21 mars 2013 ~ 0 Commentaire

180paydayloan.com

180paydayloan.com

 

Convenience Checks – Approach with Caution

How would you like to receive a blank check in the mail to be used at your disposal for whatever you’d like? Well, if you’re a credit cardholder, chances are you’ve already received such a check at one time or another from your credit card company. That alluring slip of paper (or batch of slips of paper) you’ve probably gotten in the mail is called a convenience check, and although it may be tempting to use it to pay off one of your bills, it’s important to understand that they are often not nearly as convenient as their name may suggest. In fact, the term is outright misleading, as the use of convenience checks usually carries significant costs and hidden fees that make them far riskier than they are rewarding.

So What Is a Convenience Check, and Why Should I Avoid Using It?

A convenience check is an allegedly free, normally unsolicited check mailed to cardholders, often attached with a letter from the card issuer stating that the check may be used to « pay down other debts » or « consolidate your outstanding credit card balances. » The check acts as a kind of cash advance on your credit card, allowing you to borrow money directly from your line of credit. Nowadays, cardholders receive these checks within mere weeks of opening an account, and they are also common to see in mailboxes near holiday shopping seasons. Though they may appear to be normal, reliable checks that can help out when money is tight, the truth is that using these checks will probably further complicate one’s financial difficulties rather than help alleviate them.

 

 

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