Credit Cards

Latest Balance Transfer Promos

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  • Nov 24th, 2020 1:23 am
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[OP]
Deal Addict
Feb 6, 2018
1278 posts
1027 upvotes
John47 wrote: No doubt!

But it's still good to know they're giving them out.

When my CIBC and RBC promos expire in a couple of months --- the ones I went through all that trouble applying for last summer ---
I'm looking at accepting a recurring 1.99%/6m promo on a TD card I currently have
+
applying for a new MBNA TL promo for 10m.

Then, by the time the 6m TD promo comes up for expiry, I'm hoping RBC and CIBC will have come back with 10m offers.
which TD card is this?
Deal Guru
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May 8, 2009
13682 posts
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Leask
terracotta92 wrote: which TD card is this?
It's card-agnostic. TD sends BT offers to existing cardholders.
No solicitation in sigs
Newbie
Feb 3, 2020
2 posts
6 upvotes
CalgaryBen wrote: Got another 0%/10 BT offer from my CIBC Dividend Visa. Unfortunately they've upped the fee (from 1% to 2%) compared to last year.

CibcVisaBT.png
I just got the same but for the usual 1%
Sr. Member
Oct 11, 2005
782 posts
1517 upvotes
Airdrie, AB
Lavitz878 wrote: I just got the same but for the usual 1%
Thanks for sharing... interesting -- do you currently have a balance on yours? I'm just wondering if the 1% is an incentive if you don't already carry a balance (just a theory).

I currently do have a balance with the CIBC Visa from a 0%/10/1% BT offer back in June. (But then, I did also get offered the 0$/10/1% BT on the same card while carrying a BT balance in late summer and early fall, so maybe that correlation doesn't hold). I'm coming up to 9-10 months now, so I'll pay it off and see what I'm offered for the rest of this year. One thing nice is that I can take up to 98-99% of my CL, and not just 50% that's generally/typically available.

I'll probably pass on any further BT offers for a while, though -- can't find a good use for the cash. Last time around this came in handy for depositing into a new bank account (to meet minimum balance requirements to incur no monthly fees) I was churning for a sign-up bonus. Maybe a new HISA offer will come up this year and make a BT worthwhile, if the timing overlaps.
Deal Addict
Jan 18, 2014
1460 posts
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Rouyn-Noranda
CalgaryBen wrote: Thanks for sharing... interesting -- do you currently have a balance on yours? I'm just wondering if the 1% is an incentive if you don't already carry a balance (just a theory).

I currently do have a balance with the CIBC Visa from a 0%/10/1% BT offer back in June. (But then, I did also get offered the 0$/10/1% BT on the same card while carrying a BT balance in late summer and early fall, so maybe that correlation doesn't hold). I'm coming up to 9-10 months now, so I'll pay it off and see what I'm offered for the rest of this year. One thing nice is that I can take up to 98-99% of my CL, and not just 50% that's generally/typically available.

I'll probably pass on any further BT offers for a while, though -- can't find a good use for the cash. Last time around this came in handy for depositing into a new bank account (to meet minimum balance requirements to incur no monthly fees) I was churning for a sign-up bonus. Maybe a new HISA offer will come up this year and make a BT worthwhile, if the timing overlaps.
That's great. How many BTs did you have to go through in order to have access to that high a percentage of your CL?
Sr. Member
Oct 11, 2005
782 posts
1517 upvotes
Airdrie, AB
John47 wrote: How many BTs did you have to go through in order to have access to that high a percentage of your CL?
0. I just checked statements (which go back to 2013 for me) and under the "Summary" box, it's always been Cash Available = Credit Available for me. Cash Available is the amount available as a BT. I don't think I ever took advantage of BT back then... only used these in the last year or two.

The only thing that might be working to my advantage here is history. I've had this Visa since 1991 (back when Visa numbers were only 13 digits)!
Deal Addict
Nov 8, 2017
1441 posts
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Got another CIBC 10 month 1% 0 interest again. Every couple months it seems.
Don't think there's anyone close to that
Newbie
Feb 3, 2020
2 posts
6 upvotes
CalgaryBen wrote: Thanks for sharing... interesting -- do you currently have a balance on yours? I'm just wondering if the 1% is an incentive if you don't already carry a balance (just a theory).

I currently do have a balance with the CIBC Visa from a 0%/10/1% BT offer back in June. (But then, I did also get offered the 0$/10/1% BT on the same card while carrying a BT balance in late summer and early fall, so maybe that correlation doesn't hold). I'm coming up to 9-10 months now, so I'll pay it off and see what I'm offered for the rest of this year. One thing nice is that I can take up to 98-99% of my CL, and not just 50% that's generally/typically available.

I'll probably pass on any further BT offers for a while, though -- can't find a good use for the cash. Last time around this came in handy for depositing into a new bank account (to meet minimum balance requirements to incur no monthly fees) I was churning for a sign-up bonus. Maybe a new HISA offer will come up this year and make a BT worthwhile, if the timing overlaps.
I also currently have an existing BT on the card that goes to end of Feb so the timing on this is perfect. I have nearly enough to pay it off (the rest was going to go on my LOC @ P+1), but instead I’m just going to roll it into the new BT.

Agreed CIBC is great in that you can use 100% of your CL, I use almost that. I suppose the only downside there is your credit utilization. But I assume you are ok if you have sufficient unused credit elsewhere to bring your overall utilization down to a reasonable level.

Do you think I’ll have any luck with CL increase after paying off the current BT but before the new one?
Sr. Member
Oct 11, 2005
782 posts
1517 upvotes
Airdrie, AB
Lavitz878 wrote: Agreed CIBC is great in that you can use 100% of your CL, I use almost that.

Do you think I’ll have any luck with CL increase after paying off the current BT but before the new one?
I once called a rep to take advantage of a BT, and the rep verbally said "you can only do a BT up to 50% of your CL" (I didn't know better at the time, and just took him at his word, but this seems to be the most common scenario). I wanted a bit more at the time, and the rep said something to the effect, "oh, I see you're eligible for a credit limit increase... would you like to go ahead and accept that?". So I did. At the time the CL increase offer wasn't visible online or in my app, so that's to say you might be eligible for an increase by calling and speaking with them.

I've always accepted any invitation/offer for a CLI in the app or via e-mail/paper mail, and this has happened numerous times over the years with my CIBC Visa. But, I've also learned it's often available but you don't always get notified of the fact.

Further info about the 100% of the CL (for those who have asked)... I think this just comes with history. As I mentioned, the CIBC Visa I used for BT offers is one I've had since 1991. I have no idea when I got bumped to allow 100% of the CL in cash...

... however, I have a secondary CIBC Visa (formerly CIBC Tim Hortons Double Double Visa) that provides some insight. I opened that one around August 2016, and on the first 6 statements it showed Available Cash at 50% of the CL. On my April 2017 statement (7th cycle since opening it), it jumped to 100% of my CL, with the following message at the bottom of the statement ("Your message centre"):
We are pleased to inform you that your Cash Limit is 100% of your Credit Limit. Your Cash Limit is reflected in the Credit summary section of this statement.
Deal Addict
Jan 18, 2014
1460 posts
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Rouyn-Noranda
CalgaryBen wrote:
... however, I have a secondary CIBC Visa (formerly CIBC Tim Hortons Double Double Visa) that provides some insight. I opened that one around August 2016, and on the first 6 statements it showed Available Cash at 50% of the CL. On my April 2017 statement (7th cycle since opening it), it jumped to 100% of my CL, with the following message at the bottom of the statement ("Your message centre"):
Thanks for sharing your experience!


I have a 10-month RBC promo that expires in May 2020.

I did a first BT for the full CL in Summer 2019 when I first got the card.
Since then, I've been making monthly minimum payments of 2.5% of balance --- I'm in Quebec.

Anyone have experience with whether RBC will allow me to do a 2nd BT, on the basis of the same promotion, in the last month of the BT promo, so in April 2020?

The idea would be to pay off the balance of another expiring BT promo with a different company.
[OP]
Deal Addict
Feb 6, 2018
1278 posts
1027 upvotes
John47 wrote: Thanks for sharing your experience!


I have a 10-month RBC promo that expires in May 2020.

I did a first BT for the full CL in Summer 2019 when I first got the card.
Since then, I've been making monthly minimum payments of 2.5% of balance --- I'm in Quebec.

Anyone have experience with whether RBC will allow me to do a 2nd BT, on the basis of the same promotion, in the last month of the BT promo, so in April 2020?

The idea would be to pay off the balance of another expiring BT promo with a different company.
yeah if the money goes to a non-rbc credit account, then they will process it.

do you receive RBC BT promos or do you apply for them online? i have their 2 basic card and im afraid to apply for another basic card with a BT promo, they might say i'm already an existing customer.
Deal Addict
Jan 18, 2014
1460 posts
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Rouyn-Noranda
terracotta92 wrote: yeah if the money goes to a non-rbc credit account, then they will process it.

do you receive RBC BT promos or do you apply for them online? i have their 2 basic card and im afraid to apply for another basic card with a BT promo, they might say i'm already an existing customer.
Was not an existing customer. Applied for a BT promo for 1.9%/10m.
Deal Addict
Jan 18, 2014
1460 posts
477 upvotes
Rouyn-Noranda
terracotta92 wrote: yeah if the money goes to a non-rbc credit account, then they will process it.

do you receive RBC BT promos or do you apply for them online? i have their 2 basic card and im afraid to apply for another basic card with a BT promo, they might say i'm already an existing customer.
Good to hear. My RBC and CIBC promos expire at about the same time, but the CIBC slightly before the RBC, so I want to use $7K in available CL on the RBC to pay off part of the balance on the CIBC.

Then hopefully I can use the recurring 1.99%/6m offer on an existing TD card to pay off the RBC which will be back up to completely full.
Deal Addict
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Sep 6, 2018
1499 posts
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Halifax, Nova Scotia
John47 wrote: Good to hear. My RBC and CIBC promos expire at about the same time, but the CIBC slightly before the RBC, so I want to use $7K in available CL on the RBC to pay off part of the balance on the CIBC.

Then hopefully I can use the recurring 1.99%/6m offer on an existing TD card to pay off the RBC which will be back up to completely full.
BT juggling works best if you have an LOC to float the balance between offers. Hopefully you have a backup plan if you are unable to secure a new 0-2% rate.

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