is their anything good about useing credit card convience checks?

Question

whats the good, bad, and ugly about credit card convience checks?

Answer 1

It depends on you contract with your bank. Since most of the time these convenience checks treated as a Cash advance you may end up paying a lot more in interest (though it is not always the case).
Most of the time convenience checks do not have a grace period. Therefore even if you pay your balance in full every month you will end up paying some interest accumulated between the date of your purchase and the date of your payment.

Once again it all depends on your particular account and its terms. Convenience checks in my credit union, for example, are being treated the same way as any other credit transactions.

So there is nothing ugly about these checks if they are used appropriately. Unfortunately some people misuse them and treat them as cash from their checking account.

Answer 2

They have their place. You can use them for places that don't accept credit cards.

However, the interest rate on cash advances, which these checks are, is higher than the rate for purchases. There also is usually a fee of 2% or 3%.

It is bad to carry balances on credit cards. You have to pay the interest and can end up deep in debt. Only charge what you can afford to pay in full every month.

Answer 3

Always read the fine print. Some cards will give you introductory offers that give you reduced rates of x number of months when you use the convenience checks. But in most cases, the interest rate they charge is higher then when you charge something with the card.