Credit Cards

Latest Balance Transfer Promos

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  • Jan 22nd, 2021 10:48 pm
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Deal Addict
Jan 18, 2014
1464 posts
479 upvotes
Rouyn-Noranda
Received two offers in the mail today:

TD - 1.99% interest for 6m, no BT fee
CIBC - 0% interest for 10m, 2% BT fee

I have a big MBNA balance coming up for expiry in a few weeks, so this is convenient, but in reality it's not that convenient:
- from past experience, don't think I can BT from MBNA to TD given they're the same family
- I just did a CIBC BT for my entire available limit a few months ago, so I barely have any limit left.
[OP]
Deal Addict
Feb 6, 2018
1297 posts
1058 upvotes
John47 wrote: Received two offers in the mail today:

TD - 1.99% interest for 6m, no BT fee
CIBC - 0% interest for 10m, 2% BT fee

I have a big MBNA balance coming up for expiry in a few weeks, so this is convenient, but in reality it's not that convenient:
- from past experience, don't think I can BT from MBNA to TD given they're the same family
- I just did a CIBC BT for my entire available limit a few months ago, so I barely have any limit left.
MBNA to TD is possible, just not directly. use another bank's LOC to transfer the money.
Deal Addict
Jan 18, 2014
1464 posts
479 upvotes
Rouyn-Noranda
terracotta92 wrote: MBNA to TD is possible, just not directly. use another bank's LOC to transfer the money.
Right, but it's the opposite for me --- I would need to get the money from TD cc to MBNA cc. I didn't write it clearly in my post.

Don't think I can transfer money from TD cc to a bank account.
Deal Guru
User avatar
Sep 21, 2005
12092 posts
11009 upvotes
John47 wrote: Right, but it's the opposite for me --- I would need to get the money from TD cc to MBNA cc. I didn't write it clearly in my post.

Don't think I can transfer money from TD cc to a bank account.
If you have another cc other than TD and MBNA, you can BT to that spare cc. Withdraw money from the spare cc and pay the cash advance fee.
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[OP]
Deal Addict
Feb 6, 2018
1297 posts
1058 upvotes
John47 wrote:
Right, but it's the opposite for me --- I would need to get the money from TD cc to MBNA cc. I didn't write it clearly in my post.

Don't think I can transfer money from TD cc to a bank account.
embguy wrote: If you have another cc other than TD and MBNA, you can BT to that spare cc. Withdraw money from the spare cc and pay the cash advance fee.
if you have a RBC CC and chequing, overpay the CC, go to the branch to do a reverse payment ("oh i mistakenly paid the wrong credit card that's why i need to get the money back"), then the money goes to your chequing account, no cash advance fee. not sure if it works with other banks that you have your chequing with.

another way is if you have a ScotiaLine Visa, pay that account, then bill pay MBNA. no cash advance fee too.
Deal Fanatic
User avatar
Dec 11, 2005
8228 posts
1200 upvotes
TO
Got a sweet offer on my new AeroPesso card... 10 months 0% and 2% BT. Not sure but maybe good to bite as my MBNA balance renews in August but this is only avail till Feb28 i think.

CIBC doesn't send me offers, I gotta call them everytime but their offers are good.
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
[OP]
Deal Addict
Feb 6, 2018
1297 posts
1058 upvotes
received a ScotiaLine BT offer of 2.45% interest for 6 months, no fee of course since it's an LOC. it's the same with my Tang LOC of 2.45%, which means prime + 0.00%.
Deal Addict
Oct 27, 2012
1795 posts
2542 upvotes
Toronto
A few months ago I had a ScotiaLine BT offer of 1.99% for 6 months, expired Dec 31st. I didn't take them up on it, but it'll be interesting to see if I get a refreshed offer sometime soon.
Deal Addict
Jan 18, 2014
1464 posts
479 upvotes
Rouyn-Noranda
TorontoEh wrote: Got a sweet offer on my new AeroPesso card... 10 months 0% and 2% BT. Not sure but maybe good to bite as my MBNA balance renews in August but this is only avail till Feb28 i think.

CIBC doesn't send me offers, I gotta call them everytime but their offers are good.
What financial institution
Deal Fanatic
User avatar
Dec 11, 2005
8228 posts
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TO
John47 wrote: What financial institution
TD
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
Member
Aug 31, 2001
495 posts
42 upvotes
CIBC offered me 1% BT Fee 0% Interest for 10m ending 1/31/2021. I am a CIBC customer though. Only found out calling in to cancel the credit card.
Sometimes just need to call around?
John47 wrote: Received two offers in the mail today:

TD - 1.99% interest for 6m, no BT fee
CIBC - 0% interest for 10m, 2% BT fee

I have a big MBNA balance coming up for expiry in a few weeks, so this is convenient, but in reality it's not that convenient:
- from past experience, don't think I can BT from MBNA to TD given they're the same family
- I just did a CIBC BT for my entire available limit a few months ago, so I barely have any limit left.
Deal Addict
Dec 12, 2009
4413 posts
2064 upvotes
Toronto
I finally took up the BT offer online from CIBC today and now I'm a little concerned over a couple of things.

Posts have indicated to do a BT close to your statement end date, which for me is 8 business days away. By accepting the BT offer online I assumed the BT would be processed overnight like other payments done online. I was very surprised when the screen popped up saying Your balance transfer will be completed within 2 weeks. Two weeks should get me under the wire for the payment due date, but will likely arrive after the MBNA BT promo end date that I'm paying off - which is 1 business day away. It looks like I may have to pay a little interest if the BT takes longer than 1 day. I'll monitor MBNA to see when the payment comes through and if needed just do an additional Minimum $10 payment before its Payment Due Date.

I've read a number of times not to use the card once you have done a BT to it. That seems to come from this quote that is listed in the terms and conditions:
• Once you take advantage of this offer, you will have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.
I've got a couple of small subscriptions that are automatically charged to the card. If I pay off the BT fee plus the subscriptions and minimum due on the BT every month by the due date, shouldn't that mean I am not going to be charged interest? Or should I switch those subscriptions over to a different card?

I'd appreciate hearing how this has worked for other people in the past.
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Deal Guru
User avatar
May 8, 2009
13948 posts
11576 upvotes
Leask
Hey interesting DP about CIBC BT...I did not get hit with interest on the 1% fee. This was for the first BT card. The second one was PS'd to a different rewards system which charged the billing date. We'll see later for that one.
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Jr. Member
Sep 23, 2013
114 posts
242 upvotes
Montreal
ROYinTO wrote: I finally took up the BT offer online from CIBC today and now I'm a little concerned over a couple of things.

Posts have indicated to do a BT close to your statement end date, which for me is 8 business days away. By accepting the BT offer online I assumed the BT would be processed overnight like other payments done online. I was very surprised when the screen popped up saying Your balance transfer will be completed within 2 weeks. Two weeks should get me under the wire for the payment due date, but will likely arrive after the MBNA BT promo end date that I'm paying off - which is 1 business day away. It looks like I may have to pay a little interest if the BT takes longer than 1 day. I'll monitor MBNA to see when the payment comes through and if needed just do an additional Minimum $10 payment before its Payment Due Date.

I've read a number of times not to use the card once you have done a BT to it. That seems to come from this quote that is listed in the terms and conditions:


I've got a couple of small subscriptions that are automatically charged to the card. If I pay off the BT fee plus the subscriptions and minimum due on the BT every month by the due date, shouldn't that mean I am not going to be charged interest? Or should I switch those subscriptions over to a different card?

I'd appreciate hearing how this has worked for other people in the past.
You can call the CIBC credit card dept reps and ask them to cancel (or void, or whatever the term is) your online BT and initiate the BT right away over the phone.

Any payments over the minimum balance will be apportioned based on the % of your balance in each category (fees, purchases, interest, BT, etc.). So, if your subscriptions will amount to, say, 3% of your total balance, then 3% of your payment above the minimum payment will go to pay down your subscriptions. There is no way to steer your payments to go 100% to pay off your subscriptions.
Deal Addict
Dec 12, 2009
4413 posts
2064 upvotes
Toronto
happiy wrote: Any payments over the minimum balance will be apportioned based on the % of your balance in each category (fees, purchases, interest, BT, etc.). So, if your subscriptions will amount to, say, 3% of your total balance, then 3% of your payment above the minimum payment will go to pay down your subscriptions. There is no way to steer your payments to go 100% to pay off your subscriptions.
Thanks for this, you just saved me some $$ and a lot of aggravation.
I'll start making calls tomorrow to move the subscriptions over to another card. Might even cancel some.
Then put my CIBC card in the drawer for the next 10 months.
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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