Ask a Question
or
Create a Poll
  1. Home /
  2. Questions /
  3. Finance
  4. / Credit Cards
  5. / Credit Card Interest Rates

by Conversationist on February 13th, 2007

Conversationist

Question

Help answer this question below.

Does anyone cash those CONV CHECKS sent by your Credit Cards? What a deal if you have a great credit rating and have a high available balance. I write a check to myself and collect the interest until the promotional peroid is done, then pay them off.

  • Like
  • Report
Share:
Other

Answers. Showing one answer.

  • by canadianhelper on February 13th, 2007

    canadianhelper

    Hi...just a comment not an answer...

    In my experience the 'interest free' period is only if the check is written to pay off debt. If you make the check payable to cash or a persons name or even a business, the interest free period does not come into effect. (In other words they have someone looking at the checks to verify they are eligible for the promotion).

    The other way it might not benefit you is that there are quite often transaction fees that do not get advertised as part of the interest rate: For instance if you check the link below you will see Bank Of Americas 'no interest' offer is subject to a 3% transaction fee...so you'll need to EARN 3% or more just to come out even.

    https://wwwa.applyonlinenow.com/USCCapp/Ctl/entry?sc=FAASGJ&GV10=H|333|7619

    Comments
    • Like
    • Report

    No comments. Post one | Permalink

Want to attach an image to your answer? Click here.

Did this answer your question? If not, then ask a new question or create a poll.

More Questions. Additional questions in this category.

You're reading Does anyone cash those CONV CHECKS sent by your Credit Cards? What a deal if you have a great credit rating and have a high available balance. I write a check to myself and collect the interest until the promotional peroid is done, then pay them off.

Follow us on Facebook!

Related Ads

Related Questions

Professionally Researched

Answerbag

a Demand Media company