Sainsbury's credit card cheques

matte1234

I've just received some credit card cheques from Sainsbury’s (6.95% life of balance 3% fee), I have an overdraft (18%) that I never manage to clear but it's not getting any worse so I thought this would be a good way of clearing that.

In the accompanying letter it says they can also be used to pay a garage or a plumber yet in the small print it says you cannot transfer a balance from a bank? What is the garage owner or plumber meant to do with a cheque should they receive one as payment?

Or do they just mean over the phone? Anyone paid a Sainsbury’s cheque into a bank account?

Robert_Sterling

I've just received some credit card cheques from Sainsbury’s (6.95% life of balance 3% fee), I have an overdraft (18%) that I never manage to clear but it's not getting any worse so I thought this would be a good way of clearing that.

I would not arue with that.

In the accompanying letter it says they can also be used to pay a garage or a plumber


What is the garage owner or plumber meant to do with a cheque should they receive one as payment?

It is like any other cheque they get. The credit card company are debited for the amount of the cheque.

Moggles_2

In the accompanying letter it says they can also be used to pay a garage or a plumber, yet in the small print it says you cannot transfer a balance from a bank?

Using a credit card cheque to pay for a service of some sort (ie. a purchase transaction), is not the same thing as transferring an overdraft to your credit card, which is normally classed as a cash advance, unlesss stated otherwise.

matte1234

Robert_Sterling wrote: »

It is like any other cheque they get. The credit card company are debited for the amount of the cheque.

In the small print is says:

You cannot make balance tranfers from loan companies and bank accounts.

On the front it says: You can use them to pay a garage or a plumber.

So what's the difference in me paying one into my bank account and plumber doing the same?

matte1234

On the actual cheque it says:

Use this cheque for:

• Club membership
• Home improvements
• University or School fees
• A gift to a relative

Should I pay one into my wife's account as a gift and transfer it back??

Moggles_2

Should I pay one into my wife's account as a gift and transfer it back?

This would seem to satisfy the Hally's conditions, as the small print specifically mentions
"a gift to a relative"

kebark

Give the garage the cheque, it's a transaction not a balance transfer

gnaril

U can pay the cheque into your bank account or anyone elses bank accout if you so wise, the amnt you write the cheque for will be on the promotional rate advised on cheque.

you will NOT be charged it as a cash advance.

Defo makes sense to clear off your overdraft, i mean who doesnt want to save money eh :P

Good luck

Moggles_2

gnaril wrote: »

You can pay the cheque into your bank account or anyone elses bank accout if you so wise. The amount you write the cheque for will be on the promotional rate advised on cheque. You will NOT be charged it as a cash advance.
Defo makes sense to clear off your overdraft. I mean who doesn't want to save money eh :P

Don't know where this notion has come from
As some forum users have learned the hard way, you can be stung for cash advance fees.
It pays to treat each offer on its own merits and read the small print carefully

kebark

Sainsbury are under the HBoS umbrella, they charge cheque rates differently to Cash Advance rates.

gnaril

Hbos dont charge any other fee than the 3% quoted for a cheque fee for using a cheque to pay to whatever you want.

Truth is unless your talking about credit card fraud or disputing it in any way no one has any idea what you have paid the cheque for or to.

it will go on your accout seperate from any existing balance you may already have.

Rates they normally put out are 5.9 lob or 6.9 so aint too bad.