Tag Archives: Balance Transfer

Paid off my balance transfer today!

13 Sep

Back in February 2013, I was offered 0% balance transfer from MBNA Smart Cash Mastercard.  I transferred $8,000 over to my brokerage account to buy Suncor.  As the story goes, I sold out Suncor for a measly $70.05 profit plus $99.00 in dividends.  After I sold Suncor, the share price kept on climbing as Warren Buffet decided to put stake in them!  If I had kept Suncor till today, I would have profited $1510.05!!

My instincts were wrong and I fell short of achieving a great return from Suncor big time!

Today, I paid back MBNA $7,441.93 to bring my balance transfer to zero.  My 0% promotional rate ends on September 16, 2013.  There is a 1% transfer out fee, so this “0% promo rate” actually cost me $80 for the past six months.

I received a letter from MBNA.  I am invited to upgrade to the no-annual-fee MBNA Smart Cash World Mastercard!  I can start enjoying 5% cash back all over again on eligible gas and grocery purchases for the first six months.  After six months, it will revert to 2% on eligible gas and grocery purchases.  All other purchases, I can earn 1% with no limit to the cash back I can earn.

MBNA Smart Cash World

Since I am back to zero balance in my MBNA Smart Cash, I have accept their Smart Cash World offer.  For the next six months, I will put all my gas and groceries to my new card!  Let the cash back begin!  If I spend $1600 in the next six months in gas and groceries, my cash back will cancel out my $80 transfer out fee!  Easy peasy, I spend around $120/mo on gas and $130/mo on groceries.

Done deal!

By the way, CIBC Visa is offering me a 0% balance transfer promotion… tempting, but I think I better not since I have a mortgage to take out coming up very soon.

 

Profits Slipping Through my Fingers

31 Jan

Remember when  I bought Intel last Friday along with my other trade transaction.  Damn, I shouldn’t have sold out on Apple… why do I always get so impatient with Apple!!  Story of my life.

Yesterday, Intel was soaring high, I probably had a good $200+ in profit on my hands yet I didn’t hit the sell trigger. Today, Intel fell 1% and I couldn’t let any profit diminish before my eyes.  So I decided to sell at a measly $66.50 profit less $10 in commissions and interest rate.  You know what, watch it go up the very next day LOL!

Jan 25th- Bought INTC on Margin:  500 @ $20.99/share
Jan 31st- Sold INTC on Margin:  500 @ $21.12/share

Side Note:  I got a call last night from MBNA offering their famous 0% balance transfer that is good till September 2013.  The caller ID was unknown, and I almost decided to give him my bank information over the phone to do the balance transfer until my mom whispers to me, don’t give him your bank account number!!  Just then, I woke up from my trance.  Sometimes, it’s easy to just give out your information over the phone.  He knew my account balance and all, he was probably legitimate.  But still, if he’s calling you and wants your information.  Please do not give it out!

Today, I logged into my MBNA account and transferred $8000.00 to my ING Chequing account in a secured environment.  This money will go towards my Questrade Margin account that usually costs me 6.25%.  Questrade increased their rates over the last while and I am not too happy with that.