I Thought My Visa Balance Was Kind A Low

I logged into my TD bank account today and noticed that the balance on my Visa card balance seems lower than it normally is at this time of the month. Checking into it further, I noticed that an extra $5,000 payment was made to it. My first thought was, “Maybe this is me getting back for giving to charity?”

It turns out that the Citibank MasterCard I applied for went ahead and transfer the maximum limit of $5,000 from my Visa to the Citibank MasterCard. I thought I had missed the cut off date to do the zero interest balance transfer but it now appears not to be the case. When I went to check my mail today there was a letter from Citibank stating they had indeed transferred $5,000 of Visa balance into the MasterCard and that the zero percent interest will be good through December 5th, 2007.

This frees up $5,000 of cash that I would have used to paid the Visa. I’m going to put the $5,000 towards my RRSP. This will trigger a $2,000 tax refund that I can use to help pay back the MasterCard.

I’m still a little upset that Citibank only gave me a $5,000 limit. You really can’t do much with a credit limit that low. I had requested that they transfer $10,000 of Visa balance over. However, $5,000 of interest free money for a year is better than zero. By putting it into my RRSP, I make an instant 40% return and any gain grows tax-free. Can’t complain about that!