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Tangerine

Targeted - Tangerine Unsecured Personal Line of Credit, 0% Introductory Rate for 90 days

  • Last Updated:
  • Dec 2nd, 2020 10:43 am
Deal Addict
Nov 28, 2013
2735 posts
1157 upvotes
Quebec
flaming homer wrote: Yes, the payment is automatically scheduled on first of the month, you should see it pop up November 1

As for $25 monthly payment, you only took out $1250 ?

I took out $10K, expect my next 3 payments $200, $196, and $192.08
I took 25000 but the first 3 months it’s obly 25$ per payment
Deal Addict
Sep 9, 2015
1432 posts
1054 upvotes
Nanaimo
I called and they said the loc is something they're rolling out in the near future. I don't have this in my offers so I can't get it at all.
Deal Addict
User avatar
Feb 19, 2014
3295 posts
2172 upvotes
Langley
With this promotion, I got a $15k LOC.

How exactly does it work?

I confirm the LOC, and when do I have access to the money, and how do I have access to it?

Am I able to transfer it to my TD bank right away?
Deal Addict
User avatar
Aug 31, 2005
1394 posts
285 upvotes
Quebec City
jellytime wrote: With this promotion, I got a $15k LOC.

How exactly does it work?

I confirm the LOC, and when do I have access to the money, and how do I have access to it?

Am I able to transfer it to my TD bank right away?
It takes a few clicks to get the account opened, and yes the money is available right away, ready to be used or transferred wherever you want.
Anew account appears in your accounts list, you just move the money the same way you do now with checking or savings account.
Balance is 0 at first, and increase when you take money out (it's a "loan" account)
Deal Addict
User avatar
Aug 31, 2005
1394 posts
285 upvotes
Quebec City
flaming homer wrote: Yes, the payment is automatically scheduled on first of the month, you should see it pop up November 1

As for $25 monthly payment, you only took out $1250 ?

I took out $10K, expect my next 3 payments $200, $196, and $192.08
Depends of your account. Some have "Interest only" (min. 25$)", and others have "Interest + 2% of balance" or something similar.
Deal Addict
User avatar
Feb 19, 2014
3295 posts
2172 upvotes
Langley
TIPIT wrote: It takes a few clicks to get the account opened, and yes the money is available right away, ready to be used or transferred wherever you want.
Anew account appears in your accounts list, you just move the money the same way you do now with checking or savings account.
Balance is 0 at first, and increase when you take money out (it's a "loan" account)
Exactly the information I was looking for. Thank you for your insight!
Deal Fanatic
User avatar
Dec 11, 2005
8941 posts
1502 upvotes
TO
Not sure if it's worth even with a HISA like b2b because all is taxable at your projected earn rate at tax time. I mean taking it out for 90 days tax free from TAN to move to a HISA to earn interest.
"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent
Newbie
Aug 4, 2016
26 posts
35 upvotes
quebec city
ndiniwachojeff wrote: Any updates to what happened to it?
I found a way to get my offer back. In the accounts section you can select ''open new account'' and under more info on their PLC, they state the special offer.
Deal Fanatic
User avatar
Dec 11, 2005
8941 posts
1502 upvotes
TO
flaming homer wrote: Yes, the payment is automatically scheduled on first of the month, you should see it pop up November 1

As for $25 monthly payment, you only took out $1250 ?

I took out $10K, expect my next 3 payments $200, $196, and $192.08
I assume it's best to use in a savings outside of Tangerine as their terms state we can't use the LoC $ to get interest?
"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent
Member
Dec 14, 2017
486 posts
491 upvotes
I was offered $30,000 and 0% promotional interest rate until the new year.
I took out $30,000 and put it in my Tangerine savings account which currently has an interest promotion until the new year.

I plan to pay back the line of credit a week in advance of the interest free promo ending.

What cost can I expect to pay here? Just one $25 fee?
Member
Dec 26, 2017
213 posts
147 upvotes
From my understanding you make a monthly payment of $25 during the promo period and at the end you should owe $30k less your payments. In my case it’ll be 2 payments so I’ll pay back $29,950.00 at the end of the promo
Deal Addict
Oct 9, 2003
3572 posts
1000 upvotes
Vancouver
7865875 wrote: I was offered $30,000 and 0% promotional interest rate until the new year.
I took out $30,000 and put it in my Tangerine savings account which currently has an interest promotion until the new year.

I plan to pay back the line of credit a week in advance of the interest free promo ending.

What cost can I expect to pay here? Just one $25 fee?
You will need to confirm what's the minimum monthly payment back towards the principle of the LoC. My offer was for $10K and my minimum monthly payment is $200. I think the minimum is $25 and it goes up depending on the amount you borrow.

I made the $200 monthly payment and immediately withdrew it back from the LoC.

As per the terms: Your Minimum Payment is the greater of: (1) 2% of your New Balance plus any interest, past due and Over-limit amount, or (2) $25.
Member
Dec 14, 2017
486 posts
491 upvotes
litebrite wrote: You will need to confirm what's the minimum monthly payment back towards the principle of the LoC. My offer was for $10K and my minimum monthly payment is $200. I think the minimum is $25 and it goes up depending on the amount you borrow.

I made the $200 monthly payment and immediately withdrew it back from the LoC.

As per the terms: Your Minimum Payment is the greater of: (1) 2% of your New Balance plus any interest, past due and Over-limit amount, or (2) $25.
So, I believe mine is $25.

Does that mean that I can just pay $25 into the LOC right now?

This is confsuing to me, but I guess better to learn now rather than later how to use these.
Deal Expert
User avatar
Feb 24, 2008
15288 posts
6604 upvotes
Gatineau
7865875 wrote: So, I believe mine is $25.

Does that mean that I can just pay $25 into the LOC right now?

This is confsuing to me, but I guess better to learn now rather than later how to use these.
When you accepted the LOC, you had to select an account to use for automatic payments.

On the due date of your statement, it will automatically withdraw the minimum payment from your selected account. Though you are free to make a payment prior to the due date instead.

It's simply no different to having a credit card setup for automatic payments.

Djino
Deal Addict
Feb 10, 2018
1545 posts
1028 upvotes
30k for 7.44 % with Tangerine, 10k at 6.44 % with Scotia or 30k at 7.44% with RBC?

Got preapproval for all. Don't really have a use for it right now, but was thinking being with Scotia might help me get Scotia Amex eventually since I want it with my Ultimate Plan but keep getting rejected.
Deal Addict
Aug 24, 2006
1150 posts
593 upvotes
EDL67134234 wrote: 30k for 7.44 % with Tangerine, 10k at 6.44 % with Scotia or 30k at 7.44% with RBC?

Got preapproval for all. Don't really have a use for it right now, but was thinking being with Scotia might help me get Scotia Amex eventually since I want it with my Ultimate Plan but keep getting rejected.
RBC one is less valuable due to not being able to use it as a chequing account ( positive balance)
Tangerine results in hard check I believe, unsure of scotia
Deal Expert
User avatar
Feb 24, 2008
15288 posts
6604 upvotes
Gatineau
bryceton wrote: RBC one is less valuable due to not being able to use it as a chequing account ( positive balance)
Tangerine results in hard check I believe, unsure of scotia
Tangerine cannot also be used as a checking account (no positive balance).

Djino
Deal Addict
Aug 24, 2006
1150 posts
593 upvotes
djino wrote: Tangerine cannot also be used as a checking account (no positive balance).

Djino
damn thanks for the info i was gonna accept the approval offer but guess wont bother. already have 2 lines of credit.
Deal Addict
Sep 11, 2006
2049 posts
732 upvotes
djino wrote: Tangerine cannot also be used as a checking account (no positive balance).

Djino
Tangerine offers a free checking account though, why bother with the LOC trick
Deal Addict
Nov 28, 2013
2735 posts
1157 upvotes
Quebec
Put my money in a TFSA and will get the money back 3 days before the deadline

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