It is a cash advance with higher interest rates that start from day one. Never ever use them. It’s no real status. It’s just dumb to use.
Is it a reflection of your credit standing with the credit card company to receive a convenience check? Further, Is it a negative if you ask and they say no? Or are they just generated at certain times of the year and that is that?
A "convenience check" is just another way for an issuer to get you to take a cash advance or balance transfer (check the fine print). Some lenders send these all the time, others never - many will send them once in a while such as Holiday spending or Summer vacation spending time(s) of the year.
If it's a balance transfer offer and its a good deal like 12-15 months at 0% in exchange for 2-3% upfront, do the math its a good deal. On the other hand, if its a cash advance at a higher APR with no deferred interest its just a way to get you to think of it as "spendable money" rather than a high-interest loan.
They are a trap.
Let's say you use a $500 convenience check. It starts generating interest at some low rate you have decided is a good deal. OK!
But then you spend $100 on that credit card in a store. And of course when you get your bill you go and pay the $100 off. So your $500 that you borrowed at a low rate is still there, right? And when it comes due you will pay it, probably saving interest from some other card via a balance transfer, or some such?
What you now have is $400 running at the low interest rate and $100 running at the full high interest rate. They always apply your payment ot the lowest interest debt you owe, keeping the high interest debt running. Or at least a lot of them do--you need to read the fine print. So it tricks you into running up a bunch of high interest credit card debt when you think you're running low interest debt.
I rip these things up whenever I get them. I should look into how to actually go about telling the issuers to never, ever send them -- the only thing they do is provide an opportunity for a mail thief to steal money since I'm never going to use it.
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Last Inq 08/2017
My guess is that you feel like your initial question has been answered. If not, then my take is:
Not a reflection
Not a negative
Often just sent at various times of the year (e.g. Nov/Dec to induce spending)
As far as the other issues raised, my feeling is that in one sense they are never good. The example we have heard of a good one is a 0% balance transfer with an up front 2% fee. That's only good if you have a lot of high interest debt. But that situation is a bad situation to be in; it's a symptom of probable bad spending and saving habits. So even when they are good they are a symptom of something bad going on.
The other commenters are hitting on a good point, which is that everyone should be trying to get to a place ASAP when they are confident they will always rip them up. That's the goal everyone should have. If a person thinks they might be appealing in the future, that's because he expects to be in high interest debt in the future.
I think they CAN be useful, but like many things you need to pay attention and not assume anything. Let's say its Winter and you need a new heating system for your house price $9000 (trust me that's a possible cost). You can put it on a low-interest rate card or perhaps with deferred interest for 6 months (like BlisPay or Lowes). At the 6 month point where either interest is charged, you use convenience check at 2% up front and 0% for 18 months (such as op said he had), Given this example, you'd have 24 months to pay in full the $9000 with you only interest being 2% upfront - that's a pretty good deal.
I should note that I had to replace a heat pump and furnace at the same time and it wiped out savings (not investments) and I had a new roof put on the House through Lowes 84 months at I think it was 3.99% at the time (paid it off in 28 months). Sometimes its good to have options other than 19.99% APR on a high limit basic card.