Personal Finance

Tangerine non-secured LoC?

  • Last Updated:
  • Dec 12th, 2018 11:19 am
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[OP]
Newbie
Nov 23, 2018
32 posts
19 upvotes
snoopstah wrote:
Nov 29th, 2018 7:01 pm
I only have the standard chequing and savings accounts, and keep my money in EQ unless Tangerine have a better offer available. I was offered $15k at 4.99% for the first 90 days, then P+4%. Unsurprisingly won't be taking them up on it, but slightly surprised they offered it all, as I have no credit products with them (although a high credit score).
Yeah, I don't use Tangerine often, maybe once 3 years ago. That is why we got the short straws.
Deal Addict
Mar 8, 2013
1948 posts
724 upvotes
I am delaying accepting the offer until I know what I will do with it, for the first 90 days anyway. I assume that the 90 days starts when I accept. Any ideas?
Deal Addict
Jan 21, 2014
3398 posts
1282 upvotes
They also offered me 3.1% for my savings account which I only have few hundreds in it at the moment. So I was thinking of taking 30K out for 90 days and put it in my savings. That would be 0.11% gain on 30K for 90 days. My calculations came out with little more than $8. So after tax it probably be $5. Too much work for just $5. I rather buy McDonald coffee using my Amex to get $5 and waiting for 90 days to get this

If I put it in RBC than I get ~$11.80 still not worth the trouble
Newbie
Jan 3, 2008
24 posts
13 upvotes
Vancouver
I accepted it. Some notes — they require that you setup pre-authorized payments that will pay back your monthly minimum. They don’t care which account it comes out of (even an external one), but it’s required during setup. If you make a payment manually that meets the minimum prior to the PAP during a month, you won’t get charged again.

It also has very little in the way of features as far as I can tell. You can’t make any payments directly from it and can only transfer money out of it to another account. No e-transfers or anything like that. It even blocks you from transferring money directly to their own credit card.

As far as criteria, I have pretty much all of my banking with them and have several of their products. I got the 2.99% 90 day and P+1 offer at $25K (though I accepted it with less, which they do allow with the warning that it’ll be another credit hit if you want to increase later).
Sr. Member
User avatar
Dec 21, 2007
550 posts
122 upvotes
Scarborough
Just signed in and nothing for me...maybe I'll get one if they do a second set of offers in the near future. I have to say though, I'm a bit surprised, considering they are my primary bank of sorts (except funds get moved out to banks providing better interest rates if I am dumping to savings).
I am the Stig's brother's cousin's friend's former roommate.
Newbie
Jan 3, 2008
24 posts
13 upvotes
Vancouver
I suspect they may be targeting people who already have a LoC elsewhere as they’d be more likely to accept. If you don’t have that, that may be why you didn’t get it.
Deal Addict
User avatar
Dec 17, 2008
2223 posts
1027 upvotes
Winnipeg
Scary wrote:
Nov 30th, 2018 11:58 pm
I accepted it. Some notes — they require that you setup pre-authorized payments that will pay back your monthly minimum. They don’t care which account it comes out of (even an external one), but it’s required during setup. If you make a payment manually that meets the minimum prior to the PAP during a month, you won’t get charged again.

It also has very little in the way of features as far as I can tell. You can’t make any payments directly from it and can only transfer money out of it to another account. No e-transfers or anything like that. It even blocks you from transferring money directly to their own credit card.

As far as criteria, I have pretty much all of my banking with them and have several of their products. I got the 2.99% 90 day and P+1 offer at $25K (though I accepted it with less, which they do allow with the warning that it’ll be another credit hit if you want to increase later).
So based on what your saying... No cheques can be ordered for this account? And you can't link it to your debit card?

Can you overpay it? But I guess that doesn't matter if you can't pay bills from it or access it at the ATM. Lol
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Newbie
Jan 3, 2008
24 posts
13 upvotes
Vancouver
Correct, no cheques and no debit card. I haven’t tried to overpay, but it doesn’t seem like there is anything preventing that.
Member
Aug 20, 2008
347 posts
121 upvotes
GTA
I got the max offer and don't do any day to day banking with them... Just have some RRSP from a while ago. I do have loc elsewhere though. Nonetheless, it's a great deal.
Sr. Member
User avatar
Dec 21, 2007
550 posts
122 upvotes
Scarborough
Scary wrote:
Dec 1st, 2018 4:07 pm
I suspect they may be targeting people who already have a LoC elsewhere as they’d be more likely to accept. If you don’t have that, that may be why you didn’t get it.
Maybe...I don't have a LoC anywhere else, but I do have their credit card and my mortgage with them, so still a bit surprised. Hopefully if I do get an offer or it goes public I get a good rate. Don't need the money, but it would be nice to have the line if needed (eg. short term borrowing), given all the hoops you have to jump through to get a HELOC with them.
I am the Stig's brother's cousin's friend's former roommate.
Deal Fanatic
User avatar
May 7, 2007
5158 posts
1360 upvotes
If you borrow money from this thing, and then put money back into it the SAME DAY ... you won't be charged any interest?

( I didn't get any offer like that by the way, not to my knowledge anyhow ... Maybe I'll go check my email more closely, lol ) :)
Deal Addict
Jan 21, 2014
3398 posts
1282 upvotes
Darkman wrote:
Dec 2nd, 2018 7:59 pm
If you borrow money from this thing, and then put money back into it the SAME DAY ... you won't be charged any interest?

( I didn't get any offer like that by the way, not to my knowledge anyhow ... Maybe I'll go check my email more closely, lol ) :)
Don't know about Tangerine, but I did this with TD all the times and no interest.
1. setup transfer from Tangerine to TD chequing say $5K
2. next morning, move $5K from LOC to chequing.
3. go the branch and withdraw $5K
4. by 5pm money shows up in TD chequing, move it to LOC

no interest charge from LOC
Deal Fanatic
User avatar
May 7, 2007
5158 posts
1360 upvotes
Ya ... I hear you .... ^

I was mostly talking about something more simple even ... Transfer (should be instant) from Tangerine Savings to LOC (if ever need to use LOC for one reason or another)

P.S.

I just checked my email account ... and then my Tangerine profile -- NOPE ... no such offer for me to-date ... So must be Targeted ...

Oh well .. maybe some day ... :)

Or maybe I should call there and try and talk to some Supervisor :)
Deal Fanatic
User avatar
May 7, 2007
5158 posts
1360 upvotes
OK ... I just called there about this.

Seems like they are offering this to limited amount of people only ... Targeted or random, but that's what it is.

Seems like it's some sort of pilot product now ... they are testing it possibly at first, instead of going full speed ahead with it.

Hopefully then ... possibly some day they will make it available to all the clients (who can qualify for it).

Until then ..... we wait :)
Deal Addict
Apr 9, 2010
1518 posts
1224 upvotes
Toronto
I also got the same offer, P+1% for a limit of 30k. I was also wondering how it would affect my credit score and other future loan requests. I'm not too familiar with this subject. Does it make sense to take 20k instead of the whole 30k limit or would it not matter much?

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