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As many of you regulars know, I am anti-debt/anti-CC. As a result, I wanted to highlight yet another example of how using CC convenience checks can be a poor financial management decision. A true story. My wife works in a Credit Union mail processing center; she's the one who processes all the bank by mail transactions: loan payments, deposits, etc. It represents a significant amount of business for her Credit Union because many of the members are in the miltary, and they do alot of remote/mail banking, as a result of their frequent reassignments, etc. The other day she got a car loan payoff check, written on one of those CC convenience checks. On the face of it it seemed smart. The person was paying off about $5000.00, and eliminating their car loan. Why didn't doing so make sense? Because, unbelieveably, they were paying of an approximately 8% auto loan, with an approximately 15% CC cash advance!!!

Anyone thinking of using those checks, BE CAREFUL. They are another minefield planted by the CC companies to separate us from our money. I used to receive those from MBNA until I complained LOUDLY several times. They have tagged my account, and I no longer receive them - which suits me just fine. I hope this helps,
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