Personal Finance

What Are You Doing With Your MBNA 0% Money ??

  • Last Updated:
  • Sep 17th, 2014 2:24 pm
Tags:
None
[OP]
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes

What Are You Doing With Your MBNA 0% Money ??

What are you guys doing with the 0% or 0.99% money that you are getting from MBNA platinum plus?

There's random discussion in the big thread but I thought maybe make a dedicated thread?

I'm thinking any market related investment is too unpredictable and risky? The horizon is way too short I'm thinking since it has to be paid back in less than a year.. (I plan on paying it back after 11 months...)

So what are your guys thoughts on what to do with this 10 grand they gave me lol (making it rain in a strip club isn't an option haha :p)

You guys using it for investments? If so, what?

Or for a down payment? Or what?
Rogers
$35 Unlimited Local Calling
$30 6GB Data
$10 Retention VP (2500sms/CID/VM)
$75 + GRRF 2.13 + 5% GST = $80.99 :|
48 replies
Deal Expert
May 30, 2005
44180 posts
4805 upvotes
Richmond Hill
Why did you apply for it if you didn't have a use for it yet?

I don't agree 1 month is too short of a horizon. Some people also use it for downpayment.
Artisan woodworker crafting live edge tables, end grain cutting boards, and other home decor
Silver Coins | Philips Wake-Up Light with Radio | Heatware
[OP]
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
Jon Lai wrote: Why did you apply for it if you didn't have a use for it yet?

I don't agree 1 month is too short of a horizon. Some people also use it for downpayment.
If I had known about it earlier I would have applied earlier. First time around they gave me $10k. I'm guessing next time around they will give me more.

I'm not irresponsible where I'm gonna spend it all and then be like "oh *****" then have to pay it back in payments
Rogers
$35 Unlimited Local Calling
$30 6GB Data
$10 Retention VP (2500sms/CID/VM)
$75 + GRRF 2.13 + 5% GST = $80.99 :|
Deal Expert
May 30, 2005
44180 posts
4805 upvotes
Richmond Hill
ELiTE KiLLaH wrote: If I had known about it earlier I would have applied earlier. First time around they gave me $10k. I'm guessing next time around they will give me more.

I'm not irresponsible where I'm gonna spend it all and then be like "oh *****" then have to pay it back in payments
But don't you get a loan because you need it, not because it's free? (It's not - there's a 1% cash advance fee, so you're paying "1% interest" for the year.)

Why did you get it before you thought of what to do with it?
Artisan woodworker crafting live edge tables, end grain cutting boards, and other home decor
Silver Coins | Philips Wake-Up Light with Radio | Heatware
Deal Fanatic
Mar 24, 2008
5995 posts
2254 upvotes
Toronto
Keeping it under my mattress.
Deal Addict
User avatar
Oct 25, 2009
4302 posts
1328 upvotes
Moncton
ksgill wrote: Keeping it under my mattress.
So you are giving MBNA $100 (1% fee) for the privilege of putting $10,000 you don't own under your mattress?

I use to do in-house telemarketing for MBNA, calling MBNA customers up, offering people money for short periods of time. It is amazing the number of people willing to accept a loan (of dubious benefit given the length and fee) without even think about it. On the other hand, most people did not go for it (it was a labour intensive process, and that was when interest rates were much higher).
Toronto is a very small part of Canada
Deal Addict
Sep 24, 2007
3845 posts
1201 upvotes
Ontario
$10,000 in a TFSA at peoples for 3% 1 year would get you $300. 300-100 = a cool $200 profit.
Deal Addict
User avatar
Oct 7, 2012
1442 posts
271 upvotes
Montreal
Bought Canadian big bank dividend stock two years running
Deal Fanatic
Mar 24, 2008
5995 posts
2254 upvotes
Toronto
^ Yeah, I am a badass like that :D
Deal Fanatic
User avatar
Nov 2, 2013
5459 posts
1361 upvotes
Edmonton, AB
Paid off the student loan and then took a course.
Consultant, Operator/Trucker
  • Oilfield & Industrial Services, Road Construction
  • Tax & Finance
  • In the Western Canadian Oilfield since 2013
Deal Addict
User avatar
Feb 6, 2012
4879 posts
374 upvotes
Gloucester, Canada
ksgill wrote: Keeping it under my mattress.
ugh.. should of read this before I dug a hole in my back yard.

I've put the money in my self direct TFSA account
Zoomer Wireless & Public Mobile customer
Banned
Sep 10, 2014
694 posts
144 upvotes
deadice wrote: $10,000 in a TFSA at peoples for 3% 1 year would get you $300. 300-100 = a cool $200 profit.
Hard to believe people actually go through the trouble to make a lousy $200. You add an inquiry to your file, a new account that decreases your average age, and max it right away killing your credit score for an entire year to profit $200??? I don't get it.
Member
Jan 7, 2013
306 posts
32 upvotes
Kitsilano
lovefreemoney wrote: Hard to believe people actually go through the trouble to make a lousy $200. You add an inquiry to your file, a new account that decreases your average age, and max it right away killing your credit score for an entire year to profit $200??? I don't get it.
Says the guy with the username "lovefreemoney"
“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.”

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)