Halifax Just sent 2 credit card cheques...

bigstevex

so it would appear rule 4 does apply

DB76

I too received 3.94% cheques and the 0% for 9 months. I rang just and asked about paying the 3.94% cheque into my bank account and they said this was one of those rare times that it WOULD BE allowed, I asked him at least 3 times !!! and he said it would be at the 3.94%

Just thought I'd share that with you. Perhaps just before I do use the cheque in my bank account i may just ring again and check with someone else, but he was adamant that it was ok to do so.:j

bigstevex

I would ring again, I was told I can't do this, and the t&c's do say they cannot be used to pay into bank accounts or pay off loans, some advisors just make their own rules i think!

never-in-doubt

beartie wrote: »

So, can they be paid into a current account? anyone done it ?

Yes you are fine to pay any CC cheque into your bank. They usually issue them with wording along the lines of "use them to pay unexpected bills and larger items such as council tax or energy bills".

However, uniquely enough my citiGold does say in the chequebook they send out that I can pay them into my bank account for extra convenience and to pay off unwanted overdrafts (you get a permanent supply of cheques in a book of 5. When you use cheque 4 it generates a new book to be sent out).

CC cheaues are normally always treated as a cash withdrawal and as such you'd only benefit paying them into your bank instead of withdrawing cash from ATM as you'd not have the ATM fee.

never-in-doubt

bigstevex wrote: »

I would ring again, I was told I can't do this, and the t&c's do say they cannot be used to pay into bank accounts or pay off loans, some advisors just make their own rules i think!

Just do it. They clear. I used to have a few BOS cards and even with the old affinity ones (whale & dolphin - thats how far back i'm going) they said cheques couldn't be paid into your bank. I always done it when I was skint.

They will go through, you just write your own name as payee and send to your bank. It will clear. Anyway, failing that you pay the special clearance fee and then it clears the same day but that is the expensive way.

I used 3 CC cheques from BOS CC's and wrote them for 2k each and paid into my bank. The 6k then went towards buying a car. The card company (Ford) said they'd charge me 2.5% for using CC so it was cheaper for me to use the cheques, pay them into my bank then pay for car using my debit card when the cheques cleared.

On my statements they show up as "Credit Card Cheque (cash rate) 17.9%apr" or similar to that (been a while since I had Hbos card now so may be slightly different)

What i'm trying to say is that the bank say you can't cash them but they don't care - just do it and they will clear fine.

don't worry!

---lee---

You could use them to balance transfer to a card that supports super balance transfers (like Egg). You can then move the money from your SBT card into your bank account (to repay your overdraft of course). Going this route, you would not be breaking the T's and C's and so should only have to pay the fee and keep the lower interest rate.

AverageJoe_4

DB76 wrote: »

I too received 3.94% cheques and the 0% for 9 months. I rang just and asked about paying the 3.94% cheque into my bank account and they said this was one of those rare times that it WOULD BE allowed, I asked him at least 3 times !!! and he said it would be at the 3.94%

Just thought I'd share that with you. Perhaps just before I do use the cheque in my bank account i may just ring again and check with someone else, but he was adamant that it was ok to do so.:j

I know one thing here: I will never ever trust any banking organisation's advice via the telephone. It's like asking Ronald McDonald if a Big Mac is healthy and delicious...

bigstevex

never-in-doubt wrote: »

Just do it. They clear. I used to have a few BOS cards and even with the old affinity ones (whale & dolphin - thats how far back i'm going) they said cheques couldn't be paid into your bank. I always done it when I was skint.

They will go through, you just write your own name as payee and send to your bank. It will clear. Anyway, failing that you pay the special clearance fee and then it clears the same day but that is the expensive way.

I used 3 CC cheques from BOS CC's and wrote them for 2k each and paid into my bank. The 6k then went towards buying a car. The card company (Ford) said they'd charge me 2.5% for using CC so it was cheaper for me to use the cheques, pay them into my bank then pay for car using my debit card when the cheques cleared.

On my statements they show up as "Credit Card Cheque (cash rate) 17.9%apr" or similar to that (been a while since I had Hbos card now so may be slightly different)

What i'm trying to say is that the bank say you can't cash them but they don't care - just do it and they will clear fine.

don't worry!

I must say, i think thats bad advice, to get this wrong would mean paying a cash/cheque rate of 22% on the card! You need to read the thread from start to finish and you'll see what people have said the small print says!