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Tangerine

1.99% line of credit for 90days YMMV

  • Last Updated:
  • Mar 11th, 2023 8:19 am
[OP]
Jr. Member
Aug 18, 2019
130 posts
180 upvotes

[Tangerine] 1.99% line of credit for 90days YMMV

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Tangerine
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Just got this email. Not sure it is good deal or not. May be useful for someone else.
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Last edited by Mars2012 on Feb 9th, 2023 10:42 am, edited 1 time in total.
Reason: fixed retailer field
41 replies
Member
Aug 24, 2015
241 posts
106 upvotes
Toronto
I get these and apply and get denied and have no debt I don’t understand so I moved all my money out of tangerine
Deal Addict
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Oct 15, 2015
2629 posts
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Montreal, QC
So you can actually pocket some profits by transferring money from LOC to saving account with those 4.85-5% rate they are offering?
Don’t think I have this offer for my account though ☹️
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Oct 4, 2004
4305 posts
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Vancouver
Pearl25 wrote: Just got this email. Not sure it is good deal or not. May be useful for someone else.
What's the permanent rate? These were/are usually targeted offers at Prime + 0 or 1% which are absolutely phenomenal rates for an unsecured LOC.
sroheim wrote: I get these and apply and get denied and have no debt I don’t understand so I moved all my money out of tangerine
LOC are some of the most difficult products to get approved for. Also has little to do with existing debt. You don't get approved for a lending product so you move all of your money out of a free banking account? Makes sense.

Tangerine does run a credit check, even for pre-approved offerings. So if you are pre-approved and then rejected after a credit check, I'd start by reviewing your credit profile to make sure there's no fraudulent or mistaken items on there.
Last edited by lhsonic on Feb 8th, 2023 10:02 pm, edited 1 time in total.
Removed external link in signature.
Deal Fanatic
Jun 4, 2012
5235 posts
4704 upvotes
Alekxqin wrote: So you can actually pocket some profits by transferring money from LOC to saving account with those 4.85-5% rate they are offering?
Don’t think I have this offer for my account though ☹️
Yup. Did this when they offered 0% interest a few years back.

If you pay interest, you can probably use this as a tax deduction as well. Interest used to earn income is generally deductible.

Disclaimer: Check with your accountant first. I'm not a tax expert.
Member
Jul 24, 2022
334 posts
696 upvotes
Northwest Toronto
sroheim wrote: I get these and apply and get denied and have no debt I don’t understand so I moved all my money out of tangerine
Financial services are turning into a commodity due to advances in technology and the way Banks treat their customers. It is not necessarily a good thing.

When this bank was named ING Direct (ie. before the Scotiabank purchase), it was a wonderful bank for savings, mortgages, and yes, lines of credit and simple mutual fund investments. Service was fast and efficient, few (if any) mistakes were made and solutions were always a phone call (or internet access) away. NEVER A PROBLEM. Since the sale to Scotiabank, I have slowly moved my business away and find their responses to my inquiries quite arrogant. Its more than the "Tangerine Lottery" to get access to short-term beneficial savings rates; long-term relationships are simply pushed aside which tend to favour churners as customers, and Banks can not rely on churners to thrive. It is so un-Bank (non-Bank?) and prone to long-term loss for Tangerine.

Yes, we are all looking for financial institutions that provide us with low borrowing rates and high savings rates, but it always starts with that first Bank: The first savings account, the first student loan, the first credit card, the first mutual funds, the first mortgage, the first RRSP/TFSA, then the process begins again with oir children. However, Canadian Banks do not respect that relationship any longer and would rather buy out the competition, expand outside Canada and move on to the next customer as a revenue source. In this environment, why would ANYBODY want to make a career in personal banking, or trust the services they claim to help you with?

As technology allows customers to move great sums of money from one financial institution to another virtually instantaneously, the definition of relationships, safety and risk for Banks will get shorter and shorter (ie. a commodity). Didn't the financial meltdown of 2008 show the world that Banks as a whole requires the guarantee of Governments to provide financial comfort to customers? I feel it already and also fear that my children will never know the importance of banking as a means of financial comfort and success.
Deal Fanatic
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Nov 15, 2020
6067 posts
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1.99% for 90 days. What's that per year
Sr. Member
Jul 23, 2018
830 posts
353 upvotes
lhsonic wrote: What's the permanent rate? These were/are usually targeted offers at Prime + 0 or 1% which are absolutely phenomenal rates for an unsecured LOC.
I have Tangerine Prime+2%. Which currently means 8.7%. That's annually, right?
Is that considered good nowadays? Would a personal loan be cheaper currently?
Newbie
Dec 24, 2017
92 posts
59 upvotes
Toronto, ON
ImMrWorld wrote: Financial services are turning into a commodity due to advances in technology and the way Banks treat their customers. It is not necessarily a good thing.

When this bank was named ING Direct (ie. before the Scotiabank purchase), it was a wonderful bank for savings, mortgages, and yes, lines of credit and simple mutual fund investments. Service was fast and efficient, few (if any) mistakes were made and solutions were always a phone call (or internet access) away. NEVER A PROBLEM. Since the sale to Scotiabank, I have slowly moved my business away and find their responses to my inquiries quite arrogant. Its more than the "Tangerine Lottery" to get access to short-term beneficial savings rates; long-term relationships are simply pushed aside which tend to favour churners as customers, and Banks can not rely on churners to thrive. It is so un-Bank (non-Bank?) and prone to long-term loss for Tangerine.

Yes, we are all looking for financial institutions that provide us with low borrowing rates and high savings rates, but it always starts with that first Bank: The first savings account, the first student loan, the first credit card, the first mutual funds, the first mortgage, the first RRSP/TFSA, then the process begins again with oir children. However, Canadian Banks do not respect that relationship any longer and would rather buy out the competition, expand outside Canada and move on to the next customer as a revenue source. In this environment, why would ANYBODY want to make a career in personal banking, or trust the services they claim to help you with?

As technology allows customers to move great sums of money from one financial institution to another virtually instantaneously, the definition of relationships, safety and risk for Banks will get shorter and shorter (ie. a commodity). Didn't the financial meltdown of 2008 show the world that Banks as a whole requires the guarantee of Governments to provide financial comfort to customers? I feel it already and also fear that my children will never know the importance of banking as a means of financial comfort and success.
dont hit on the bankers.. there's sleezy people in every sector.
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Dec 16, 2015
4378 posts
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Toronto
sroheim wrote: I get these and apply and get denied and have no debt I don’t understand so I moved all my money out of tangerine
emotional response but maybe its because u have no debt so they dont have credit history on you
To the moon
Member
Dec 31, 2011
355 posts
416 upvotes
ETOBICOKE
ImMrWorld wrote:
long-term relationships are simply pushed aside which tend to favour churners as customers, and Banks can not rely on churners to thrive. It is so un-Bank (non-Bank?) and prone to long-term loss for Tangerine.
It seems all industries do that now. I used to think it was short sighted of them but now I realize they are just crafty. They realized the average Canadian will whine and moan but never switch. So they make money focusing on the new customers.
I switched methods too, and switch companies as soon as I see an increase. (Bank, telecom, insurance, streaming, etc).

15 years with Telus and they refused to even come close to the $35 10GB Fido boxing day deal. Bye Telus. Next year when Fido inevitably jacks my rates, hello Virgin.
Sr. Member
May 14, 2018
785 posts
193 upvotes
Toronto
Few months back my wife got this type of offer, 2% for couple of months afterwards prime rate! I was hopping to get this type of offer in my account but I didn’t… 🫤
Jr. Member
Nov 17, 2018
151 posts
71 upvotes
sroheim wrote: I get these and apply and get denied and have no debt I don’t understand so I moved all my money out of tangerine
Same. Where’d you go?
Member
Jul 24, 2022
334 posts
696 upvotes
Northwest Toronto
s22hot18 wrote: dont hit on the bankers.. there's sleezy people in every sector.
Yes, there are sleezy people in every sector, but it does not have to be all firms in all sectors, and SHOULD NOT be in the financial services sector. It appears that long-term is too far away for relationship banking or the evaluation of risk.

Credit Unions have a strong customer base, although the number of customers relative to banks are small due to the lack of services. Could a Credit Union grow as large as a big-six bank and thrive here (ahem, Dejardins). Remember also that there were successful trust companies and investment dealers that once provided long term services yet are now part of a larger banking conglomerate. It was my Father who brought me to Canada Trust as a pre-teen to open my first savings account, another financial institution that retained a stellar reputation yet became a shell of itself once TD got its hands on it (calling itself TD Canada Trust in name only). Investment dealers were sucked up by large banks like appetizers, one after another. Relationships there are long-term, but ONLY if you have the right amount of money.
Member
Jul 24, 2022
334 posts
696 upvotes
Northwest Toronto
dan2011 wrote: It seems all industries do that now. I used to think it was short sighted of them but now I realize they are just crafty. They realized the average Canadian will whine and moan but never switch. So they make money focusing on the new customers.
I switched methods too, and switch companies as soon as I see an increase. (Bank, telecom, insurance, streaming, etc).

15 years with Telus and they refused to even come close to the $35 10GB Fido boxing day deal. Bye Telus. Next year when Fido inevitably jacks my rates, hello Virgin.
My fear is that without a long-term focus on relationships and/or evaluation of risk, the commoditization of the sector will result in another financial crisis like 2008. The separation of Executive goals of maximizing THEIR earnings and that of the bank they are managing will result in scandal and crisis. And it will be the taxpayers paying the damages in the end. It does not appear that anything has really changed since 2008, a clear indication that it is bound to happen again.
Member
Feb 10, 2013
284 posts
293 upvotes
Moncton
OongaLoonga wrote: I have Tangerine Prime+2%. Which currently means 8.7%. That's annually, right?
Is that considered good nowadays? Would a personal loan be cheaper currently?
I got a Prime + 0% a little while back. Thanking my lucky stars everyday.
Deal Addict
Nov 15, 2010
1975 posts
363 upvotes
Winterpeg
sroheim wrote: I get these and apply and get denied and have no debt I don’t understand so I moved all my money out of tangerine
Its weird that they sent yoh an email that you were pre-approved then then denied your application after.

Pre-approved. What does it mean?
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Feb 4, 2015
1338 posts
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Got this about 2 weeks ago. Accepted it. 10k limit it was.
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Feb 4, 2015
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caveat_emptor wrote: Its weird that they sent yoh an email that you were pre-approved then then denied your application after.

Pre-approved. What does it mean?
Yup, their pre-approvals are always subject to credit report. They seem to always do hard credit pulls even when you get such offers.

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