Friday, January 5, 2007

Convenience Checks

I was opening up some mail, and I saw that the bank I have a Visa through sent me some "convenience checks." They said it was a "congratulations" for paying off my Visa.

What is so convenient about these checks? What is it about them that congratulate me?

The facts:
- the checks charge to my credit card as a cash advance (instead of a regular charge)
- the interest is 28.99% (compared to the typical 16.99%)
- interest is charged from the date of posting (whereas I normally have a 31 day grace period)

I'm so glad I know these facts so that I'm not "tempted" to use these anywhere. They are going in the shredder where they belong, I'm entirely too proud of my $0 balance!

1 comment:

Sherry said...

Penny,
Good girl,I'm proud of you for seeing through those cash advanace checks the credit card companies send you.

After reading the fine print you can see they are trying to get you and keep you in debt. I can see you are much smarter than that.