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Saturday, May 11, 2013

Paying a credit card debt or kind of

In the previous post, I talked a lot about credit card balance transfer. I will continue a bit more in this post. back in April, I completed a 10k+ credit card balance transfer over TD Visa for a 2.9% special interest rate for 6 months. I still had a close to 5k to transfer someplace else before getting back over TD side at their super low promotional rate. In May, I proceed with the transfer of the close to 5k amount from TD Visa to RBC Visa. Once the transferred completed, I called TD Visa. And when i came to do the transfer, the promotional interest rate was no longer from the account. I talked about that previously. But why I don't have the promotional interest rate anymore at TD Visa?

I had a promotional interest rate at TD Visa for a long long time. But fact is, I had noticed that it wasn't always available in the account. I sometime had the promotional rate available (I could see it online), and sometime not. While being on the promotional rate and being set for 6 months, the month after I could see that it wasn't there anymore. But luckily, each and single time my 6 months expired, the promotional interest rate for 6 months was back in my account.

I had a 15k balance at TD Visa. I always complete the transfer at another Visa institution in 2 shoots (I don't have another 15k Visa credit card, that's why). What happen is that I complete a first transfer back in April. And the second... in May. But in May, the promotional rate was no longer from my account. So I had been caught in a in between. I talked to several TD Visa reps, all good folk, and they all explain to me that its a promotion (I knew that, but I am supposed to be a TD princess ok), and it sometime comes and goes from the account. I notice that myself. This time, I wasn't quick enough for doing my transfers.

However, despite this bad luck, I had completely paid the close to 5k I had left over at RBC Visa today. How I did it? Quite simple, by using a promotional cheque of American Express at 0% for 6 months. This came at a perfect, perfect time. And I thank God for the blessing even if he was nothing to do about it. I also use a bit of my margin money. What I plan to do is this: wait that the cheque appears in my account at American Express and following what, I will call them and asked for a 1-2k increased - which I probably get.

For the next 6 months, I will try to put over more money aside and if it happen that my luck completely run out, I will have some cash and substance to actually do a simple thing that I never care to do before: paying in full my TD Visa credit card debt.

For my part, I probably will just get this life. Since I am not a kitty and won't have 9 lives, I decided that I could do whatever I wanted with my money. Its my very own money juice and I do whatever I want with it. This is the idea. This is why I don't care about paying my debt. Tax credit, tax credit and tax credit. I get a tax credit for my student loan and I also get tax credit for all loans used over investment. Since the tax system had been build for the rich of the richers, I am taking advantage of it. May God bless my country, Canada, the land of $$$.

You can do whatever you want with your money, enroll into debt, as long as it remain manageable, everything is under control.

And in term of $$$, I am doing quite well these days. My non-registered portfolio climbed to a very magical $121 294.87. Anything exceeding the 120k is worth the word magical. I would just like Jean-François Tardif to be as magical as me. Tardif my sweetheart, what the hell are you doing? You are no longer kicking ass. But am I waiting. See, I had invested in the JFT Strategies Fund (JFS.UN) because Jean-François Tardif was managing it. Oh but please, F U Tardif!

My bastard lovely sweetheart decided to take it easy. Jean-François Tardif can no longer deliver. That's what going on. I had invested 2k in his fund for F NOTHING. But is it really surprising? Trst me on that one, never but your faith and hope in a Quebecker. They are f up people with poor intelligence and they want to reopen our Constitution. Too bad animals, you have miss the boat. BYE BYE! I don't want Quebec in my b love country. Quebeckers don't have the heart it take to be successful. Their "country" is so well manage that it hold the highest tax rank in North America. Is that enough? Entrepreneurs with brain should just simply escape that tax slavery. Its almost a miracle on itself to be holding that much in cash as I do. How am I doing it? Don't ask me. Its all naturally stuff that been in deep in my DNA. I was born to get everything I want. Generally speaking, I  get what I want. but its because I want it.

The major problem with Quebeckers is that they don't know what they want. They have no goals and they don't have the guts it take to become a country of their own despite all the misery they put on our federal government. Want to f and mess up? OH YEAH. Quebec is paying the high price for its arrogance and this, this is revenge. No more tax credit for their animal funds. Seem like Ottawa decided to suck them just as they had suck Ottawa. Reopening the Constitution? It won't happen anytime soon.

Its seem I cannot rely on Jean-François Tardif to become rich so if you don't mind, I will rely on my own self. And trust me, I will give my punch in the face to those little Quebeckers. If a war have to happen between Quebec and Canada, a real war, well, I will be on the battle field and I will fight until I died. Like a real soldier.


Anonymous said...

dangerous game you are playing. sooner or later you will run out of luck and pay hefty 20% interest if you are not too careful...

Anonymous said...

interest article about balance transfers and risks...

Sunny said...

I will never pay 20% interest rate. I have my RBC Visa at something like 10%.

The real danger is becoming addictive to credit card balance transfer. Which I an.

Anonymous said...

If your financial house of cards collapses when either rates rise or if there's a severe stock market correction, will you blame it on the banks, government, or quebeckers? Or will you accept responsibility for the decisions you made? I hope it's the former as many people have warned you about your use of credit and your choice of investments. You really can't say that you weren't warned..

Sunny said...

Warned? You are an idiot.

As for blaming, I never blame anyone for decisions I take, I endorse it all. You are really an idiot who never really took time to read in deep my blog.

Anonymous said...

Pretty well very comment on your blog is someone warning you to the dangers of leverage and raising interest rates.

Sean said...

Sunny you sound bipolar today.

Anonymous said...

RBC Visa does not have something like 10%.

Anonymous said...

here's a question for you:

if you had $100,000 line of credit, would you

1) invest all of it immediately?
2) gradually invest?

what would be your stock selection at that point?

Anonymous said...

Transferring credit card debt to another cred card IS NOT PAYING IT OFF. You are very silly and just digging yourself a deeper hole. At some point your creditors will come calling at the same time. Your financial situation is laughable.

Anonymous said...

Another dividend cut in your portfolio CHR.B. Will you correct your self?

Anonymous said...

get rid of all those .un (keep the real estate income trust = these are the investments that income trust were meant for primarily and then many companies jumped into the income trust band wagon after...) or used to be income trust companies. since Flaherty Halloween announcement in 2006 income trusts aren't what they used to be and they have been declining non stop and sooner or later they will need to cut their dividends. when was the last time banks cut their dividend? you should focus on companies that pays a reasonable dividend 3-5% max. Look at the interest rate on savings, a measly 1.2% or slightly more, once you see 5-6-7 times the savings rate this equals major alarm bell!!!!

Anonymous said...

post from the past, look at the comment about risky investment, you have been warned. since then the stock has fallen 25+% since you bought it!!! wake up and smell the roses

Anonymous said...

This is the best advise ever!!!

Another troubled stock has cut their dividend (Chr.b). Why would you want to invest and lose your money in stocks like mmp.un, chr.b, pgf, je, sii, dgi, etc when you could be investing in Coke, Pepsi, Exxon, Chevron, Wal-Mart, McDonald, Google, Johnson & Johnson, Kraft, Proctor & Gamble, General Electric, Pfizer, Wells Fargo, Verizon, Visa, Master Card, Colgate Palmolive, etc. These are companies that people use every day and are leaders nor only in the US, but worldwide.

Instead of investing to double your money like you taught you would with silver and gold, you should invest to try not to lose half your money like you did with many small cap companies.

Anonymous said...

Hey Sunny,

I left you a question sometime ago about what your thoughts are on WTI and Brent oil prices and differentials. Do you think it would be better to buy into an american refiner like Valero energy or buy a Canadian heavy oil producer like Baytex which pays a 6.8% dividend yield.


Anonymous said...

she probably doesn't have a clue what you are talking about with the differentials stuff. anyway, no analyst can predict accurately which stock to buy. based on past history, high yield investment = high risk = high risk of cutting the distribution = recipe for disaster (just energy for example). 7% dividend yield is nice, but is it sustainable? safe? the stock went from 50 down to the mid to upper 30s... there's always a reason for such a drop of 20+% just be careful

Look at XOM, CVX = more stable companies + dividend yield much more reasonable and lower + stock hasn't dropped at all!!!

A good company should be near 52-week high prices since all major indices are at 52-week high. If the stock you are interested is not, then there is an issue much greater.

At this stage, I would wait for a market correction and buy companies that have decrease in value because of market sentiment and trend, not because of struggling issues.

Anonymous said...

If anyone doesn't know the JFT discussion, here it is:

Anonymous said...

Another bad investment was HRX that you invested for a special dividend, the stock is more than 5$ lower than what you paid and doesn't pay any quartely dividend just like JFS.UN. If you want to pay your line of credit, just sell those stocks or funds that don't pay any dividends and don't go up in value; you will save interest so you'll actually be making money by selling them.


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