Personal Finance

What Are You Doing With Your MBNA 0% Money ??

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  • Sep 17th, 2014 2:24 pm
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[OP]
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes

What Are You Doing With Your MBNA 0% Money ??

What are you guys doing with the 0% or 0.99% money that you are getting from MBNA platinum plus?

There's random discussion in the big thread but I thought maybe make a dedicated thread?

I'm thinking any market related investment is too unpredictable and risky? The horizon is way too short I'm thinking since it has to be paid back in less than a year.. (I plan on paying it back after 11 months...)

So what are your guys thoughts on what to do with this 10 grand they gave me lol (making it rain in a strip club isn't an option haha :p)

You guys using it for investments? If so, what?

Or for a down payment? Or what?
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48 replies
[OP]
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
Jon Lai wrote:
Sep 12th, 2014 11:32 pm
Why did you apply for it if you didn't have a use for it yet?

I don't agree 1 month is too short of a horizon. Some people also use it for downpayment.
If I had known about it earlier I would have applied earlier. First time around they gave me $10k. I'm guessing next time around they will give me more.

I'm not irresponsible where I'm gonna spend it all and then be like "oh *****" then have to pay it back in payments
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May 30, 2005
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ELiTE KiLLaH wrote:
Sep 12th, 2014 11:54 pm
If I had known about it earlier I would have applied earlier. First time around they gave me $10k. I'm guessing next time around they will give me more.

I'm not irresponsible where I'm gonna spend it all and then be like "oh *****" then have to pay it back in payments
But don't you get a loan because you need it, not because it's free? (It's not - there's a 1% cash advance fee, so you're paying "1% interest" for the year.)

Why did you get it before you thought of what to do with it?
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Mar 24, 2008
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Keeping it under my mattress.
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Oct 25, 2009
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ksgill wrote:
Sep 13th, 2014 9:32 am
Keeping it under my mattress.
So you are giving MBNA $100 (1% fee) for the privilege of putting $10,000 you don't own under your mattress?

I use to do in-house telemarketing for MBNA, calling MBNA customers up, offering people money for short periods of time. It is amazing the number of people willing to accept a loan (of dubious benefit given the length and fee) without even think about it. On the other hand, most people did not go for it (it was a labour intensive process, and that was when interest rates were much higher).
Toronto is a very small part of Canada
Deal Addict
Sep 24, 2007
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$10,000 in a TFSA at peoples for 3% 1 year would get you $300. 300-100 = a cool $200 profit.
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Mar 23, 2004
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ksgill wrote:
Sep 13th, 2014 9:32 am
Keeping it under my mattress.
I like :D
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Feb 6, 2012
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ksgill wrote:
Sep 13th, 2014 9:32 am
Keeping it under my mattress.
ugh.. should of read this before I dug a hole in my back yard.

I've put the money in my self direct TFSA account
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deadice wrote:
Sep 13th, 2014 6:01 pm
$10,000 in a TFSA at peoples for 3% 1 year would get you $300. 300-100 = a cool $200 profit.
Hard to believe people actually go through the trouble to make a lousy $200. You add an inquiry to your file, a new account that decreases your average age, and max it right away killing your credit score for an entire year to profit $200??? I don't get it.
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lovefreemoney wrote:
Sep 13th, 2014 11:48 pm
Hard to believe people actually go through the trouble to make a lousy $200. You add an inquiry to your file, a new account that decreases your average age, and max it right away killing your credit score for an entire year to profit $200??? I don't get it.
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