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Cash out of your Driver's Edge Rewards without Purchasing or Leasing a car

August 30, 2016, 10:40 pm
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If you are still holding on to your Driver's Edge Rewards after CIBC converted it to the useless Dividend Visa. Use the following terms from the Driver's Edge (Click here for Driver's Edge Terms and agreement) to try and support the idea that CIBC should be converting Driver's Edge Rewards immediately over to CIBC Dividends Rewards. This is found in section 4 when the Driver's Edge account is cancelled, which it technically is:
• the Card is converted into another Card or into another type of CIBC credit card and CIBC
permits Rebates to be transferred or converted on that conversion; and the primary Cardholder
meets any applicable requirements   set by CIBC
Thus if you argue that CIBC initiated the conversion, then CIBC should permit the rebates to be transferred over immediately as Dividends. I believe Dividends are paid out in November or December so once they've paid them out, you can cancel the card without having to pay $59/year until you decide to purchase/lease a vehicle. The whole process took under 2 weeks if you follow the complaint process that CIBC has.

I was lucky enough that the CSR asked whether I wanted my rewards in a money order or dividend rewards. Ahhhh....duh....if you give me that choice, then send me the money order!

Good luck!

Statistics: Posted by pulsar — Aug 31st, 2016 1:40 am

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Pre-Approved for line of credit

August 31, 2016, 5:33 am
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I received a notice back in June that i was pre approved for a line of credit from RBC. I didn't want to take the offer because i didn't think i would have use for it and didn't want to take a hit on my credit score as im currently building my credit. Yesterday i had a call from RBC to informed me i was pre approve and i can accept the offer. I told them i didn't want to accept because i didn't want them to check my credit as it will hit my credit score. They told me it will not effect my credit score and they won't check my credit. They said i've been keeping my accounts in good standing and been with them for a while.

I was wondering IF i do accept the offer will this hit my credit score in any way? I see it in my online banking that i have the option to "ADD" the line of credit that i was pre approved for.

Statistics: Posted by asianstutter — Aug 31st, 2016 8:33 am

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Having my cash back balance applied early (RBC)

August 31, 2016, 5:57 am
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Sorry if this has been asked I wasn't having any luck with the forum search.

I have around $180 sitting in my cash back rewards balance which is applied in February. Does anyone know if I can call in and have that balance applied early and, if so, is it a major hassle?

Thanks

Statistics: Posted by StarScream1337 — Aug 31st, 2016 8:57 am

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SCENE Visa linking problems

August 31, 2016, 8:43 am
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Have any of you had any issues w/ this credit card with Scotia bank.
I applied for a new card in person at the bank and they not only messed up my mother's maiden name (was a easy fix) they linked my account to the wrong SCENE card number.

It's been almost a month and they havne't fixed eventhough I've reported it, and they said I should stop contacting them for updates. They will contact me once it's fixed. No ETA on when it will be fixed, they just said to stop contacting them and they will fix it when they fix it.

Just wondering if anyone's had issues like this, and how long it will take to fix the linked scene card number ...

Thanks. I hope this is the correct place to post this...

Statistics: Posted by Jenniyah — Aug 31st, 2016 11:43 am

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Visa Infinite Privilege - Security "fast-track lanes"

August 31, 2016, 8:54 am
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I'm looking at the Avion Infinite Privilege card - says you get access to "airport security fast track lanes". Are these the exact same ones as the AMEX lanes? I can't seem to find any info. I primarily fly out of Pearson

Thanks!

Statistics: Posted by topnotch — Aug 31st, 2016 11:54 am

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Credit score decrease, help please

August 31, 2016, 11:42 am
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A few months ago my credit card needed to be changed due to fraudulent activity, I went onto my cell phone company's self service site and updated the card info. For whatever reason, it did not update. When I called the company a month or so later due to reception issues, they advised my last payment had not processed. After explaining my attempt to update it online, they took my new credit card over the phone. Again, for whatever reason it did not update. Finally, I called their automated phone system and was able to pay my bill and update the credit card info at the same time.

The cell company reported the 1 time late payment by 30 days, which resulted in a 30 point decrease in Equifax credit score from a 767 (excellent) to 737 (very good).

I contacted the cell company, who essentially said too bad. They did an investigation and there are no notes regarding the change of card info from the agent who took my call and they claim they were unable to listen to the call to verify. Also claim they are unable to take steps to correct the information they reported to Equifax.

Can anyone confirm that the credit score decrease is likely to remain in effect for a long time (ie. 7 years)? Any suggestions for next steps? Does it seem likely that the cell company is not able to take some kind of action?

Any help is appreciated!

Statistics: Posted by kwking — Aug 31st, 2016 2:42 pm

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What did you use your 0% BT on?

August 31, 2016, 12:02 pm
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Thought I'd start a thread on the discussion of what people are using their 0% BT for.

Index funds? Bonds? Stocks? Pay off existing debt? GiC's? What kind of return do you expect?

Statistics: Posted by kevdanga — Aug 31st, 2016 3:02 pm

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Taxes on foreign income with tax Treaty

August 31, 2016, 1:52 pm
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How does the Tax treaties work on Foreign income. If some one have an income in foreign country and he paid tax on that & income never left the country it was taxed & generated, do a Canadian resident have to pay additional taxes on it ?

Statistics: Posted by ahato — Aug 31st, 2016 4:52 pm

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Got approved for HELOC only if I invest a third of the amount with bank?

August 31, 2016, 3:11 pm
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I'm approved for a HELOC for ~$150k on the condition that I invest $50k in one of the bank's investment offerings. They say it's because my personal income is too low and they need the $50k as a guarantee.

I would prefer not to have any restriction on how I use the loan amount. Can I do anything? Ask for a lower LOC without restriction? Reapply for personal LOC?

Statistics: Posted by destar — Aug 31st, 2016 6:11 pm

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Cashing or depositing a cheque in US funds?

August 31, 2016, 7:37 pm
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I have a cheque issued from a canadian agency but its from their US dollar account. If I deposit this in my bank (Tangerine) it will take 2 weeks I am told for it to clear etc.

Do I have other options? Quicker options.

Statistics: Posted by trellaine201 — Aug 31st, 2016 10:37 pm

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Financial situation for a senior

September 1, 2016, 7:04 am
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Just want to ask, if i have a parent who is 58 years old , single currently. Never worked before.

All she has is a house that she owned , say worth 950k . Nothing else, no cash at hand.

Would that be enough for the rest of her life ?

thanks.

Statistics: Posted by love0715 — Sep 1st, 2016 10:04 am

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BMO World Elite Airmiles Mastercard - Question about Air Miles Account

September 1, 2016, 8:45 am
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I'm looking to get this card, with the 25% discount on AM flight redemption the key feature I want to use.

The Air Miles account I want to assign to this card is my wife's, which we both use to collect miles. I don't have my own personal account.

Will I have any issues adding my wife's card to my application for points to be credited?

We want to take advantage of her existing points for redemption. She already has an old air miles cc with BMO, so wouldn't qualify for the (meager) 1,000 in bonus miles for switching.

Thank-you.

Statistics: Posted by jcon — Sep 1st, 2016 11:45 am

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Automated Fund Transfer Actually Works

September 1, 2016, 10:03 am
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For those who are having problem saving money, I found that automated transfer of fund from your payroll bank account is pretty effective.

I have a CTFS saving account (you can use any online bank accounts with high interest rate), and my payroll goes to RBC chequing account.

On every other Thursday (when I get paid), I set aside $1200 into CTFS's 1.3% saving account. It was automatically done.
I rarely log into my CTFS account, so I don't keep track of how much I have set aside. All I need to remember is to always keep $1,200 minimum in my RBC chequing account (which is not hard to do given that people have to have at least $2,000 in TD chequing accounts) so that I don't get a NSF charge from both RBC and CTFS.

By the end of the year, I would end up with 31k+, and I take that to invest in Self Directed investing accounts RRSP and TFSA for both my spouse and myself as well as my son's RESP.

This is a stress-free way of saving money.

People can start small like $100 per payroll. I know most RFDers can easily dish out $2k/payroll.

Statistics: Posted by CollegeGraduate — Sep 1st, 2016 1:03 pm

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Can we pay a US credit card from a US$ Canadian bank account?

September 1, 2016, 11:38 am
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Its easy to get a credit card on US soil for Canadians. The hassle is paying for it. Transferring money across the border can be a major headache. I wonder if anyone knows a bank that can do this? (Besides RBC....I'm familiar with their products.) So I want to use my US $ bank account in Canada to pay for my US credit card bill that is on US soil.

Statistics: Posted by redflagguy2u — Sep 1st, 2016 2:38 pm

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Cannot add Amazon.ca Rewards VISA to TD Bank Easyweb bank account

September 1, 2016, 4:04 pm
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I just received my first statement and was trying to add the credit card to my bank account as a payee so I can pay it like the rest of my credit cards.

Was wondering if fellow RFD's are able to add their Amazon.ca Rewards Visa card to their TD Bank easyweb account? I am getting the following error message :

There seems to be an issue with your account number entry. Please try re-entering it without including any spaces, dashes or special characters.[BPF0032100]

Statistics: Posted by yoshim — Sep 1st, 2016 7:04 pm

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Best Short Term Interest Rate

September 1, 2016, 4:26 pm
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I have an extra 20K sitting around in my chequing account that I will need in 3-6 months for a real estate investment. Any ideas on what would be the best short term investment, preferably not locking it in as I may need the funds quickly. I have in the past put it in a savings account where there are offering bonus interest for a few months but I didn't see anything with the two banks I use, CIBC and TD.

Statistics: Posted by datoprookie — Sep 1st, 2016 7:26 pm

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Federal student grants increasing by $1.5B over next 5 years

September 1, 2016, 5:48 pm
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http://kitchener.ctvnews.ca/federal-stu ... -1.3050716

ETOBICOKE, Ont. -- The federal government was out promoting an increase to its student grant program on Tuesday, but more changes are in store for the start of the 2017-2018 school year.

Science Minister Kirsty Duncan was at Humber College in Toronto Tuesday touting an increase in the grants program that amounts to $1.5 billion over five years, with $684 million budgeted for this year and next.

The increase means a 50 per cent increase in grants: up to $3,000 for low-income students and up to $1,200 a year for middle-income students.

The Liberals are helping to pay for the measure by eliminating the textbook tax credits the previous Conservative government introduced. That move is expected to save $550 million over the next two years.

Students with outstanding federal loans are going to have to wait until November for changes to the repayment assistance plan to kick in and eliminate payments for anyone earning under $25,000 a year.

Student groups had hoped the federal government would set that income bar at $35,000, but were disappointed to see the lower figure in the first Liberal budget.

The changes are a precursor to more alterations the federal government plans for the program.

What the government wants to introduce is a new eligibility model that would replace existing income thresholds to define low- and middle-income students with a single, progressive threshold over which grant amounts would decline based on income and family size.

The Liberals are also in talks with provinces and territories to ease eligibility criteria for student grants and loans by making it easier for students to work without fearing that the extra cash will mean less financial aid.

The idea would also target adult learners, many of whom work while studying, or have what departmental officials call significant financial assets like homes or cars that would decrease the amount they can receive through a loan or grant.

The federal budget said the promise would be implemented in time for the start of school in 2017 and would cost $267.7 million over four years.

In an email, Employment and Social Development Canada said talks between the federal, provincial and territorial governments appear on track to have the changes in place in a year.

Anyone affected or is going to affected by the changes to the Federal Student Grant program?

Statistics: Posted by tk1000 — Sep 1st, 2016 8:48 pm

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HSBC CRA bill payment question

September 1, 2016, 8:13 pm
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I am trying to help my mom in paying some taxes back to CRA from recalculation.
It's hard for me to make it into the bank during office hours so I looked into the bill payments section of HSBC website and noticed the following:

CRA (REVENUE) TAX AMOUNT OWING
CRA (REVENUE) TAX INSTALMENT
CRA (REVENUE) 2015 - TAX RETURN

I assume the first one would be the right one and then the account number is my mom's SIN number?

Did I get any part wrong?
Thanks.

Statistics: Posted by wing0 — Sep 1st, 2016 11:13 pm

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2.25% 90 days promotional rate with PC Financial

September 2, 2016, 11:21 am
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Getting back the amount paid for credit union membership shares

September 2, 2016, 10:29 am
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I am wondering is this is possible.

A lot of small credit unions have savings promos and I ended up having membership shares in many places. In some places it is $5 but in other can go as high as $25, and when I actually use these accounts only 60 to 90 days, there is a quite of slippage.

What is the proper way to get this money back?

Statistics: Posted by andrew4321 — Sep 2nd, 2016 1:29 pm

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