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Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Got my letter from Chase today!

Sometimes BT's, sometimes cash advances, sometimes different from same issuer. You have to read the fine print on every offer. Chase recently issued a change in terms regarding these checks to many cardholders. Mine says:

 

(G) BALANCE TRANSFER CHECKS ASSESSED CASH ADVANCE

RATES AND FEES. The portion of the Using Your Account

section of your Agreement that describes checks that access

your account is amended. We are adding a new sentence at the

end, and this sentence is the only change you may choose not to

accept within this section. The revised section will read

as follows:

Checks: We may in our sole discretion provide you with

cash advance checks or balance transfer checks as a way to

use your account. We also refer to them in this agreement

as a check or checks. You may use a check to pay for goods

or services, to transfer balances to your account, or for other

uses we allow. But you may not use these checks to transfer

balances to this account from other accounts or loans with

us or any of our related companies. Only the person whose

name is printed on the check may sign the check. Cash

advance checks are treated as cash advances and balance

transfer checks are treated as balance transfers except as

noted in this agreement or any offer we make to you. Any

balance transfer checks made payable to cash, to you, or

to certain persons or businesses as we will disclose to

you, may, in our sole discretion, be assessed cash advance

interest rates and fees.

Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Re: Got my letter from Chase today!


creditwherecreditisdue wrote:

Sometimes BT's, sometimes cash advances, sometimes different from same issuer. You have to read the fine print on every offer. Chase recently issued a change in terms regarding these checks to many cardholders. Mine says:

 

(G) BALANCE TRANSFER CHECKS ASSESSED CASH ADVANCE

RATES AND FEES. The portion of the Using Your Account

section of your Agreement that describes checks that access

your account is amended. We are adding a new sentence at the

end, and this sentence is the only change you may choose not to

accept within this section. The revised section will read

as follows:

Checks: We may in our sole discretion provide you with

cash advance checks or balance transfer checks as a way to

use your account. We also refer to them in this agreement

as a check or checks. You may use a check to pay for goods

or services, to transfer balances to your account, or for other

uses we allow. But you may not use these checks to transfer

balances to this account from other accounts or loans with

us or any of our related companies. Only the person whose

name is printed on the check may sign the check. Cash

advance checks are treated as cash advances and balance

transfer checks are treated as balance transfers except as

noted in this agreement or any offer we make to you. Any

balance transfer checks made payable to cash, to you, or

to certain persons or businesses as we will disclose to

you, may, in our sole discretion, be assessed cash advance

interest rates and fees.


From the last secion of this, it appears a person needs to be VERY careful in how you use these. By this, it appears that if you deposit it into your checking account, it could very well be considered a cash advance. Ouch.

 

We don't have any balances to transfer, but are trying to be prepared in case we need to carry a balance before I complete grad school. Looks as if a person, in our case, would be best to put charges on a cc, and then balance transfer at the lowest rate available.

 

I always used to toss these promotions, but...until I finish school...they now have their own little file in case they are ever needed.

Established Contributor
Posts: 540
Registered: ‎06-07-2008
0

Re: Got my letter from Chase today!


creditwherecreditisdue wrote:

Sometimes BT's, sometimes cash advances, sometimes different from same issuer. You have to read the fine print on every offer. Chase recently issued a change in terms regarding these checks to many cardholders. Mine says:


That seemed to be for "regular" checks that the banks send out. Cap1used to send these checks to me with a note saying APR as per purchase APR. 

 

The check-mail usually has a letter saying exactly where and how you can use it and what APR will be charged. 

 

 

-void
Established Contributor
Posts: 540
Registered: ‎06-07-2008
0

Re: Got my letter from Chase today!


LynetteM wrote:

I always used to toss these promotions, but...until I finish school...they now have their own little file in case they are ever needed.


These checks do have expiration dates.

-void
Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Re: Got my letter from Chase today!


voidman wrote:

LynetteM wrote:

I always used to toss these promotions, but...until I finish school...they now have their own little file in case they are ever needed.


These checks do have expiration dates.


Yeah...we have some now that expire in Oct. Hopefully they'll keep coming.

Highlighted
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Got my letter from Chase today!


voidman wrote:

creditwherecreditisdue wrote:

Sometimes BT's, sometimes cash advances, sometimes different from same issuer. You have to read the fine print on every offer. Chase recently issued a change in terms regarding these checks to many cardholders. Mine says:

 

That seemed to be for "regular" checks that the banks send out. Cap1used to send these checks to me with a note saying APR as per purchase APR. 

 

The check-mail usually has a letter saying exactly where and how you can use it and what APR will be charged. 

 

 


 

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