How Do Credit Card Convenience Checks Work?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
3 posts
dealtime
 
Posts: 1
Joined: Wed Oct 16, 2013 9:10 am
Location: Ohio

How Do Credit Card Convenience Checks Work?

Postby dealtime » Wed Oct 16, 2013 9:17 am

Hello,

I am wanting to transfer a balance of a high APR card over to a different card with a much lower rate and wanted to know how the convenience check would work.

I would like to transfer 2400 (full balance) over and the other card has available credit of about 5,000 left but only 1900 cash limit available, will they honor this transfer as I was under the impression transfer and checks are treated like cash advances.

Please advise and thanks in advance.


DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Wed Oct 16, 2013 10:07 pm

Ask your card issuer how to do a BT and what their fees are.

Vandalized2
Centurion Member
Centurion Member
 
Posts: 109
Joined: Sat Apr 13, 2013 12:55 am

Postby Vandalized2 » Thu Oct 17, 2013 2:49 pm

You should be able to do a BT for a much lower rate then the cash advance rate, because unless that conv check is a special rate it would be a cash advance. So I agree with what was said above call your issuing bank/institution and do a BT at your purchase rate. Should be 3% more then likely.



Return to “Finance Charges & APR Compare”

Who is online

Users browsing this forum: No registered users and 0 guests