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Wednesday, October 5, 2011

TD Canada Trust best offer for TD Visa credit card balance transfer: 2.9% interest rate!

I am tightly holding behind me a massive 85k+ in debt so when I learned about this today, I was really happy. I currently had an 8 000$ with TD Visa at the special interest rate of 4.9% resulting from a credit card balance transfer.

I call today TD Visa because I couldn’t find where I had put the expiration date for my latest transfer. So that’s how I learn the great news. My current credit card balance transfer is about to end on October 26. I always do it in advance. So I just call RBC Visa to get 5 000$ transfer from TD Visa to RBC Visa. The transfer will take between 2 to 3 business days to be complete. In the meantime, RBC Visa interest rate is something like 19%+. So my 5k will be at 19% for 2-3 days. It usually go pretty quick. I will watch my RBC Visa tomorrow and if doesn’t happen tomorrow, it will be good I guess for Friday. I don’t mind paying 19% if it’s just for a couple of days.

I had before a 10 000$ limit with RBC Visa, but not anymore since I now have a credit line of 10 000$ with them. My RBC Visa had been reduced to 5 000$ ONLY. Which suck of course when it comes to credit card balance transfer. I complete a first credit card balance transfer with RBC Visa.

Following what, I call the folks at CIBC Visa. I explain what I wanted to do, a 3 000$ credit card balance transfer from TD Visa to CIBC Visa. But at CIBC Visa, the delay can be of up to 5 weeks. And their interest rate for cash advance there is even higher, something like 21% if I am not mistaking. Can you imagine waiting up to 5 weeks for a credit card balance transfer. It’s totally unacceptable CIBC Visa!

My other credit cards are not Visa, so it’s not working for credit card balance transfer.

When doing a credit card balance transfer, to keep it simple, I suggest to proceed from Visa-to-Visa only because I once was told that there’s an extra fee when you proceed from Mastercard-to-Visa or vice versa.

I am now a specialist of credit card balance transfer. Over the years, I received many credit card balance offer from CIBC Visa, TD Visa and also RBC Visa. I love it and each time, I like to benefit of the low interest rate.

One major thing you need to know about credit card balance transfer is: keep your account in good standard. Don’t exceed the balance authorize and ALWAYS make your minimum payment on time. If not, it could result in the cancellation of the special low interest rate. Which mean you could go from a super low 2.9% to a super high 19%. And you certainly don’t want that to happen.

So I proceed with a 5 000$ transfer today from TD Visa to RBC Visa. Once the amount appears in my RBC Visa, dring dring, I call again TD Visa and make the transfer from RBC Visa to TD Visa. Once the amount go back on the TD Visa, I call RBC Visa to complete the last 3 000$ left. This meaning I will after transfer 3 000$ from my TD Visa to RBC Visa and again, wait for the transfer to be completed. Once completed, I call again dring dring dring TD Visa, hello TD, please transfer 3 000$ from my RBC Visa to you guys!

Sound complicated? It’s truly not.

While doing credit card balance transfer, it’s easier to proceed simply over the phone because TD Visa doesn’t have at this time – at least I didn’t receive – promotional TD Visa cheque at 2.9% for 6 months.

I under process for 5 000$. After it will be for 3 000$ and in 6 months, I will be doing the same thing all over again... youhou.......


TD Visa has the stuff you need!


Anonymous said...

MBNA's BT is 0% for 18 months. Not so BT specialist after all, LOL!

High on Dividends said...

This is a bit crazy, no?

How about you just pay off all your credit cards and put the balance on a credit line at a consistently low interest rate!

What you are doing is acting like a poor person, not the successful investor you really are!

Sunny said...

Yeah, but I don't hold MBNA credit card. I will have to apply for a credit card while I have so many of them already. I prefer the 2.9% credit card. TD Visa is the best credit card to hold. I had been doing credit card balance transfer over credit card balance transfer for a very long time now. Could it be 2 years or something like that? I don't recall exactly. But what I know for sure is that I am going to apply for another credit card. Bad for the credit card and I prefer to ask for a credit line, not just get involve another credit card.

This is certainly is crazzy but TD Visa are very generous with me and keep renewing every 6 months their credit card balance transfer and I love it!

I have one credit line at a low interest of 4.25%. The other credit lines that I have are at much higher interest rate. Try to find a credit line at a rate of less than 5%, you'll see, it's not that easy. It's something almost impossible for middle class type of individual.

I am not acting like a poor person, I am a poor person. I am a poor person who is sometime a good investor. That's who I am. I am not in denial of who I am. This is real blog about real personal finance and all the crap is mine. That you like it or not. :0)

Anonymous said...

Hi Sunny,

Have you opened a TSFA yet? The amount that's in your TSFA can be used as collateral against your line of credit from TD(who knows you might be able to snag a lower interest rate.)

Happy Thanksgiving!


DVDguy said...

Not a bad rate! Best O have is .09 from Capital One for 12 months. Coming to an end soon... and American Express just offered me 1.9% so I'll move everything there. The 0% rate ins't easy to get these days (expecially for 18 months). More credit you have.. the options keep coming up.

Anonymous said...

Work can be hard.


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