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Wednesday, May 5, 2010

The story behind my 1 283.63$ credit card debt: example of a credit card balance transfer that turned wrong... because of CIBC Visa

I am credit card balance fanatic. I like this system because its allow me to borrow money at a smaller interest rate. I am receiving credit card balance transfer on a regular basis and so far, once one is close to the term date, I am receiving another offer from another credit card that I hold. So I had been « playing ping-pong » as I like to call it, quite often in 2009&2010. Everything went perfectly well until recently.

Once of my credit card balance transfer offer is ending on May 6… which is tomorrow. But it shouldn’t be the case. Here’s the story behind my 1 283.63$ debt at a promotional rate of 3.9% that is ending tomorrow.

A couple of months ago, I had received this incredible offer coming from CIBC Visa: 3.9% interest rate on a credit card balance transfer! WOW! Of course, I wanted to benefit from this offer to invest more. And I did. That’s how today I own 726 units of Just Energy Income Fund (JE.UN).

I proceed with 2 different transfers:
-First one of 2 854.31$. The 3.9% interest rate offer ending on May 6, 2010.
-Second one of 1 404.19$. The 3.9% interest rate ending on September 6, 2010.

At that point, nothing wrong.

Recently, I had received an offer from TD Visa, a 4.9% interest rate valid for 6 months! Great! So I wouldn’t have to sell my investment to pay off the amount due! Yeah! I am sometimes very lucky like that.

Of course, I ask for a credit card balance limit increase for my TD Visa. My limit had been increased as I wanted (or I was going to cancel everything, that’s exactly what I told the guy lol). PERFECTO. So I proceed to a credit card balance transfer from CIBC Visa to TD Visa for an amount of 3 000$ at a 4.9% interest rate valid until September or something like it 2010.

Here again, nothing wrong.


Earlier this week, I gave CIBC Visa a call, asking how much I had in balance left and my interest rate. I just wanted to confirm the interest rate, right. That’s when I was told that my interest rate at 3.5% was ending on May 6, 2010. But previously before, I had made a call, speaking to a representative and she confirmed me I was going to be good for a 3.9% interest rate until September 6, 2010… Like I explain to her what I wanted to do, and she confirmed it was going to be ok. But the guy to who I spoke to earlier this week told me that the 3.9% interest rate was ending on May 6. WRONG! Scandalously wrong!

So what’s going to happen?

I am going to call CIBC Visa asking them to correct their mistake. If not, I am never going to deal with them again. DONE. GAME OVER. And if they don’t want to, I am going to ask to speak to a supervisor because I had received the confirmation from a representative that I was going to have the 3.9% interest rate on the amount left… They just have to listen to the call.

No way I am going to begin to pay off debt. It’s so not me. I am waiting for a good paycheck this evening at midnight because I might have received some commissions. That money is going to be use on the purchase of 100 stocks of CDL.A. It will certainly not be use to pay off debt. It’s not CIBC Visa who’s going to ruin my everything. Those banks really need to learn how to respect people! I am just hoping that CIBC is not following BMO Bank of Montreal footsteps. Like you know, a bank turning into a ghetto scheme or something like that.

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