What is Digg?32 Comments
- theNazz, on 11/20/2007, -0/+15I had to go to my branch office and get nasty before they stopped sending me credit card checks. I have a real problem with banks mailing credit limit checks that I didn't request. Had they been stolen before they hit my mailbox I would have not known those checks were sent until the fraud showed up in my statement... or my card bounced.
- Born4Surf, on 11/20/2007, -0/+8Interesting...Average interest rate paid on credit card cheques is 21.7% compared to 15.7% on a credit card.
- scabbers, on 11/20/2007, -0/+7I'd never heard of this crap before... what a total scam, even in a world of rip-offs.
- catnap4321, on 11/20/2007, -0/+7I recently got notified by the CC company's fraud department that someone cashed a credit card check on my account for $2300. I told them it was not me, and they cancelled the check as fraud. I asked them to stop sending me any checks at all, so we'll see how that goes. But just yesterday, over a week later, I got a notice in the mail that they charged me a $39 fee for stopping the check. What a scam.
- CanIGetAWitness, on 11/20/2007, -0/+4Not quite in line with this article, but I received a solicitation for credit today that just had me lmao. A $1000-$5000 unsecured loan with a fixed rate of 96% APR. They had the gall to claim some kind of feature by saying "The rate is fixed, it will never go up". Oh ya, it's fixed all right. To borrow $1000 would have 24 easy payments of $96.43 ($2314.32).
Now that would just constitute irresponsible borrowing. - inactive, on 11/20/2007, -0/+4They keep sending me those damn things in the mail every month. Apparently after reading these comments it sounds like it's hard to get them to stop. I suppose I should just bitch more often, and continue to make sure I shred them as soon as they appear. What a pain in the ass, though. Maybe if I threaten to cancel my account it'll help.
- signal15, on 11/20/2007, -0/+3You need to shred them. Banks will take checks that have been taped back together, I've accidentally ripped checks in half before and taped them back together. No questions asked.
- inactive, on 11/20/2007, -0/+3Vote with your wallet - go elsewhere. If you owe them money, tell them to get lost. If it's a small amount, they'll just take the loss and try to spoil your credit rating. When the bank tries to alter your credit score, you sue them for defamation. I've done it twice, and two British banks have just finished paying for my house!
- Testiculese, on 11/20/2007, -0/+2If you are in the US, you can go to this site and opt out of unsolicited pre-approved credit cards. I don't know if this would put a stop to these checks, but it's a start:
https://www.optoutprescreen.com/?rf=t - reeder, on 11/20/2007, -0/+2Finance is a fixed game, from the top down.
- inactive, on 11/20/2007, -0/+2many small businesses........
- Jawge, on 11/20/2007, -0/+2I had some stolen out of my mailbox, I didn't even know they were stolen until my credit card statement came the next month. It is a big mess!
- signal15, on 11/20/2007, -0/+2Isn't this considered loan sharking? It's illegal in many states, but other states do allow it.
- Alphi1, on 11/20/2007, -0/+2The big problem exists when someone else steals them (such as from your mailbox) before you get them, and they go on a spending spree with them.
Either that, or they "dumpster-dive", and find the ones you tore in half, tape 'em back together, and use them anyways.
Personally, I feed mine through the shredder, but not after yet another nasty phone call to the bank that issued them asking for them not to be sent, and with loaded questions like "if these are stolen from me and used, I'm not responsible for one cent, right?". - inactive, on 11/20/2007, -1/+3Also, the way interest is charged, is you pay that off last. So, if you have a $2000 balance on a credit card at 15%, and take out a cash advance for $500 at 20%, you're going to be paying 20% interest on that $500 until you've completely paid off the card.
- MatthewDuke, on 11/20/2007, -0/+2That is a HUGE point. I learned that the hard way. Picture it as a mound of debt, and the cash advance debt is on the bottom with no way to get to it until you remove what's on top. Such a scam...of course this is buried in the fine print.
- medalian1, on 11/20/2007, -0/+2I asked them to stop sending them, but they don't care and they keep coming in the mail. I purchased a nice shredder that eats CDs, credit cards, and unopened envelopes. It's my new favorite toy. Though most people are actually using the "convenience checks" to purchase more crap and will be completely up craps creek without a paddle soon. :)
- Tenlow, on 11/20/2007, -0/+1Depending on the fine print.
- Alphi1, on 11/20/2007, -0/+1It's been my experience that the "cash advance fee" is typically between 1.5% and 3% of the "balance transfer amount".
And as for being "stupid" enough to cash one, I did once find myself in a situation where I was having some work done on my house, and the contractor didn't have the ability to take a credit card, and I didn't have enough in my regular checking to cover it. So I had little choice but to use one of those "convenience" checks, and I wound up paying (I think) 1.5% more because of it. - betona, on 11/20/2007, -0/+1They're hoping you'll deposit into your bank account.
- betona, on 11/20/2007, -0/+1I tear them in half just as fast as I get them. And don't forget the 3% transfer fee on top of the interest rates...
- Sazime, on 11/20/2007, -0/+1Yeah, I get them from one from a particular company once a month. The other, once every 2.
- thewidowmaker, on 11/20/2007, -0/+1also, people trying to make rent payments.
but, on a similar note, the best way to make a small fortune using british financial institutions is to show up with a large fortune. - diggerphelps, on 11/21/2007, -0/+1The most effective method to stop getting these is to rid yourself of debt and never carry a balance.
And remember, too, that they carry fees and you pay interest on them from the moment you use them. There is no grace period like a regular CC purchase.
Also, and it goes without saying, Don't Buy Things You Cannot Afford. - buckrogers1965, on 11/21/2007, -0/+1I've asked credit card companies to not send me any unsolicited checks and they just ignore the request.
- inactive, on 11/20/2007, -0/+1You usually have to pay a percentage of the money up front as a cash advance fee. I don't recall what it is, because I've never been stupid enough to try to cash one of those.
- TechCF, on 11/20/2007, -1/+1No interrest, but there may be fines...
- jmpeagle, on 11/20/2007, -1/+1how many places accept checks but not credit cards?
- MikeonTV, on 11/20/2007, -2/+1I would like to see how many illegal phone cards were produced. I imagine that would be huge too.
- inactive, on 11/20/2007, -4/+3I have some credit cards and use them occasionally. There is no interest if you pay within the grace period which differes among companies.
- darkchild82, on 11/20/2007, -7/+1Dugg
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