0% Line of Credit offer [EXPIRED] | Tangerine Bank | Discussion forum

Wow! Nothing like free money! - 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!

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.

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.

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%.

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

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.

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.

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

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