UnThreaded | Threaded | Whole Thread (26) | Ignore Thread Prev | Next
Author: johnmoni Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311074  
Subject: CC Convenience Checks - BEWARE Date: 12/14/1999 12:21 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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,
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (26) | Ignore Thread Prev | Next


TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.