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Robb Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 06:35 PM
Original message
"Convenience checks"
Every so often my credit card company sends me these in the mail. "Use them for anything!" they say.

Often I've kicked around the idea of writing one to myself, then later writing a check to pay off a carried balance at the new, lower interest rate.

Is that cheating? Or should I read the fine print? :D
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Deja Q Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-05 06:38 PM
Response to Original message
1. It is a game of theirs; to lull you into spending mor money.
Don't do it.
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SocratesInSpirit Donating Member (540 posts) Send PM | Profile | Ignore Tue Dec-06-05 07:08 PM
Response to Original message
2. don't ever trust the credit card companies...
I get those all the time and they go directly into my paper shredder...leave those things around and they're an ID theft time bomb waiting to explode...damn credit card companies :grr:
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NMMNG Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-05 01:47 AM
Response to Original message
3. Shred them immediately
The credit card company will sock you with a "cash advance fee", plus likely charge you a higher interest rate than they do for purchases. It's a dangerous idea. I get those stupid checks practically every month and shred them the moment I open them.
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AmyDeLune Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-05 04:46 AM
Response to Original message
4. Use them only if there is no fee and the low interest rate is good until
the balance is paid in full. Otherwise, forget it.
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AntiCoup2K4 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-05 04:51 AM
Response to Original message
5. My credit card company sends them about every three weeks....
....and every last one has gone right to the shredder.

What pisses me off is that they try to trick the less intelligent (i.e. Freeps)into believing they are giving you money where of course they're merely offering a change in the format of an existing credit line

And what credit card company doesn't charge more for a cash advance than they do for purchases?
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