Credit Cards

Latest Balance Transfer Promos

  • Last Updated:
  • Jan 17th, 2021 2:50 pm
Tags:
None
Deal Expert
User avatar
Apr 21, 2004
54392 posts
19228 upvotes
CalgaryBen wrote: Anybody get new offers (esp. CIBC Visa) for this month? Usually shows up by the 2nd of the month for me, but I didn't get any this month (which is a bit of a surprise, based on historical experience).

I'm not due to cycle to a new BT offer until Dec/Jan, but always like the regular cadence of offers, and would definitely consider another 0%/1%Fee BT to refresh early...
We just got one today (or maybe one or two days ago) :)

Weird thing is that it doesn't indicated the BT fee or interest rates yet.
Deal Expert
User avatar
Apr 21, 2004
54392 posts
19228 upvotes
adrian2 wrote: If you are already in an existing cycle, it means you have already paid the 1% fee.

Why would you want to start a new cycle and pay another 1% earlier than you need to, effectively increasing the annualized rate of the previous charge?
E. g. (ignoring compounding for simplicity):
1% for 10 months is 1.2%
1% for 6 months is 2%
1% for 3 months is 4%
I pay them out a few months earlier sometimes to extend the expiry date because these BT offers don't come around like clockwork, even for CIBC or MBNA.

It's more from a cash flow perspective. I do understand your point but for those shuffling balances around (used funds for investment purposes like me), it's like the bird in the hand -- paying 1-2% additional interest is better than paying down the balance eventually with a 5% or more LOC, for those without HELOC.

I never use these BT offers for renovation or trips, almost always goes to investments, so there's also investment risk but as long as we are gainfully employed, we should be able to manage this BT musical chairs haha. If our investment thesis (no covid10, weed, high flying tech stocks) pans out, the interest costs are peanuts to be honest. I'd love to optimize everything in life (minimize interest costs, maximize returns) but have to take the next best alternatives most of the time.
Sr. Member
Oct 11, 2005
856 posts
1634 upvotes
Airdrie, AB
adrian2 wrote: If you are already in an existing cycle, it means you have already paid the 1% fee.

Why would you want to start a new cycle and pay another 1% earlier than you need to, effectively increasing the annualized rate of the previous charge?
My aim is to start a new BT around months 7-10 (the later the better, of course) of the 10-month BT. There's no guarantee that a BT offer will be available at the end of month 10, so taking one earlier is a calculated risk. So, if 1% BT fee works out to an effective 1.3% or 1.4% AIR, I'm okay with that (I'd most likely only accept a 1% BT fee on the next BT, and the one after that...), since it's still less than any other access to cashflow I can think of.

Also, in my case, when I took advantage of the BT I'm currently using, I only used about 35% of my available BT limit (met my needs at the time). Now, for added "headroom", I wouldn't mind more. It's good for maintaining minimum account balances, servicing other credit instruments (LOCs, loans, etc.).
Newbie
Nov 21, 2019
72 posts
34 upvotes
Toronto
Hi guys - Is there any reason to keep my old Plat Plus around? I'm no longer receiving BT offers and was wondering if should product-switch it to something else. I have 17k of available credit that I haven't touched except for splitting off for an Alaska Airlines card. I'd appreciate any suggestions!
Jr. Member
May 21, 2008
104 posts
42 upvotes
Surrey
Got a new one from CIBC, which is nice because my current 10 month one is up in 11 days. But the offer is odd. It doesn't show the interest rate or transfer fee, or even when the offer expires. All those fields are blank. It is for 10 months though. Hopefully it fixes itself by the time my payment for the current one clears.
Deal Fanatic
Jan 30, 2012
8043 posts
2223 upvotes
multi city dweller
BCNeil wrote: Got a new one from CIBC, which is nice because my current 10 month one is up in 11 days. But the offer is odd. It doesn't show the interest rate or transfer fee, or even when the offer expires. All those fields are blank. It is for 10 months though. Hopefully it fixes itself by the time my payment for the current one clears.
if it is a "new" offer then it ends in aug statement ...
Jr. Member
May 21, 2008
104 posts
42 upvotes
Surrey
LOL808 wrote: if it is a "new" offer then it ends in aug statement ...
Yeah today the offer fixed itself, now includes rate and fee. 0%/1% till August.
Deal Expert
User avatar
Apr 21, 2004
54392 posts
19228 upvotes
BCNeil wrote: Yeah today the offer fixed itself, now includes rate and fee. 0%/1% till August.
Mine is 2% BT fee but still going to take advantage of it.
Deal Fanatic
User avatar
Dec 11, 2005
8216 posts
1197 upvotes
TO
BCNeil wrote: Yeah today the offer fixed itself, now includes rate and fee. 0%/1% till August.
alanbrenton wrote: Mine is 2% BT fee but still going to take advantage of it.
I assume this is all online with Online banking when you log in? The 1% is a really good offer.
Achieva Financial /KOHO / STACK (0% FX Fee) /Tangerine / EQ Bank member / I use Plastiq for paying bills with my CC

"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent
Deal Expert
User avatar
Apr 21, 2004
54392 posts
19228 upvotes
TorontoEh wrote: I assume this is all online with Online banking when you log in? The 1% is a really good offer.
Yes. The mailer (which is just the description of the offer with no BT cheques included) may arrive in a few business days' time.
Deal Fanatic
Jan 30, 2012
8043 posts
2223 upvotes
multi city dweller
alanbrenton wrote: Yes. The mailer (which is just the description of the offer with no BT cheques included) may arrive in a few business days' time.
i already received the mailer ... :lol:
Deal Fanatic
User avatar
Dec 11, 2005
8216 posts
1197 upvotes
TO
I have a smaller limit (I should've chosen to pick a higher during the app) and currently have 6K at Tangerine at 3.95% - was thinking of paying off with my cibc 1% BT fee 0% till next year but the card renews in Feb-2021.....

Has anyone done something similar?
Achieva Financial /KOHO / STACK (0% FX Fee) /Tangerine / EQ Bank member / I use Plastiq for paying bills with my CC

"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent
Jr. Member
May 21, 2008
104 posts
42 upvotes
Surrey
TorontoEh wrote: I assume this is all online with Online banking when you log in? The 1% is a really good offer.
Yeah it was online. Got the mailer today too, it is the same, but I have till December 31st to use it. The online offer says it expires October 31st. I have the low rate visa select. I don't know if that is why I got a 0/1
Deal Addict
Jul 15, 2009
2069 posts
1190 upvotes
Just got 0.99%/12m/3% on existing BMO card.
Deal Guru
User avatar
May 8, 2009
13925 posts
11547 upvotes
Leask
bubak wrote: Just got 0.99%/12m/3% on existing BMO card.
Better than nothing? Kinda expensive...
No solicitation in sigs
Deal Guru
User avatar
Sep 21, 2005
12090 posts
10998 upvotes
AKery123 wrote: If you have a low limit on a card with a good BT promo and can't have a CLI. Could you just over pay by a large amount and get access to a higher BT?
For example, having a limit of 10k with currently $0 balance, over pay with 20k and have access to 30k of BT?
The extra $20k is your money. Why you want o pay interest or fee for BT your money?
Have too many phones... This is how I limit my monthly phone payment.
Public Mobile $36 5GB, $12 250MB, 2x $6 50min/50text, Fido $5 4GB data only plan with a free tablet,
Zoomer $36 loyalty 4GB plan, $0 FPL home phone. Have a better and better day!
Member
User avatar
Aug 9, 2017
204 posts
742 upvotes
GTA
AKery123 wrote: If you have a low limit on a card with a good BT promo and can't have a CLI. Could you just over pay by a large amount and get access to a higher BT?
For example, having a limit of 10k with currently $0 balance, over pay with 20k and have access to 30k of BT?
Yeah, this makes no sense. If you already have 20k, and do a BT for 10k, then you will have 30k in total.
Newbie
Nov 7, 2015
80 posts
104 upvotes
Toronto
embguy wrote: The extra $20k is your money. Why you want o pay interest or fee for BT your money?
Was trying to find a way to access low interest borrowing for an extended period of time without going high on CC utilization but you're right, doesn't make sense since the other portion is own money... Nvm.
Newbie
Nov 7, 2015
80 posts
104 upvotes
Toronto
One more (potentially noob) question, as I have never used one before.
Utilization does matter when doing a BT right? and people do want to stay lower than 30%?

Top

Thread Information

There are currently 2 users viewing this thread. (0 members and 2 guests)