Credit card convenience checks are just like normal checks except that instead of the money being taken out of your checking account it is taken out of the available balance on your credit card. These checks are a great way to pay for large purchases at places that do not accept traditional credit cards and to make balance transfers.
This site will help you compare the annual percentage rates each card offers, but if you want to learn more about what other cardholders are saying, you should go to a consumer ratings site. Some popular ones include Consumer Watchdog and JD Powers and Associates.
What are the benefits to credit card checks?
A credit card check is probably the easiest way to make a credit card balance transfer from one card to another. This is also a great way to pay bills if there is no online credit card payment option. Credit card checks can also be useful overseas when it can be difficult to find places that accept regular credit cards.
What are the drawbacks to credit card checks?
Many people are not aware that there are fees for using credit card checks. These fees are usually a percentage of the check amount with a minimum fee that can be somewhat pricey. These fees are a reason why credit card checks are not a great idea for small purchases. Credit card cash advances will also be charged interest at the cash advance annual percentage rate. This interest rate is usually much higher than the rate for balance transfers and purchases.
The Capital One Venture credit card is becoming increasingly popular with people that want to earn more travel rewards. As a rewards credit card, the Venture card lets the cardholder earn rewards points every time they make a purchase. The Venture card is the only card that lets the cardholder earn two reward points for every dollar they spend. Most reward cards let the cardholder earn one point per dollar and then more points for special purchases.
If the cardholder spends $1,000 in the first three months they have the card, they will earn ten thousand bonus miles. The frequent flyer miles that the cardholder earns will never expire, have no blackout dates, and can be used for other travel expenses.
When the cardholder wants to fly somewhere, they would find the flight in their usual way. Most people like to use travel comparison sites to find the best prices. Once they have chosen their flight the cardholder pays for the purchase with their credit card as usual. Then they can either call Capital One or access their online account to redeem their miles. By redeeming the points the cardholder’s account will be credited by their next statement.
What are the terms for the Venture credit card?
This credit card has a variable interest rate that is determined by the cardholder’s credit score. Based on how high their score is they could have a purchase and balance interest rate of 11.9, 15.9, or 19.9%. The interest rate for cash advances is 24.9% no matter how high the cardholder’s credit score is. That means if the cardholder has credit card checks for this card and uses one, they amount of the check will be charged 24.9% in interest until it is paid off.
This card also has a penalty interest rate. Not all credit cards have a penalty interest rate, so a cardholder should look very closely at the terms before choosing a credit card. If someone does not know their card has a penalty interest rate and it is applied, it can be a nasty shock. The penalty rate for this card is 29.4%. If the cardholder makes a payment more than 60 days late, this will be their new interest rate permanently.
This card has no annual fee for the first year and after that, it will be $59. There is no balance transfer fee and the cash advance fee is 3% with a minimum of $10. This fee would be applied to credit card checks. You will not be charged a fee if you over your credit limit, but if your credit card payment is late or returned by your bank, you will be charged a fee of $35.
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- Capital One Venture Rewards Card
- Capital One Venture for Business
- What credit cards should I get?
- First Interstate Bank Visa Gold Credit Card
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