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Ups and Downs to Using Convenience Checks
July 10, 2008
When it comes to convenience checks, don’t be weary just read the fine lines of print. Convenience checks, which are typically mailed in sets of three, are special checks tied to a person's credit card account that can be used to make purchases or to transfer balances. They can come with hefty fees -- as much as 5 percent of the check amount -- and steep interest rates – but not all of them. With the way the economy is convenience checks might be the only way to keep your small business running. Many of these credit card companies are offering 0% APR for one year, only 3% transaction fee (or maximum of $75), and 5% APR on the life of the loan after the introductory 0% APR. So that credit card you’ve been paying a variable rate on or the credit card that offers mile rewards but you are paying 11% APR on—use a convenience check to transfer the balance even for a large sum, pay the $75 bucks, who cares, and enjoy lower interest rates for the life of the loan. A small business is all about managing money…so before tossing those convenience checks in the trash read the fine print.
Posted by Shanu Singh Guliani on July 10, 2008 | Comments (0)
