled investors in statements and comments issued by senior executives, including two former CEOs and a third man who was the lender’s chief financial officer at the time.
The post Home Capital draws $250 million more from emergency line of credit appeared first on Canadian Business – Your Source For Business News.

The Moody’s ratings agency on Wednesday cut China’s credit rating due to surging debt, prompting a protest by Beijing and highlighting challenges faced by communist leaders as they overhaul a slowing economy.