Using credit card convenience checks?

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FutureBillionaire
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Using credit card convenience checks?

Postby FutureBillionaire » Wed Apr 11, 2012 4:00 pm

How many of you use convenience checks from credit cards? Do you use them to refinance existing debt or to make new purchases?
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Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
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Money card
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Postby Money card » Wed Apr 11, 2012 9:00 pm

I don't use them. I think my dad told me years ago that if you write out any of those checks you get charged big time. I'm not sure if there's any kind of interest pay. I don't use them.

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Sat Apr 14, 2012 2:52 pm

FutureBillionaire wrote:How many of you use convenience checks from credit cards? Do you use them to refinance existing debt or to make new purchases?


You should stay away from those checks as they usually have a high APR attached to them. Many people use them where you can't use a traditional credit card, ... like jail/bond.
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DavidNY
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Postby DavidNY » Sat Apr 14, 2012 8:09 pm

It's generally the same as a cash advance unless there's a promo.

FutureBillionaire
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Postby FutureBillionaire » Mon Apr 16, 2012 11:08 am

The checks I have received offer 0% interest until the middle of 2013. I will have them paid off before the interest begins being charged. I'm going to use them to "refinance" some debt on my last credit card with a decent sized balance.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

jeffysdad
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Postby jeffysdad » Mon Apr 16, 2012 11:14 am

Be aware that using the checks might entail a cash advance fee. In cases where there is interest applied, there usually is no grace period, as is the case with cash advances like a previous poster said.

Using the checks for a BT is one thing, but unless you're in the pokey and need to get out (as someone else alluded to), don't use the cecks because they're a ripoff.
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US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

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FutureBillionaire
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Postby FutureBillionaire » Mon Apr 16, 2012 4:53 pm

Yeah, it will be just a balance transfer.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

FutureBillionaire
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Postby FutureBillionaire » Mon Apr 16, 2012 5:17 pm

I must be getting some different types of offers. All of mine have 0% interest on the amount for several months to a year and then a one time fee of up to 4%.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

DavidNY
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Postby DavidNY » Mon Apr 16, 2012 8:00 pm

I used to get BT checks but haven't since I went to paperless billing.

bmw1990Z
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Postby bmw1990Z » Mon Apr 16, 2012 8:03 pm

There is no reason to use those checks if you manage your finances correctly. They are a trap by the credit card company.
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