The Very Costly Credit Card Convenience Checks
The convenience checks coming from credit card issuers are very comfortable to use. Clients just fill it up like other checks and completing it with a signature. The receivers are compensated by their credit card issuer when the checks are cashed. This convenience that clients receive has a counterpart of a terribly inconvenient cost. The convenience checks that clients withdraw are considered as cash advances that asks for higher interest rates on the sum than you would for an ordinary credit card procurement. Convenience checks do not have any grace periods that delay interests. It starts accumulating automatically. Convenience checks frequently come with upfront fees for spending them, usually 3% to 4% of the total you borrow against your credit limit.
Excerpt:
“Those so-called convenience checks your credit card companies send you are enticingly easy to use. You just fill them out as you would regular checks, sign them, and Voila!”
Original article can be found at:
http://www.forbes.com/sites/moneybuilder/2011/11/11/the-high-cost-of-credit-card-convenience-checks/
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