Line of credit Question
I was reading the terms and conditions from my tangerine loc.
I've had it for a few years but never used it.
I'm considering using it now but there's something in the terms and conditions I'm not quite sure about.
"You can't use the Line of Credit to make circular payments, for example, you must not make Advances from the Line of Credit to deposit them to another account and then withdraw funds from that account to redeposit to them to the Line of Credit."
So if I transfer a few grand into checking account, use some of it, and keep some of it in the checking account, later on if I I have to make a payment on the loc, if I transfer funds from this checking account to the loc, that's a circular payment, since I still have funds from the loc in that account?
I mean I understand that they don't want you to pay off credit with credit, but what if I just want to give it back? . . .
I see there's all these posts about ppl who took advantage of a 90 day promotion they had with 0% interest, putting the money into a savings account for the 90 days then giving it back at day 90. . .
Isn't that exactly : "Making advances from the Line of Credit to deposit them to another account and then withdraw funds from that account to redeposit to them to the Line of Credit" ?
I'm a bit confused.
I've had it for a few years but never used it.
I'm considering using it now but there's something in the terms and conditions I'm not quite sure about.
"You can't use the Line of Credit to make circular payments, for example, you must not make Advances from the Line of Credit to deposit them to another account and then withdraw funds from that account to redeposit to them to the Line of Credit."
So if I transfer a few grand into checking account, use some of it, and keep some of it in the checking account, later on if I I have to make a payment on the loc, if I transfer funds from this checking account to the loc, that's a circular payment, since I still have funds from the loc in that account?
I mean I understand that they don't want you to pay off credit with credit, but what if I just want to give it back? . . .
I see there's all these posts about ppl who took advantage of a 90 day promotion they had with 0% interest, putting the money into a savings account for the 90 days then giving it back at day 90. . .
Isn't that exactly : "Making advances from the Line of Credit to deposit them to another account and then withdraw funds from that account to redeposit to them to the Line of Credit" ?
I'm a bit confused.