Credit card promotional balance transfer - Page 2
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Thread: Credit card promotional balance transfer

  1. #11
    Senior Member
    Join Date
    Oct 2013
    Location
    Edmonton
    Posts
    846
    Quote Originally Posted by sags View Post
    How does transferring balances from one credit card to another free up cash to invest in a GIC ?
    Balance transfer is the wrong way to think about it. What it is is a cash advance at 1%. It gets transferred to your bank account. That money is used to buy a GIC or HISA or whatever. You apply for a second card the following year when the first one is about to expire. Then transfer the balance to that new card. MBNA will often let you combine the credit limits on both cards so that the allowable amount to borrow increases each time.


  2. #12
    Member
    Join Date
    Nov 2009
    Location
    Windsor, ON
    Posts
    59
    Quote Originally Posted by twowheeled View Post
    looks good to me and the rate is better than my margin rates on my questrade account. So you got the 0% promotional rate and got charged 1% for initiating the balance transfer?
    Exactly.


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