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CIBC is a tad backwards!

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Ok so I wasn't planning to do any credit apps for a while, but I found a really sweet deal for a flight on a trip I've been wanting to do for a while and was planning to do in 2011. I decided to visit CIBC to see if I could increase the limit on my card to $5K and swap it to their AeroGold card. All I was asking for is a $1500 increase. Well because I don't quite make the minimum income required for the AeroGold card I didn't qualify for the limit increase nor the switch. Ok fine. I was willing to accept that. It wasn't that I was looking for the credit. I simply would rather pay the annual fee for it and get the Aeroplan points (the bonus right now equals approximately 1 domestic flight) plus my travel insurance which would be about $150 elsewhere. It just made sense to me, but whatever.

 

I was entirely ready to walk out of the branch. I didn't feel defeated because I went in with nothing to lose and simply asking the question, but then the personal banker stopped me and said I should just straight up apply for a separate AeroGold rather than trying to change the card I have! Um ok, but the limit on that card is a minimum $5K and the credit dept just declined me for a $1500 increase to the card I have.

 

I got a call today from her that I was approved for the AeroGold with a $5K limit. Um? I'm still scratching my head at that one. LOL So I can't raise my limit from $3500 to $5K, but I can ADD $5K to my total limits? Where is the sense in that?! I'm happy to have the card and will likely sock drawer my $3500 card since I have no need for so much credit. I'll keep the acct though since I have my sister on as an AU and I feel better knowing she has access to it if needed and I'm too cheap to pay for an additional card on the Gold card. LOL

 

Ok I swear I'm done app'ing now!

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Good for you Quasei!

 

That's the CIBC for you. There's a reason they're the biggest CC issuer in Canada. You just added another one! Let BMO catch up! ahahahahah.

 

It's funny how these things sort of innocently fall together, isn't it? Like my story of being in need of a safety deposit box. Next thing I know not only do I have the SDB, but I also have the top tier chequing account and an upgraded Visa. All for no fees or a hard credit pull. Yes, it was intentional to a point, I knew what I wanted and was getting into....but it all came together so quickly and so freakin' easily that I'm still dumbstruck. What the hell just happened? ahahahahaha.

 

Congratulations Quasei. I know you will use your newly available credit wisely. I know you will.

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I'm actually considering asking if they'll bump the Dividend card to $5K and switching it to a plain old line of credit. Seems like it would make the most sense for me. I have no need for so much credit, but if I qualify for it now I might have use for it later, right? I'm also considering using that particular card just for my rent. I'll put my rent on it and give my landlord my rent cheques. Since I keep a zero balance in my chequing acct (and no overdraft protection) as a rule, this would mean I won't have to worry about perhaps a day or 2 that I might forget to transfer the money back to the chequing acct. So if I can't swap it to the line of credit, I think I might swap it to their lower interest card on the random off chance I might take a day or 2 to remember to toss the money in there - I plan to pay the acct ahead of the cheque coming through so that there will not ever be interest. So it would be a way to work around not having overdraft protection on my bank acct and still making sure my rent gets paid without any worries. Since I'm allergic to paying interest I can't imagine I'll ever forget to pay it before the cheque comes through. A nice thing about my landlord is the cheques are never cashed until the 3rd or 4th of the month. :) I suppose I could just use it like this and let the auto limit increases take me up to the line of credit minimum in a year or so and then go ahead and swap to the line of credit. Hmmm... perhaps I'll do that instead to avoid the hard inquiry.

 

Ok I'm rambling, but yeah that's my plan... see if I can swap the Dividend card to a Line of credit. If not I'll swap it to the lower interest card. And I plan to use the cheques for the acct to pay my rent. That'll also serve to keep the acct active without having to remember to use it for something. :)

 

Q

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Aren't those cheques used like a Cash Advance? Meaning, the moment it's cashed the interest clock starts ticking?

 

I admit Quasei, and I'm sorry to have to say this, I had trouble following your last post. It's just me though, I didn't sleep well last night.

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Haha! And this is why I shouldn't post in the middle of the night when I'm barely awake. Musing aloud shouldn't be allowed at such hours!

 

Ok here's what I'm planning to do... I'm going to overpay my cibc dividend card every month by the amount of my rent. I'll use the Visa cheques to pay my rent. Yes they count as cash advances, but since the acct will be overpaid it won't matter and I won't accrue interest. This keeps a regular transaction on the acct so there's no chance of it going dormant and disappearing on me.

 

My other thought was as soon as the acct hits the $5K level hopefully via auto limit increases in the next couple years I'll swap it to a line of credit instead of a visa. I don't need the credit, but might as well have a lower rate option available, right?

 

So that's my wide awake plan. LOL Hope that makes more sense.

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Okay, that makes sense now. Sounds like a decent plan.

 

Do the Visa cheques count as a purchase? Meaning, assuming your dividend card is a cash rebate card, would this mean you'd get back more of a rebate on your Visa bill?

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