Down side of using credit card cheques?

[Scouzer]

Citibank sent me a check book for my credit card.

My bank charges $30 for a checkbook (I know...) but Citibank's CC checks are free.

The credit card cheques are real cheques, so my CC number is not printed on it.

I would put credit onto my CC balance prior to using them, so no interest is incurred.

Downsides??

 

[richardycc]

transaction fees?

 

[newmachineoverlord]

usually there's a 3% fee for using those sorts of checks, read the fine print carefully.

 

[TheGizmo]

definately a fee associated with those checks.. i rip them up whenever i get them

 

[PokerGuy]

Those things go right into the shredder as soon as I get them, they're a rip-off. You incur a nice 3 or 4% fee right off the bat for using the check, after which the check you wrote is treated not as a CC purchase, but as a cash advance. Cash advances of course incur much higher interest rates and are the last to get paid off when you pay down a balance.

Basically, avoid using them at all costs....

 

[doze]

Liek PokerGuy said many credit cards charge different APR for cash transactions and they treat those checks like a cash transaction

If you wanna be cheap go to your bank and ask them to print you some temporary checks, this has always been free for me. I did this for almost a year at different branches since I only use a few checks a month.

 

[RossMAN]

You're an idiot, it's not a checking account.

Just pay the $30 or transfer to a credit union which usually offers free or cheap checks.

Downside is transaction fees.

 

[Scouzer]

Originally posted by: RossMAN
You're an idiot, it's not a checking account.

Just pay the $30 or transfer to a credit union which usually offers free or cheap checks.

Downside is transaction fees.

Charming RossMAN. Thought better of you.

 

[RossMAN]

Originally posted by: Scouzer

Originally posted by: RossMAN
You're an idiot, it's not a checking account.

Just pay the $30 or transfer to a credit union which usually offers free or cheap checks.

Downside is transaction fees.

Charming RossMAN. Thought better of you.

I have my moments

Replace idiot with clueless cheapass?

 

[CanOWorms]

Sometimes I get those checks with a low interest rate like 3% for the lifetime of the balance with a maximum of $75 transaction fee. I used one once instead of getting a small car loan. I wouldn't use it like a checking account though.

 

[indamixx99]

Man, I put a fraud alert on my credit because of those damn checks. Apparently someone went through my mailbox and took one of those from B of A. I got a phonecall from the police early last week saying they caught someone trying to cash a check in under my name. Obviously they didn't succeed but they suggested to call the credit bureaus to have my account flagged. What a pain in the ass this is. I havent tried, but is it possible to have the credit card companies stop sending these to me?

 

[compuwiz1]

Clueless cheap @ss. Pay $30 and move the money into a free checking account. Is that so hard?

You must be Canadian...Americans do not use cheques. :laugh:

 

[JS80]

Originally posted by: Scouzer

Originally posted by: RossMAN
You're an idiot, it's not a checking account.

Just pay the $30 or transfer to a credit union which usually offers free or cheap checks.

Downside is transaction fees.

Charming RossMAN. Thought better of you.

rofl...caught me by surprise too

 

[Double Trouble]

I believe you can also buy checks from other companies, you don't have to buy them from your bank directly. Much cheaper that way. Of course free checks from your credit union or bank is the best, but if you have to pay.......

I don't use checks very often nowadays, pretty much everything can be paid online, with the exception of taxes and some other misc items.

Don't even think about using those checks the CC companies send in the mail, you'll get nailed with transaction charges and fees and a high interest rate to boot. Also, with many CC companies there is NO "grace period" on cash advances, so even if you pay your bill in full each month, you will incur outragous interest fees on your cash advances (that's what the checks will be).