Credit card cheques?

zoomy

Having read up on here I applied for my virgin card (16mnths) and it has now arrived. I was all set to do an SBT (4% fee) but when I checked through the paper work and found I could order credit card cheques that came under the same 0% 16mnths deal but with a 2.98% fee. Have now ordered these and planning to use them to pay into my bank account - is this all OK or am I missing something in the small print?

robin_banks

There among the biggest rip offs there are. There must be loads of threads on these things.

zoomy

robin_banks wrote: »

There among the biggest rip offs there are. There must be loads of threads on these things.

I'm sorry but I don't quite understand your answer? I was asking quite a specific question!

Marricked

Usually, cheques get charged at an extremely high interest rate (just as you would if you withdrew cash on your credit card), so I'd make sure that these "promotional" cheques are definately what they seem, check the small print 5x over to make sure you don't get caught out

zoomy

Just to update (having now done the transaction!). Card came, I ordered credit card cheques through automated service, cheques came with letter confirming 2.98% fee and 0% interest.

So, yes, it was as simple as it appeared to be!

LongTermLurker

Yes, 0% cheques are as good as they sound - robin banks is generalising and clearly hadn't read your post (or has read "never use credit card cheques" and taken it as gospel, never to be questioned - there are loads of comments like these things on threads... :rolleyes:)

Well done - my theory is that MBNA (ie Virgin) are now happy that people have come to equate cash transfers with CC cheques (both used to be the same fee) so have now raised the fee on the simpler bank transfer in the hope that people won't notice the lower fee for cheques.

Well done :T

grannieannie_2

I agree, some of the credit card cheques can be good. last year we had some for 5.95% as opposed to around 21% on the credit card. We did a 0% balance transfer from Halifax to Barclaycard. paid the following month's payment to B/C then paid off Barclaycard with a 5.95% cheque which reduced our monthly interest from around £80 to £20 at first, but as we were paying well over the minimum each month, soon got it down to around £11 a month interest.

Just always read the small print carefully. :rotfl: