Chase Sapphire Promotional Rate Checks

[tray]

I have a chase sapphire preferred card and I just recieved in the mail convenience checks with a promotion that states who says promotional rate checks are just for balance transfers with a 0% apr rate until 11/2013 with a 2% transaction fee.  Has anyone used these types of checks to have a deposit go into a personal account, if so where there any bad repercussions, also does anyone think this is a bad idea other than just to pay off other creditors.  I would  to take a trip to europe and then replace that money with chase and pay it off within a year 0%.  Thanks for any thoughts/information.

[jumpinjax]

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@tray wrote:

I have a chase sapphire preferred card and I just recieved in the mail convenience checks with a promotion that states who says promotional rate checks are just for balance transfers with a 0% apr rate until 11/2013 with a 2% transaction fee.  Has anyone used these types of checks to have a deposit go into a personal account, if so where there any bad repercussions, also does anyone think this is a bad idea other than just to pay off other creditors.  I would  to take a trip to europe and then replace that money with chase and pay it off within a year 0%.  Thanks for any thoughts/information.

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The truth is convenience checks are a way to keep you in debt.  I would be very wary of using any checks from CCC's that tout a promo rate - b/c the cl is so easy to run up, and as you know, you'll end up paying one CC to another without actually paying down your debt.  However, from your post you seem disciplined, but I wouldn't make any sudden changes to your financial status by the use of the checks.  In the end, you'll be your own judge on that.

[SwampSystems]

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@tray wrote:

I have a chase sapphire preferred card and I just recieved in the mail convenience checks with a promotion that states who says promotional rate checks are just for balance transfers with a 0% apr rate until 11/2013 with a 2% transaction fee.  Has anyone used these types of checks to have a deposit go into a personal account, if so where there any bad repercussions, also does anyone think this is a bad idea other than just to pay off other creditors.  I would  to take a trip to europe and then replace that money with chase and pay it off within a year 0%.  Thanks for any thoughts/information.

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I used the same checks a few months ago againt my Freedom card to consolidate my remaining credit card balances and finance a large purchase for a few weeks. I find them to be a great financial tool. Now instead of paying interest on $3600 for 3-4 months until I could pay it off, I paid 2% upfront and get to keep the cash in the bank for a year for safety. That way, if something comes up again in the next few months, I can just pull from that cash for a while instead of running up a card again and paying more interest. I just put $200 or so toward the balance every month, and at the end of the promotion I'll make a large payment for the remainder.

The only thing you have to look out for is not making any purchases after you write the checks, because then you won't have a grace period on them and will owe interest from the day of the charge. You can get around this with Blueprint Full Pay, but you can't be sure every purchase you make is going to fall into one of the correct categories.

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TL;DR checks good, make sure you have a $0 balance first and don't use the card again until you've paid them off.

[xxpert]

I have a shredder that loves to eat these bad boys. I haven't used my Citi thank you in a while so they send me these checks almost weekly, it's really pathetic... Same with BOA... I would stay away frm them at all cost as my philosophy when it comes to CC's if you don't have it then don't charge it!!!