(The return of?) Capital One 'Purchase Rate' cheques

shays_mum

Got some recently, the charge was 3% or £3 min whatever was the most HTH

johnllew

CapOne wrote a letter in response to mine - asking me to ring as that meant my query would be dealt with quicker. Why didn't they just include the answer in their letter?

So I rang:

1) They've confirmed a full 12 months @ 0% on the BT; the expiry date is exactly 365 days from when the BT was initiated.

2) "Purchase Rate Cheques" are dealt with as purchases: no fee and the normal IFP. You can also make them out to yourself.

They've promised to put it in writing.

LongTermLurker

Hope I get some of these - I'll keep an eye out for them

Another thought, if they are treated as purchases, rather than cash advances, shouldn't that make them countable for cashback???? ('m thinking of stoozing the balance each month, rather than using it for actual purchases)

johnllew

LongTermLurker wrote: »

Another thought, if they are treated as purchases, rather than cash advances, shouldn't that make them countable for cashback????

Only if you're very lucky!

Milarky

LongTermLurker wrote: »

Another thought, if they are treated as purchases, rather than cash advances, shouldn't that make them countable for cashback????

I had that thought too - with the caskback card - but what it says on each statement: "Don't forget - every time you spend on your Capital One card , you'll earn cash back that will appear on your January statement"

[Easy enough to settle though...]

geoffky

i will tell you what they are for.....they are to trap you and kid you into cashing them and being in debt to these scumbags..if you never asked for them rip them up..

YorkshireBoy

geoffky wrote: »

i will tell you what they are for.....they are to trap you and kid you into cashing them and being in debt to these scumbags..if you never asked for them rip them up..

With a reasonable credit limit, that would be like ripping up dozens of £20 notes...madness!

Don't do it John.

LongTermLurker

geoffky wrote: »

i will tell you what they are for.....they are to trap you and kid you into cashing them and being in debt to these scumbags..if you never asked for them rip them up..

You're confusing the contents of this thread with more general cc cheques. Normally, cc cheques are treated as cash advances and attract absurd interest rates that you can't pay off until you've paid everything else off - we are talking about purchase-rate cheques, which are no different than using the card itself to buy goods, or taking up 0% super balance transfers, apart from the need to do a bit more work.

They are just another way to stooz. If you can't handle your finances, then you shouldn't stooz, full stop. You're assuming thecontributors to this thread can't handle their finances. You would stooz up to your credit limit, leaving yourself enough space for your normal monthly spend. So if you had a £10k limit, you might stooz 8k and use the card for up to £2k of spending. When your payment is due, you withdraw the £8k, pay off everything you owe, wait for the payment to register and the balance to zero and then start again.

The main risks are that 1) you might forget to clear the debt one month and 2) that you stoozed the £8k in an Icesave account (or similarly-fated bank) - best plan is to ensure you can get the same amount of cash instantly from more than one source.

btw, I don't think any of my card operators are scumbags; they are all very nice companies who lend me money for free, and some even pay me to borrow their money. They all provide clear rules that I must follow and even post them to me so I can read and understand them at my leisure. Some employ customer support staff who are, frankly, clueless, but that's a small price to pay for free money imo.