Credit Cards

Latest Balance Transfer Promos

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  • Jan 14th, 2021 12:18 pm
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Member
Nov 12, 2009
225 posts
47 upvotes
Hi,

Yesterday, got approved for RBC cash bank MC. It shows up in my accounts. Can I ask for credit redistribution and balance transfer before the card is activated? First time BT with RBC. So do I simply move cash from the card to checking account and that would be a BT?

Also, fyi, RBC does not offer the visa platinum at 5.9%. The link in the OP goes back to main page of that card without the BT offer.

Thanks,
Sr. Member
User avatar
Aug 5, 2007
833 posts
275 upvotes
Interesting. I just got an online BT offer with CIBC that's nearly like my snail mail promo: 1% transfer fee for 10 months, but this promo needs to be activated a month earlier than the physical one I got.
Deal Addict
Jan 18, 2014
1464 posts
479 upvotes
Rouyn-Noranda
mrelusive wrote: Interesting. I just got an online BT offer with CIBC that's nearly like my snail mail promo: 1% transfer fee for 10 months, but this promo needs to be activated a month earlier than the physical one I got.
You got it by logging into your account on the CIBC website, or on the telephone application?
Sr. Member
User avatar
Aug 5, 2007
833 posts
275 upvotes
John47 wrote: You got it by logging into your account on the CIBC website, or on the telephone application?
It appeared in My Offers tab on the website
Deal Addict
Jan 18, 2014
1464 posts
479 upvotes
Rouyn-Noranda
mrelusive wrote: It appeared in My Offers tab on the website
Thanks. Waiting for one to show up for me.
Deal Addict
User avatar
Sep 6, 2018
1545 posts
1819 upvotes
Halifax, Nova Scotia
mrelusive wrote: It appeared in My Offers tab on the website
Does that tab appear and disappear depending on whether an offer is available or not? I don't recall ever having one lol...
Sr. Member
User avatar
Aug 5, 2007
833 posts
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aweawea wrote: Does that tab appear and disappear depending on whether an offer is available or not? I don't recall ever having one lol...
I think it only appears if you have an offer. I just dismissed the online offer since it's weaker than that what I got through snail mail and the My Offers tab is gone (would be the 4th item after Products).
Sr. Member
Oct 11, 2005
856 posts
1634 upvotes
Airdrie, AB
aweawea wrote: Does that tab appear and disappear depending on whether an offer is available or not? I don't recall ever having one lol...
Yes, if you have offer(s), it'll show up as "MY OFFERS" after the BANKING / INVESTING / PRODUCTS. Otherwise, it is hidden. For example, see below:

Image

Offers could be a card upgrade, balance transfer, or even silly things like adding a secondary card. I can't remember if credit limit increases show up there as well -- it's possible. Also worth noting that offers that show up on the desktop website may or may not show up when you log into the app (instead of "MY OFFERS", in the app it's just a banner that greets you immediately after logging in). I've had offers that show up in both, but also some that show up only on one platform but not the other.
Sr. Member
Apr 13, 2016
522 posts
343 upvotes
hey guys, so I paid off my first statement after initiating the BT promo the day after it was generated

should I be doing that for every statement moving forward?

I'd assume no since there is no "new charge" and I can continue making the minimum payments till the promo is over?
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Sr. Member
Oct 11, 2005
856 posts
1634 upvotes
Airdrie, AB
redflag0 wrote: hey guys, so I paid off my first statement after initiating the BT promo the day after it was generated

should I be doing that for every statement moving forward?

I'd assume no since there is no "new charge" and I can continue making the minimum payments till the promo is over?
Yes, generally just make at least the minimum payments. Watch for a transfer fee to show up, along with interest, typically on the second billing cycle. I tend to over-pay a bit to ensure this plus minimum payment is covered, and then go back to minimum payments going forward. Pay attention to statements that tell you when the promo is over, and mark it on your calendar, and all should be good!
Sr. Member
Apr 13, 2016
522 posts
343 upvotes
CalgaryBen wrote: Yes, generally just make at least the minimum payments. Watch for a transfer fee to show up, along with interest, typically on the second billing cycle. I tend to over-pay a bit to ensure this plus minimum payment is covered, and then go back to minimum payments going forward. Pay attention to statements that tell you when the promo is over, and mark it on your calendar, and all should be good!
if I already paid off the BT fee in the first statement I shouldn't have to worry about that moving forward right?

I'll check the second statement to see if I got hit with any interest, I don't think I should have

Thanks! I've marked the calendar for the pay off date already!
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Sr. Member
Oct 11, 2005
856 posts
1634 upvotes
Airdrie, AB
redflag0 wrote: if I already paid off the BT fee in the first statement I shouldn't have to worry about that moving forward right?

I'll check the second statement to see if I got hit with any interest, I don't think I should have
Ah yes, the BT fee comes earlier (first statement). The interest (if any) may come later. My recent CIBC BT (0%/10/1% BT fee) went like this:
  • March 16: BT funds deducted from CC
  • March 17: 1% BT fee appeared on CC
  • March 18: I made immediate payment to CC to cover the 1% fee (probably didn't have to, but I was trying to minimize interest).
  • April 10: Statement issued. Minimum payment specified, which worked out to just over 1.1% of the BT amount (I think this was calculated to cover the BT fee, even though I had made a payment to cover that).
  • May 08: Statement issued. $11 minimum payment specified (includes $1.12 interest). It should be noted that this interest applies to the BT fee. I didn't bother doing the math to see if this is accurate, and for how many days and at what rate. Note that I did not go into the BT with any outstanding balance, nor will I use the CC for any purchases while taking advantage of the BT.
  • June 10: Statement issued. $10 minimum payment specified.
In my experience, it takes a couple cycles before the minimum payment amount settles/stabilizes. In my case, I expect it will stay at $10/month for the next 7 cycles or so...
Newbie
Feb 6, 2019
71 posts
74 upvotes
Question about BT's that I have not seen asked (sorry if it is a repeat)

I (oops... uhmmm I think i am supposed to say a friend) have taken on some cc debt for a number of reasons. Things are on the improve, and I have started to pay it off over the past couple of months, but some months at 0% interest would sure help

Some companies (MBNA) ask during the online application if you are interested in BT- (you can enter your existing cc info and balance to transfer as part of the app process). Does this impact the chance of getting approval? My CK score is 678 (really only impacted by utilization - no derogs or missed payments) and increasing by about 10-15 points per month as I've started to pay things down. Thanks in advance!
Deal Addict
Dec 12, 2009
4395 posts
2058 upvotes
Toronto
CalgaryBen wrote: Pay attention to statements that tell you when the promo is over, and mark it on your calendar, and all should be good!
Just to confirm. On pg 3 of my MBNA statement there is a column that reads "Projected Promotional End Date" and a date under that in the BT row.
Is that the date I'm looking for?
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Deal Expert
User avatar
Apr 21, 2004
54388 posts
19225 upvotes
ROYinTO wrote: Just to confirm. On pg 3 of my MBNA statement there is a column that reads "Projected Promotional End Date" and a date under that in the BT row.
Is that the date I'm looking for?
It's the statement end date (it varies by a few days every statement period) that includes the promo end date which marks the end of the low interest rate.

Give me your promo end date and a few of your previous statement end dates and I can let you know when your low rate ends, +/- three days.
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User avatar
Sep 6, 2018
1545 posts
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Halifax, Nova Scotia
alanbrenton wrote: Give me your promo end date and a few of your previous statement end dates and I can let you know when your low rate ends, +/- three days.
#rfdPartyTricks
Sr. Member
Oct 11, 2005
856 posts
1634 upvotes
Airdrie, AB
ROYinTO wrote: Just to confirm. On pg 3 of my MBNA statement there is a column that reads "Projected Promotional End Date" and a date under that in the BT row.
Is that the date I'm looking for?
Basically, yes. So here's an old MBNA statement. In this example, any balance up to the ~05/11/2017 statement date would be subject to the promo BT rate:

Image

I do have to credit MBNA for being fairly clear on the duration of their BT promos throughout the term.

For those doing BT from CIBC, it's not as clear. Only in the last couple months approaching the end will the notice appear on your statement. For example, here's my February statement, letting me know a BT promo is ending in April. It did not appear on any of the previous statements prior, so you have to be proactive by marking your calendar, tracking payments, or reading statements.

Image
Images
  • MBNA-BT-Statement.gif
  • CIBC-BT-Statement.gif
Deal Expert
User avatar
Apr 21, 2004
54388 posts
19225 upvotes
aweawea wrote: #rfdPartyTricks
Oh. Roy was asking for CIBC lol!

It's just likely by statement end date then.
Deal Addict
Dec 12, 2009
4395 posts
2058 upvotes
Toronto
Thanks @CalgaryBen
That is the answer I was looking for.
alanbrenton wrote: Give me your promo end date and a few of your previous statement end dates and I can let you know when your low rate ends, +/- three days.
I don't have enough statements yet.
alanbrenton wrote: Oh. Roy was asking for CIBC lol!
Not yet, but it is nice to know it is the usual CIBC trickery. I'm hoping they keep up with the BT offers when my MBNA comes due.
Following the advice of the Health Experts - I will consider voting for Dougie @ 12:01 AM, five days after the next provincial election.

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