2007-02-19 06:28:26 · 7 answers · asked by J W 1 in Business & Finance ➔ Credit
The best way to find out is to call that particular credit card company. Ask them what fee you have to pay to use the check, and ask what the interest rate will be after you use the check. If you have any lower interest rate for any other charge already on the card, the payment will go first to pay off the lower interest rate part of the bill, and the money you owe for the credit card check will just sit there until the earlier amount is paid off. This will cost you quite a lot as interest on the total amount of the check keeps getting added on to the bill month after month.
The way to get out of this is to use the convenience check and then afterward, transfer the entire balance to a credit card with a lower rate. There will be a charge for the balance transfer from the card you are transferring to, but there is a maximum amount they can charge for that (usually $75 or less - you'd have to ask the rep for that card what the fee would be for the transfer). If it is a promotional rate, make sure you place a reminder where you will see it so that you can move it to another low rate card before you get socked with a high increase.
2007-02-19 06:51:37 · answer #1 · answered by worried 2 · 1⤊ 1⤋
Usually a percentage of the amount of the cheque up to a maximum, could be anything, phone their customer services to find out. Sometimes it is cheaper and easier to write one cheque to yourself pay it in to your bank account and draw on that . Each credit card cheque has it's own maximum charge, so if you write 8 then you would pay up to the maximum on all of them if you write 1 you may be over the maximum charge and it is therefore cheaper.
2007-02-19 06:41:25 · answer #2 · answered by chewystuff 3 · 0⤊ 1⤋
About 20% with a 2.5% handling charge. The charges are high, and the cheques are often sent in the post, unsolicited.
2007-02-19 06:40:02 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It varies. Read the paperwork that comes with the checks.
For my Washington Mutual credit card, there is a 3% fee with 0% on balance transfers.
Other cards I had, there was up to 22% interest, or compounded daily, or a 16% transfer fee.
2007-02-19 06:58:41 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Call the company before you use it. They may treat it as a cash advance. If you are using it to transfer a balance you may be able to do that over the phone for less or even free.
2007-02-19 06:37:17 · answer #5 · answered by Anonymous · 0⤊ 1⤋
10 credit card 2 stoes cards that it my credit it 920
2007-02-19 06:31:13 · answer #6 · answered by sruhad1983 2 · 0⤊ 2⤋
that would depend on the company. I suppose probably the same as it would charge for cash withdrawls. I know barclaycard is really expensive....
2007-02-19 06:31:59 · answer #7 · answered by happy 3 · 0⤊ 1⤋