Wow, thanks for detailed explanationdmehus wrote: ↑No fees on deposits to credit cards; it's a lesser-utilized feature. And, assuming you have a high credit limit, "cashback" limits are irrelevant as you suggest. My suggestion to "try" direct deposit is to try having your GST/HST credit cheque deposited directly to your credit card or linking your credit card (or LOC) account number to your Tangerine or PayPal account(s) using the "penny" test. A good way to do it without, potentially, delaying your paycheque!
General "rule of thumb" on cash advance-like transactions: the "Big Five" banks generally do not charge a fee for advances/transfers from (via online banking or credit card cheque) your credit card or LOC account. However, most of the credit card-only companies (other than maybe President's Choice Financial, but then that's CIBC, and maybe Wal-Mart Financial) do charge for anything that isn't a "purchase". MBNA Canada, the direct credit card issuance division of TD Bank Group, is among the "worst offenders" for this. With BMO, you should be fine in this regard.
The one "caveat", if there is one, is if you have a third party that isn't on the account deposit funds to your credit card directly (via in-branch deposit), some banks are a bit "sticky" on this and may not allow these type of transactions to take place (especially if their credit card division may lack certain cumulative cash transaction tracking like their banking division, in the case of HSBC, which is operated by their former HSBC Finance division).
Cheers,
Doug
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
