As you may already know, I am moving in about 3 weeks. I already know that there will be cash flow chaos the upcoming month. I need to pay for moving, the notary (lawyer), I need to pay taxes and, to top it all off: I decided that I will pay back the loan from my parents right away. This is why I will apply for a Canadian 1.99% APR balance transfer credit card .
I have owed this money for the past 4 and a half years and I really don’t feel like waiting until the end of November to pay them back (especially since I recently bought another car). Even though the original agreement was to pay back the loan this fall, I just want to get rid of the debt and again feel free to spend my money as I want.
However, I don’t think I will have the money to do all this… I am currently spending a lot of money on several items (new car, my wife’s birthday, my friend’s wedding, and another wedding in the near future, my new house, etc. just to name a few). So I will need extra financing for a few months. I don’t really know for how long, but I know that I’ll be getting a nice bonus at the end of the year so I will leverage that certainty.
What kind of options do you have when you are looking for short term financing?
You can always rely on a line of credit or a personal loan. My problem is that no bank will lend me money in the short-term right now. How can I make a 6 figure income and yet I can’t get financing? That’s it; TFB is too stupid and spent all his money. This is why he can’t get financing. Sorry folks, it’s more complicated than that: it’s because there is a lot of money I make yet can’t prove.
My online company is paying for several expenses and my bonus can’t really be taken into consideration (even though it totals 40 to 50% of my annual income!). They claim that I may not be making this much every year so they can only base their decision on my base salary… reality sucks!
So if I can’t get money from the evil banks (and I don’t want to borrow from family or friends since I want to get rid of this type of debt anyways!), I have no other choice but to consider a low apr balance transfer credit card. The main advantage when applying for a credit card is that they qualify you based on your income and your credit bureau (both of which are pretty good in my circumstances) and not on your ability to pay 😉
This is why I ran through internet listings to look for the lowest interest rate on balance transfer credit cards. I was disappointed at first, having not found any credit card offering a 0% intro rate for balance transfer for Canadians. Therefore, the best rate I found was 1.99% on all cash advances and balance transfers.
There are a few issuers of those generous balance transfer credit cards. Among them, there is MBNA, a well known credit card company (known for their appetite for risk).
This is actually why I decided to apply to one of their 1.99% balance transfer credit cards (The MBNA Platinum credit card); because they are most likely to lend me more money than other credit card issuers ;-).
So here’s my choice of credit card:
I have applied for 3 main reasons:
- They offer the 1.99% rate on balance transfer
- They are more likely going to offer a great credit card limit
- The Platinum credit card doesn’t have fees!
I have applied today, so we will see how long it takes and how much of a credit card limit they will be willing to grant me. I’ll keep you posted!