How to use convenience cheques ??

Question

President's Choice Financial MasterCard sent me three convenience cheques and said that:
With your President's Choice Financial MasterCard! Get an annual interest rate of 4.7% until your convenience cheque balance is paid in full!
My question:
1. If I did not have money on this MasterCard, can I use this convenience cheques to pay pills or buy goods? How will the bank of President's Choice Financial MasterCard charge me?
2. annual interest rate of 4.7% means in what situation the bank of President's Choice Financial MasterCard charge me in this rate? If I pay my convenience cheque balance in full within grace period (I don't know if I have this grace period ) there is no interest rate charges me ,right?
3. Do I have any grace period for drawing cheques to pay somethings when I don't have any money on this MasterCard?
4. What is difference between this convenience cheques of MasterCard and regualar cheques of Debit Card(cheque account) ?

Answer 1

Convenience checks are given to you so that you can use it where you can't use your Master Card like paying off other credit cards, paying your rent, etc. Often times it charges you fees to use it. Read the small print carefully. Let's say it's 3%. That means if you write a check for $1000, they add $30 upfront. And you will pay 4.7% annually on $1030 until it's paid off. You can write the check as long as you do not exceed your total credit limit (whatever limit you have for your MasterCard).
Question 3: if you don't have any credit left (means you maxed your credit), you can't use your check.
Question 2: You have to read the fine prints to determine when the interest starts accruing. It may or may not have grace period.
Question 4: The convenience check is a personal loan. Every time you use it, you are agreeing to pay interest according to their terms. Checks you write from your bank account take money out of your account.

It's a good idea only if you are going to transfer balance from your higher interest credit card account. First year you are paying 4.7% plus whatever charges they charge you (like 3 or 4%) for using it. From the second year, you pay 4.7% year. There is a catch. If you read it carefully the bank probably reserves its right to change the term when they see necessary. It means even if you pay on time, if your credit rating changes for whatever reason, they can raise the interest rates. So, be careful.

Answer 2

President's Choice Financial Mastercard

Answer 3

President Choice Mastercard