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BMO cancels Personal Line of Credit
November 8, 2019
6:46 pm
Norman1
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Tangerine Bank is a separate bank that's wholly owned by the Bank of Nova Scotia.

Paragraph 6 of Tangerine Money-Back Rewards Program Terms & Conditions describes the ten 2% categories and the specific merchant category codes (MCC) of each category, except the Recurring Bill Payment category.

The Recurring Bill Payment category is based on the recurring billing flag on the transaction.

November 9, 2019
2:24 am
Loonie
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Before you apply for another card, I would suggest you go through a year's worth of credit card statements and total up how much you are actually spending in various categories. Then you can decide if a category-based CC is best for you, or whether an X% on everything would be better.
I find, and you will likely find too, if you use it for everything, that the category of "Other" is by far the largest. Thus, we rely mostly on a card that offer X% on everything.
It may also depend on how many cards you are willing to carry and use.
Also, although I know you want a free card, it really depends on how much you spend annually on the card as to whether a free card is the best deal.
If you spend enough, you can come out ahead with a fee-based card because the rewards are higher, especially on some of the World Elite cards. But of course you will have to consider all your other criteria as well.
Our main card is fee-based beecause the usage warrants it.

In my opinion, BMO offers some of the best cards, so I would not be in a hurry to abandon it. You could consider complaining to the BMO Ombudsman's office. We got good results from them on a credi card matter a few years ago - courteous, prompt, good follow-through. I would focus on the rudeness of it, no notice, no stated usage criteria, and how you are a good BMO customer but are now considering leaving BMO. Ask for reinstatement without a new application, make sure you use it once in a while as Rick suggests, and ask for some bonus points to your CC Rewards for the inconvenience - but only after they agree to fix your problem. I would ask for $100 worth of points or a great bonus rate on a GIC if you need/want one - at least 3%. (Bud would probably ask for 4%.) They can surely afford it.
No harm in asking.

November 9, 2019
6:44 am
Norman1
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The cash back rate for "other" purchases can make a big difference.

The Tangerine Bank MasterCard originally gave 2% back on up to three categories and 1% back on "other" purchases. It is still 2% back on up to three categories but only ½% back now on "other" purchases.

I use a different cash back card for those "other" purchases to get 1% back on them.

November 9, 2019
10:22 am
Dean
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Norman1 said

The cash back rate for "other" purchases can make a big difference.

The Tangerine Bank MasterCard originally gave 2% back on up to three categories and 1% back on "other" purchases. It is still 2% back on up to three categories but only ½% back now on "other" purchases.

I use a different cash back card for those "other" purchases to get 1% back on them.  

Ditto ⬆

GICinvestor ... See Post #20 for more details on the Tangerine CC.

sf-cool " Live Long And Prosper " sf-cool

November 9, 2019
10:51 am
GICinvestor
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Well just checked my online BMO messaging. No response. I must have them sweating in a conference room in the high towers somewhere in Downtown Toronto.

November 9, 2019
11:58 am
Dean
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GICinvestor said

Well just checked my online BMO messaging. No response. I must have them sweating in a conference room in the high towers somewhere in Downtown Toronto.  

Like ⬆ HaHa sf-laugh

sf-cool " Live Long And Prosper " sf-cool

November 10, 2019
9:04 am
GICinvestor
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Well the boiler room meeting has adjourned. Even though my initial contact asked for an EMAIL reply I was asked to make sure my online profile had my up to date phone number as they have asked the local BMO branch to CALL me. Well, it does have both my up to date phone number and email address. So sad that the responder can’t read. I have put 2 shells in my virtual shot gun...ready for the call.

November 11, 2019
4:25 pm
Dean
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GICinvestor said
Well the boiler room meeting has adjourned. Even though my initial contact asked for an EMAIL reply I was asked to make sure my online profile had my up to date phone number as they have asked the local BMO branch to CALL me. Well, it does have both my up to date phone number and email address. So sad that the responder can’t read. I have put 2 shells in my virtual shot gun...ready for the call.  

Maybe they don't want to have anything in writing.

'CYA' on their part❓

sf-cool " Live Long And Prosper " sf-cool

November 11, 2019
6:31 pm
Loonie
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You could try prefacing your remarks with
"This call is being recorded for quality assurance and training purposes."sf-laugh

November 30, 2019
10:00 am
GICinvestor
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Well here is the outcome. I followed up online through BMO login a number of times and 3 weeks later I get an email. I was told online that they had tried to call but no answer our phone records (mobile and VoIP) did not reflect that.

So first email from assistant manager wants to call me or to come in to discuss the LOC. No mention of any other issues I mentioned. I replied to discuss over email and piled on another issue. My wife accumulated $11,000 nest egg which receives 9 cents a month interest. I said that I am trying to convince her to move the funds elsewhere which could easily get 2.3% as I just laugh when I see the 9 cents of interest!

So now the next reply is from BMO manager. I guess she thought that assistant couldn’t handle? Some fluffy meaningless words of us been valued customers but firm words for us to come in to discuss the LOC and some of the other issues. BUT I had to reapply for a LOC. I imagine they think we are old and gullible! So I mentioned that they seem to have lost connection with their good customers as we rarely visit the branch and use all online and ATMs. Although, recently, I think my wife had a dealing with the assistant manager. She has been having problems with her ATM card. It failed again and he was wandering around helping people. My wife was heading to a teller and he started to help. He gave her a new ATM card. But ageism at it best, he asked her if she did phone banking. What an ***. So the manager now knows I will not come in as there is no doubt in my mind that they are after her nest egg and the LOC is bait to get us there. The reason why I say that is when we opened a new account at Vancity a couple of years ago...they did a credit check....it was a good one...and we were offered and credit card and a $5000 LOC that I declined because we had one at BMO.

So what I find odd is that I can get a letter signed with a scribble of initials with no typed in name or position of the coward that supposedly authored it. And no warning......just it’s cancelled. The odd thing is they won’t converse with me by email but they can by post mail. So after decades of good service with BMO this one action of their behalf will weaken or end our relationship.

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