Capital One Purchase Checks

[JoyJoy]

I've been receiving Capital One purchase checks in the mail and haven't used any but they keep coming lol. Has anyone used them to pay off their credit card debt or make a purchase and if so were you pleased with using the checks? There is no fee and APR will be the same as one's APR on purchases.

[shelbylovesmelby]

DO you mean balance transfer checks?

I've used them before thru other cc co's. Usually they give you a deal on the bal transfer checks. I have one acct that the amt transferred will be @ 2.9% til it's paid off + a small fee.

I would watch for exp's on how long the interest would stay @ the purchase rate. And find out where you can use them @. I wanted to buy some new furniture @ that rate, but the store declined the check, the cc co said it was to be issued to a FINANCIAL institution & or other credit company.... though the promo literature on the check said somthing to the effect of use these convience checks to buy that computer, new fridge ect or balance transfer. So read the fine print & call their csr to verify limitations on the check.

[PRICEPLUS]

The fine print is what you need to read. Don't trust any CC company!

[JoyJoy]

Thanks Shelby for answering! The checks are purchase checks and can be used as balance transfer checks too. I was advised today if I decided to use one of the checks to pay that amount back to Capital One before March's statement date. I understand the concept now and thanks again!!!

[shelbylovesmelby]

Your welcome joyjoy

I've only used then @ the 2.9% fixed. BTW I forgot to mention that when I made pmts after I did a transfer more principal went to the "deal" than it did to the existing balance that was of course @ a considerably higher rate.
Also as far as interest rates go I'd check w/local credit unions, I've got one for half the % rate & fixed as the one always sending me the "convience" checks.

So just shred all those checks when I get them & save that card for emergencies only & keep it locked away out of temptation.

[JoyJoy]

Originally Posted by shelbylovesmelby

Your welcome joyjoy

I've only used then @ the 2.9% fixed. BTW I forgot to mention that when I made pmts after I did a transfer more principal went to the "deal" than it did to the existing balance that was of course @ a considerably higher rate.
Also as far as interest rates go I'd check w/local credit unions, I've got one for half the % rate & fixed as the one always sending me the "convience" checks.

So just shred all those checks when I get them & save that card for emergencies only & keep it locked away out of temptation.

I was told the same thing about more will go to the "deal" than to the principal like you said! These checks are temptations but with every temptation comes a price! My present budget with Quicken's debt planner has me out of debt in 11/06. With credit scores of 731, 707 and 669, I may be getting some 6 month 0% balance offers again soon. I could comfortably take a 12 month one for insurance in case an emergency comes up before 11/06 necessitating me not being able to follow my present budget. I shall see

Your idea of shredding all these checks and locking them up for an emergency seems the most plausible answer to my query! LOL

Thanks again for answering!!

[shelbylovesmelby]

Originally Posted by JoyJoy

I was told the same thing about more will go to the "deal" than to the principal like you said! These checks are temptations but with every temptation comes a price! My present budget with Quicken's debt planner has me out of debt in 11/06. With credit scores of 731, 707 and 669, I may be getting some 6 month 0% balance offers again soon. I could comfortably take a 12 month one for insurance in case an emergency comes up before 11/06 necessitating me not being able to follow my present budget. I shall see

Your idea of shredding all these checks and locking them up for an emergency seems the most plausible answer to my query! LOL

Thanks again for answering!!

You can usually contact your credit card co and ask if they have any special balance transfer rates as well as ask if you qualify for a reduced interest rate. Alot of times they'd rather reduce your rate than loose your business. My fil's card wich he uses so little they tell him he has to make a purchase every so often or they will cancel his card. *L* I wish I had that problem

I lock up the cards because my dh is a shopper & I'm a sahm. He doesn't always think about the fact that he will have to repay that $ + the interest.
He's the I see I want I buy kinda person *sigh* I guess he's fortunate he's got me over his shoulder. After all in the 7 yrs we've been togeather I've raised his credit score up by almost 200 points & climbing!

[JoyJoy]

Originally Posted by shelbylovesmelby

You can usually contact your credit card co and ask if they have any special balance transfer rates as well as ask if you qualify for a reduced interest rate. Alot of times they'd rather reduce your rate than loose your business. My fil's card wich he uses so little they tell him he has to make a purchase every so often or they will cancel his card. *L* I wish I had that problem

I lock up the cards because my dh is a shopper & I'm a sahm. He doesn't always think about the fact that he will have to repay that $ + the interest.
He's the I see I want I buy kinda person *sigh* I guess he's fortunate he's got me over his shoulder. After all in the 7 yrs we've been togeather I've raised his credit score up by almost 200 points & climbing!

I did contact Capital One in November and they lowered my interest rate from 18% to 9.9%. I just started receiving these purchase checks from them (to utilize the raise in CL they gave me I'm sure!).

I opened an account with HSBC and they notified me that I was eligible for a 12 month 0% interest credit card. Depending on the CL, I may go that route.

Seems we married identical twins lol. My husband is the shopper also! We have been married for 8 years and we just paid off all his credit cards in 2005. I handle the bills so actually I PAID the credit cards off lol with the use of Quicken's debt planner. Now I'm (we) are paying off the $5,330.00 I owe and that will leave us with the mortgage only! My check will go directly to savings then. His credit score also went up by 200 points!! When we refinanced the mortgage for a lower interest rate, the mortgage rep congratulated him on his high FICO score!!