I received some convenience checks to use from my credit card company.  Should I use them?

Use these types of checks with caution.  Many card issuers send convenience checks encouraging holders to transfer balances or use them to make purchases. In exchange they offer low interest rates - some even with 0%. Before using the checks look for the fine print in the card application that says something like "convenience checks will be charged to your account as cash advances to be repaid under the terms of the account." This is a tip off that other charges are involved. Read your card holder agreement - or call customer service - to make sure you understand all the costs before you use the checks.

Source: Bottom Line Personal - Oct 15, 1997

Written by:
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri-Columbia, University Outreach and Extension

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri-Columbia, University Outreach & Extension

Last update: Tuesday, July 05, 2005