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(The return of?) Capital One 'Purchase Rate' cheques
Milarky
Posts: 6,356 Forumite
in Credit cards
Got a book of 5 in the post today with an accompanying letter and Summary box on reverse. I have never received them previously.
These appear to be 'fee free', open dated, and will attract the same interest free period (56 days) as ordinary purchases from all the information given. I can't use them at present as I'm on a 12 months promotional period. But once that period ends it does indeed appear that I could use the cheques (on a cleared account balance) to take advantage of the 56 days over 10 months - paying back by direct debit every other month.
These type of cheques have been mentioned by posters previously but were being withdrawn or ended if I recall. (Maybe Capital One has got some 'Helicopter-Ben' money to spread around?)
These appear to be 'fee free', open dated, and will attract the same interest free period (56 days) as ordinary purchases from all the information given. I can't use them at present as I'm on a 12 months promotional period. But once that period ends it does indeed appear that I could use the cheques (on a cleared account balance) to take advantage of the 56 days over 10 months - paying back by direct debit every other month.
These type of cheques have been mentioned by posters previously but were being withdrawn or ended if I recall. (Maybe Capital One has got some 'Helicopter-Ben' money to spread around?)
.....under construction.... COVID is a [discontinued] scam
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I got these too in the post the other day, I didnt ask for them they just arrived, I havn't had these before and wondered if you could explain exactly what they are for and what would be the best way to use them, if at all. Thank you.Thank you for this site MartinThe time for change has comeGood luck for the future0
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You can use them for actual purchases of goods in stores that accept 'non guaranteed' cheques - or to buy a holiday or other 'larger ticket' item just as if you were using the credit card itself. The purchases are 'protected' (if over £100) in the same way as other credit card puchases according to the summary box.I got these too in the post the other day, I didnt ask for them they just arrived, I havn't had these before and wondered if you could explain exactly what they are for and what would be the best way to use them, if at all. Thank you.
Alternatively you could (in principle) write yourself a cheque up to your credit limit on the day after you get a statement. The next statement (up to 30 days later) should not have any interest charged for that cheque amount* and provided you arrange to pay that statement in full - typically by direct debit - by the associated due date (another 25 days later) you will pay no interest for the cheque at all. If you have five such cheque - like me - you can repeat the process every two months and be earning interest off their cash each time.
But don't do anything just yet. Hold off a while until this get confirmed by other posters who will have checked the details of this offer further.
*I'm assuming that you are already paying your statement in full every month - otherwise the interest-free period can never 'kick in' in the first place......under construction.... COVID is a [discontinued] scam0 -
Hmm, what's the interest rate on these.
I have seen them in the past and they have been at the cash advance rate.
Check before you spend!!Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.
--Albert Einstein--0 -
Ok I understand now, thank you.Thank you for this site MartinThe time for change has comeGood luck for the future0
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I'd be interested in news of this one too - Mrs JL has just received a book of 5 purchase cheques. There may be more life in this scam yet.0
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it will tell you on the letter you got with them it's on the reverse side of the page, or it should say on cheque " cash rate with fee" if it doesnt and you don't have the letter or it doesn't say on the letter then they should be fee free and/or interest free.0
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John Hi,"Should" being the worrying word. My wife has a promo BT till July next year so can't use the cheques yet so just wanted to register an interest if anyone else comes up with the answers in the meantime.
On the 0% till July - if it's that one - I was a little annoyed that the end date appears fixed (8th?) regardless of when (before 23 August?) BT was requested, the letters were not received for a least a week after the 'start date', and the letter (No.1) says '0% for a whole 12 months'. That said it was a freebie and is still worth 11 months to me. Meanwhile, I can't use these cheques yet, either........under construction.... COVID is a [discontinued] scam0 -
Hi M.
I haven't seen any fixed end date and Mrs JL didn't get the confirmation letter that was promised so I assumed she would get 12 months from the date of the transfer. I'll write for confirmation - 12 months is 12 months, not 11.0 -
I've just written for confirmation and also asked them to clarify treatment of the cheques. Will report back when I get a response (assuming I remember).Hi M.
I haven't seen any fixed end date and Mrs JL didn't get the confirmation letter that was promised so I assumed she would get 12 months from the date of the transfer. I'll write for confirmation - 12 months is 12 months, not 11.0
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