Tag Archives: Scotia Bank

Mortgage Papers Signed!

11 Dec

Funny how Scotia Bank wanted me to pay off my current balance for Amazon Visa and Capital One Mastercard.  I still had a current running balance of $61.37 from Visa and $663.22 from Mastercard that isn’t due till early-mid January 2014.  They want prove that I am able to pay this off.  Ugh, haven’t I been paying off my balance every single due date since like forever?  Begrudgingly, I complied to their request since I need the mortgage eventually… However, Scotia Bank didn’t ask me to repay my $11,800 balance transfer from MBNA Mastercard!  Woot woot, I took that out a couple months ago @ 0% and I don’t have to pay it back till September 16, 2014!  So I have ample time to repay that back.  Right now, the current balance for that is $11,564.00.  Paying it back will be a bit dicey, most likely, I’ll sell off a stock for repayment.

So I signed my mortgage papers and I’m all set to throwing money to interest payments for the next three years.  I signed a fixed 3 year rate @ 2.89% vs a 5 year variable rate @ 2.50%.  The fix rate will cost me $780 extra a year.  But it’ll give me the security of rising interest rates in the future.

RBC was offering me fixed 3 year rate @ 3.19% which is kinda crappy.  I ended up going through a mortgage broker to help me get lower rates.  Scotia Bank offered me a rate that I deemed decent enough.  They also own ING Direct, so they feel comfortable in dealing with me as I am a client of ING Direct for a number of years.  All in all, it worked out to both parties.  

Renting this out next month will be the top of my to do list.  So far, I have two potential semi-interested parties.  But the unit is on the smaller scale.  Hopefully, everything will pan out and I can get some passive income to help my mortgage payments.  

 

 

 

 

RIP MBNA Smart Cash Mastercard

29 Oct

I’m a current MBNA Smart Cash Mastercard who enjoys getting 3% cash back on gas and groceries and 1% for all other net purchases.  But all that is about to come to an end by December 31, 2012:

  • GAS/GROCERY:  3% cash back on your for first $600 in monthly spend will be reduced to 2% cash back for the first $400 in monthly spend 
  • You will continue to earn 1% on all net purchases, with no cash back earned limit (Ohh, how generous of them… bastards!)  <– Allan pointed out that there is now $1250 monthly spending limit on 1% cashback for Platinum Plus cardholders 😦

Earlier in the year, TD Bank bought out the Canadian division of MBNA.  With this new ownership, the awesome reward system that was currently being offered is now being slashed by greedy TD Bank.  I dislike banks with a vengeance for changing the rates.  Why can’t they just honor the terms that was first agreed in the first place?

Now, I am worried about Scotia Bank who has bought out my free online banking at ING Direct.  Will they also implement a fee to squeeze out more profit from their customers?

On a positive note:  I earned $2.33 so far from my Redflagdeal Cash Back account.  I can’t wait to get cash back for a recent purchase of a Macbook Pro for a coworker, too bad I forgot to use Redflagdeal Cash Back account for an Iphone 5 purchase through the Apple site.  Let me clarify, I’ve been put in charge using company’s credit card for buying Christmas gifts online for a set monetary bonus limit for other coworkers.  I just use it to my advantage ^_^  Might as well right?

Check it out if you like to do a lot of online shopping:   http://www.redflagdeals.com/cashback/