VISA cheques

[Stunt]

So my bank sent me VISA cheques in the mail; in the pamphlet it says "you can also use the cheques to pay dentist, utility, tax bills, insurance premiums".

I currently get 1% back on all purchases on my credit card and I immediately pay the balance off through online banking.

I was thinking of paying my rent, insurance, utilities with these VISA cheques. Currently my expenses are less than half of my take home income, so I would have no issues paying off the credit card...expecially considering I am already paying for these items.

With rent at $650/mo, insurance at $300/mo, and utilities at $130/mo...that amounts to a free $130 a year for nothing.

Thoughts?

 

[pulse8]

Go for it, as long as you can be disciplined with the payments.

 

[altonb1]

I would read the terms CAREFULLY! Most of the time, a check from your credit line is hit with a 3% transaction fee plus interest begins to accrue at the time of presentment.

I doubt this is a good option for you.

 

[KLin]

Another vote for reading the FINE PRINT.

 

[LukFilm]

Originally posted by: KLin
Another vote for reading the FINE PRINT.

 

[intogamer]

You're in canada too so your terms may vary from US

 

[NL5]

Originally posted by: KLin
Another vote for reading the FINE PRINT.

 

[The Stigenator]

those checks are basicaly like a cash advance.. its interest rates are diff and polices are different.. check the damn fine print.

 

[SurgicalShark]

Originally posted by: altonb1
I would read the terms CAREFULLY! Most of the time, a check from your credit line is hit with a 3% transaction fee plus interest begins to accrue at the time of presentment.

I doubt this is a good option for you.

 

[Itchrelief]

The check may also be exempt from the cashback reward, similar to balance transfers, fees, etc.

I'm pretty much a pessimist on these matters. When you think you're being very very clever, you have to remember that The MAN became The MAN by being very clever himself, probably more clever than you. He's probably already thought of whatever scheme you are contemplating and already has some way to block it. If not, he will get the law changed so he can throw you in jail for doing it.

 

[OrganizedChaos]

hint: savings bonds count as puchases