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0% Line of Credit offer
August 23, 2019
10:59 am
Winnie
Ontario
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Just received this offer from Tangerine.
0.00% interest for first 90 days.
Strange, I didn't expected such generous gift from Tangerine.

"A Tangerine Line of Credit is a great way to borrow.
Accept your pre-approval† offer by October 20, 2019
Here are the details of your pre-approval offer:

Your pre-approved credit limit of up to $45,000
Your introductory interest rate 0.00% for your first 90 days.
Your annual interest rate after 90 days Tangerine Prime + 0.50% = 4.45%

This pre-approval offer is based on the credit and financially related information Tangerine has about you. All terms of your pre-approval for a Tangerine Line of Credit expire at 11:59 pm ET on October 20, 2019. There is no annual fee for this Account."

EDITED:
A also just noticed, that my savings account with zero balance has promo interest rate 2.75% for 6 months.
Activated that pre-approved line of credit, was easy, 2 minutes.
Now I'm transferring $45,000 from line of credit to savings account and after 90 days I will get $300 interest paid absolutely free. Really? Is there any catch?

August 23, 2019
11:21 am
Loonie
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Wow! Nothing like free money! sf-smile - assuming there are no hidden costs and can be repaid in full in 90 days.

$45,000 X 2.8% X 90 days = $310+. And a gold star for your credit rating when you pay it back!

August 23, 2019
11:31 am
Winnie
Ontario
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Yes, I carefully examined all that "Terms and Cond." - no hidden costs, interest only payment each month (which is zero) and all the money can be repaid anytime in full.

Anyone else got 0.00% interest for first 90 days from Tangerine?

August 23, 2019
11:45 am
Winnie
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Promotional Offer:

An Introductory Interest Rate of 0.00% will apply to all Advances and other transactions made within (90) days of the Account opening (the “Promotional Rate Period”). After the Promotional Rate Period ends, your standard variable annual interest rate of Tangerine Prime* + 0.50% on Advances or other transactions will apply. Advances or other transactions may not exceed the available credit on the Account. If an Advance or other transaction amount exceeds the available credit, that amount will not be processed.

You must continue to make all of your monthly Minimum Payments by the Due Dates shown on your monthly statements. See the Tangerine Line of Credit Account Agreement for more information about how we apply payments to your Account. If you still have an amount owing on your Account when the Promotional Rate Period ends, the standard variable annual interest rate of Tangerine Prime* + 0.50% will apply to that amount. The Line of Credit is a revolving credit Account and is repaid through automatic monthly minimum payments. Additional payments can be made and the entire Line of Credit can be paid off at any time without penalty.

August 23, 2019
11:59 am
Winnie
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I'm trying to figure out what will be that Minimum Payment each month. I think it would be zero or $25, not sure, but definitely not more than $25 x 3 = $75 for 3 months.

12. Minimum Payment:
Your Minimum Payment is the greater of:

(1) interest accrued on the total amount of Advances or other transactions (including fees) during the Statement Period plus any past due and Over-limit amounts, or

(2) $25. For New Balances less than $25, the entire New Balance is the Minimum Payment.

August 23, 2019
1:49 pm
hwyc
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Winnie said
Anyone else got 0.00% interest for first 90 days from Tangerine?  

Did too today - 0.00% for 1st 90 days but not everybody the same after 90 days.
Mine is prime + 1% thereafter. I've seen higher rate posted by others on RFD

(2019.08.24) @Winnie Thanks for the idea - 90 days interest-free money to make money.

August 23, 2019
9:46 pm
Ed
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Seems everyone got something different. I currently have zero in both of my Tangerine accounts and this is what was offered...

Here are the details of your pre-approval offer:
Your pre-approved Credit Limit of up to $15,000.
Your introductory interest rate 0.00% for your first 90 days*.
Your annual interest rate after 90 days Tangerine Prime◊ + 4.00% = 7.95%.

August 24, 2019
5:06 am
Alexandre
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This is what I've got from Tangerine:

Accept your pre-approval offer by October 20, 2019
Your pre-approved Credit Limit of up to $30,000.
Your introductory interest rate 0.00% for your first 90 days*.
Your annual interest rate after 90 days Tangerine Prime◊ + 1.00% =4.95%.

August 24, 2019
4:06 pm
GoJetsGo
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Winnie & hwyc,

Not sure if everybody's terms on the 2.75% promo are the same but my wife's terms (from July start date) state the following:

10. Notwithstanding the above, the following are examples of the types of transactions that won’t qualify as Eligible Deposits and won’t earn Promotional Interest:

a. Transfers or money deposited into RIF Savings, CSA, Business Savings Account, or US$ Business Savings Account.
b. Money transferred from a Bank GIC, Investment Fund or Line of Credit to an Applicable Account.

I feel slighted by them yet again...They're offering me 15k LOC @ 7.95 after 90 days. I have excellent credit but apparently I don't fit their excellent criteria.

August 24, 2019
4:36 pm
hwyc
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sf-yell I missed Tangerine (10)(b). ( Thanks @GoJetsGo )

How about plan B ? 90 days interest-free Tangerine money for risk-free interests at other FI(s) high-interest savings accounts sf-wink

August 25, 2019
9:49 am
Winnie
Ontario
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GoJetsGo said
Winnie & hwyc,

Not sure if everybody's terms on the 2.75% promo are the same but my wife's terms (from July start date) state the following:

10. Notwithstanding the above, the following are examples of the types of transactions that won’t qualify as Eligible Deposits and won’t earn Promotional Interest:

a. Transfers or money deposited into RIF Savings, CSA, Business Savings Account, or US$ Business Savings Account.
b. Money transferred from a Bank GIC, Investment Fund or Line of Credit to an Applicable Account.  

GoJetsGo:

Yes, my 2.75% promo (also from July start date) terms are exactly the same, as your wife's.

I transferred money from my Line of Credit to my Tangerine checking account. After that, to more confuse Tangerine, I transferred that money to my Tangerine joint savings account. And again, from that joint savings account transferred to my Tangerine joint another checking account. Now I transferred that money from my joint checking account to my savings account with 2.75% promo.

Let see if I will get 2.75% promo on September 1, 2019.
If not, will move money to other FI high-interest savings accounts and will get a bit less, than 2.75%.

August 26, 2019
11:49 am
Good
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I got a line of credit offer from Tangerine also on August 23,19. It said 0.00% interest for 90 days. After 90 days the rate would be prime which is 3.95% plus 1%work out to 4.95% unsecured.

Took it and put the funds in savings account with them at 2.75%.

Account asked a few questions and took a few minutes to set up.

There was a hard credit check involved.

Get rid of another line of credit that is much higher.

Of course take the line of credit at 0.00%. Targeted offer.

Would not be surprised to get a credit card offer next.

August 27, 2019
6:10 am
hwyc
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Ah, thread subject now "0% Line of Credit offer"
How far are we from negative interest ? Will we-the-north (Canada) get to that (timeline in years) ?

BTW - I bit the offer

August 27, 2019
11:57 am
Winnie
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hwyc said
How far are we from negative interest ? Will we-the-north (Canada) get to that (timeline in years) ?

Probably very soon, when the next recession hits, we'll have a negative interest rate too.

I'm already tired to chase current low below 3% rate and negative rate would be a total disaster.

Right now I'm very seriously considering to transfer more than 50% of my savings from savings accounts/GIS's to unsecured form (will buy more physical gold).

In my previous experience, from 2006 until now I have already earned its equivalent of a constant yield of 11% compounded annually for 12 years each year, when I purchased physical gold in 2006 for $600 CND.

I'm completely aware, that such performance may not continue, but in a negative interest rate reality, I'm willing to take a chance and keep more than 50% of my savings in physical gold form.

August 29, 2019
2:44 pm
Londonguy
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I took them up on their $15K offer yesterday as well, not so much for the temporary free use of the money, but because it presented an experiment to see if my recently discovered problem of credit bureau errors would interfere with my opening a new line of credit. Fortunately it didn't.

Everything went as advertised, and it only took a few clicks afterward to draw down the line and park it in a savings account. Hat tip in advance to Tangerine for the freebie and funding the cost of a decent dinner 3 months from now after I pay the line back down to zero

August 29, 2019
11:13 pm
Vatox
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Domestic savings accounts won’t go negative. If BoC Rate goes negative, it’s foreign depositors that will have to pay to park their money here. We will get above zero.

August 30, 2019
6:16 am
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No there is not a catch. I received the same offer except my limit is less then yours. And after 90 days my rate is prime 3.95% plus 1% which currently would work out 4.95%.

Called in to ask because did not believe it. I was told this is targeted offer. And the line of credit will be offered to the general public months from now.

They do a hard credit check. Your score will go back up in a month or so.

September 1, 2019
10:19 am
Londonguy
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I'm not entirely sure yet but I may have just found a partial "catch" to this deal.

Like a few others here I took their 0% LOC offer and then drew the line down into my Tangerine savings account that's supposed to be earning 2.75% based on their current savings offer that I also activated.

However, I just checked my Tangerine balances and they have only paid me interest at the rate of 1.50% on the deposit side. No separate credit for bonus interest. I would need to speak to a rep first to confirm it, but I have a feeling they may be taking the view that this isn't "new money" since I sourced it from their LOC. No net new money, no bonus qualification.

If I'm correct, I'll have to pull the funds into a completely different bank ASAP to get the other bank's promotional rate instead until the 0% rate on the LOC expires, at which point I'll close everything back out.

Kind of counter-productive IMO that they would offer you cheap money but then almost force you to park it somewhere else, but it's looking that way to me. In fact, I now think I won't even waste my time calling in to ask, I'll just move it

September 1, 2019
10:43 am
Winnie
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Londonguy said
Like a few others here I took their 0% LOC offer and then drew the line down into my Tangerine savings account that's supposed to be earning 2.75% based on their current savings offer that I also activated.

Money transferred from a Line of Credit to a savings account with 2.75% promo won’t qualify as Eligible Deposits and won’t earn Promotional Interest.

I transferred money from my Line of Credit to my Tangerine checking account. After that to my savings account with 2.75% promo. They paid me full 2.75% today, there is not a catch.

September 1, 2019
11:02 am
Londonguy
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Glad that ploy worked for you -- too bad I didn't duplicate it, because I already have a chequing account in place there and could have done the same thing.

Disqualifying me while being able to drive around their "new money only" restriction by merely moving it into chequing first to magically make it eligible seems a bit lame on Tangerine's part IMO, but hey, it is what it is. Like I said, I'll just move the LOC money to B2B or ManuLife for the 90 days and be done with it.

I only lost a couple days of premium interest, so by the time the LOC program ends near the end of November I'll be further ahead than leaving it at Tang anyway

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