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One steep convenience check Today is the credit era for balance transfers by credit card providers. There looking to build upon especially well established cusotmers. The balance transfer check or convenience check is a very common method for bringing in quick business. Rates come in promotional rates based upon time or transfered amounts, fixed rates for the life of the tranfer and so fourth.
The convenience check to watch out for is the pure cash advance check at that high apr default rate or low rate intro followed by a 'cash something' terminology to follow the low rate intro, that could be a warning sign. Few providers offer low rate cash advances so that check's terms you want to use should be understood. They can usually be used toward paying a bill, putting cash in the bank (for that unexpected emergency bill we hope!) or the balance transfer check to another major credit card provider. That check you received may go toward your very steep cash advance apr or may go into your balance transfer rate or special offer rate of terms. And sometimes it could be either! Some are obviouse with terms posted with the checks and others may be a little confusing. Best to remove the confusion by calling customer service to clarify the matter and remember to get the name of the customer rep you spoke with. So make sure that convience check really is convenient. |