Credit Card Cheques Need A 666 On Them Blog Discus

sandra.b_3

These credit card cheques are a total nuisance. We had some stolen from our post a couple of years ago and one was written for £3000, which then appeared on our account. We have told our credit card companies not to send them any more as all we do with them is shred them, and so far they have carried out our wishes and we haven't received them. If we do, however, we will carry out our threats to them to cancel our cards.

nibs

Ive been using these cheques for years and have played capital one at their own game....Each cheque book comes with a code in the top right hand corner, S P or B. I only keep the ones with P on them as they are charged at the purchase rate without a fee. You can use them for cash in an emergancy (up to your limit) and it wont cost you a penny. Make sure you pay the balance each month though.Read the leaflet that comes with it and you will see what i mean.

Jimble

......I managed to get them stopped after threateningto close my account with them. Still took over two months though!
Maybe MSE could start a petition to get these things banned - they are a nuisance and a security problem.

ERMANTRUDE

YES, capital one cards ARE a rip off on interest!

EG If you owe £180.00 divided into £60 purchases, £60 from an ATM and £60 from capital one cheques (the interest being lowest for the purchases and greater for the cheques) and you pay off £90.00 for instance. Then you have paid for the purchases and half of the ATM. YOu will still be charged full interest on the cheques until such a time as the whole card is cleared (therefore use your savings to clear it and don't do it again!

I had a discussion with capital one about this a couple of months ago and had it all explianed to me. I do apologise if this is a repeat or doesn't sound very clear, I just think you have to be soooo careful! I now get rid of the cheques immediately.

have a good day!

rosie383

i have a card with mbna which i never use. every month they send me these cheques. i don't have a shredder at home, so they are piling up in my drawer.
how do i go about cancelling my credit card?

Mickyfinn

Martin I agree that some credit card cheques are evil but don't discount them automatically.
Cheques are a tool in our stoozing toolbag - we need them. We dislike the ones that charge us like a cash withdrawal, if we say don't send any cheques they won't. When they try to lull us into a false sense of security with free transfers we will miss out because we will not be sent them.

How about we keep a log of credit cards that send out the cheques that are counted as standard expenditure on the card and run an article with images of the cheques to educate which are good and which are bad. With most credit cards charging balance transfer fees these days we shouldn't knock such an opportunity.

I used to belong to Carpetbagger.com which had articles on which cards sent out these cheques (which did not incur additional charges). They are great for earning interest at 0% and putting down for deposits on property at auctions (if you know what you are doing.)
Regards

Micky :money:

stanzelsa

I Got Capital One Cheques Ages Ago And Used One A Few Weks Ago As Cash, Directly Into My Bank Account. I Totally Expected To Be Charged A Fee And Was Really Surprised When I Wasn't. So Transfereed Balance To Barclaycard At 6.9% So I Did Ok With Them Too.

theScot_2

Sorry Martin but I think you've lost the plot on this one. I have had quite a few of these through that you could spit at (including from Capital One) but recently I also got some from my Capital One Platinum card (which I had not used at all till then) that allow me to pay money into my bank account and then do a free balance transfer before the end of the month and pay nothing. Have done it twice to date without paying Capital One a bean! Sounds like something you would be promoting. I would always advise people to take care with Credit Card cheques but every now and then an offer could come along that is worth taking up (read the small print before you burn them). Maybe the offer only came because I had had a Capital One card for so long without using it.

m223

Martin, you've given me brilliant advice in the past, but I'm sorry, you're wrong on this one.

You ALWAYS pay interest, even if you pay off in full.

WRONG!!!!

I have had a Capital One Credit Card for just over 4 years now. Yes, they've sent me out some cheques, and, yes, I've actually used a few! I even think they're handy to have at times, especially if I need to write a cheque and my Bank account is low at that point. I have NEVER paid Capital One a penny in interest or any other kind of charge.

I have always paid my bill in full within the alloted time.

If you use the credit facility either by using the card or cheques and do not pay your balance in full, it's only natural that they would charge you for doing so, that's the nature of their business after all.

I simply can't see why anyone's making a fuss about something that is clearly explained before you use the cheque book.

MSE_Martin

Folks - this is really important - there are more than one type of Capital One Credit card cheque. Some count as cash - some as a purchase. For the Credit Card savvy it is fine to dig through the print and see which you have, but for most people it is best to assume they count as cash and not touch them with a bargepoll.

Martin