Capital One balance transfer checks, am I understanding this correctly?

[delaney1]

Received checks in the mail. Says checks can be used to make a purchase. Looking to get a used car soon. Can I pay half ($5000)with the cap one check? Terms 0% for 12 months, fee is 3%. 

It says, "want to avoid paying interest on new purchases?" Avoid paying interest on new purchases by paying the interest saver payment each month by the due date. The interest saver payment includes minimum payment, plus all non promotional balances....since I pay statement balance in full, is this just saying pay your statement balance for new charges? In order to pay towards balance transfer and new purchases do I need to make two separate payments per month, one selecting the interest saver payment, and then another payment?  I've read on here plenty of times, not to make new purchases on a card that has a balance transfer, so I just want to make sure I understand this correctly if I decide to do so. Thank you!

[Anonymous]

I have used them.....wrote a check out to myself, deposited to my personal account at bank and paid 0 interest but paid a fee of 3%....They are a great tool

[Anonymous]

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@delaney1 wrote:

Received checks in the mail. Says checks can be used to make a purchase. Looking to get a used car soon. Can I pay half ($5000)with the cap one check? Terms 0% for 12 months, fee is 3%. 

It says, "want to avoid paying interest on new purchases?" Avoid paying interest on new purchases by paying the interest saver payment each month by the due date. The interest saver payment includes minimum payment, plus all non promotional balances....since I pay statement balance in full, is this just saying pay your statement balance for new charges? In order to pay towards balance transfer and new purchases do I need to make two separate payments per month, one selecting the interest saver payment, and then another payment?  I've read on here plenty of times, not to make new purchases on a card that has a balance transfer, so I just want to make sure I understand this correctly if I decide to do so. Thank you!

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Yes you can. Up to your available credit line.

[Anonymous]

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@Anonymous wrote:

I have used them.....wrote a check out to myself, deposited to my personal account at bank and paid 0 interest but paid a fee of 3%....They are a great tool

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Be cautious when you give information.

Those blank checks that are sent to customers are for making purchases or balance transfers. Those checks will be rejected if you DO deposit them into a bank account. It says in the disclosures they can be declined.

The NO HASSLE check is made out in the customers name with a specific amount requested that can be deposited into your bank account and used for any purpose.

Just keep this in mind.

[Anonymous]

I have never once had a decline on the checks...Capital one rep is how I found I could write them to myself and deposit in my personal checking account for MY OWN PERSONAL USE....NEVER ONCE A DECLINE....This has been my experience, they came to me blank. I could use them for BT if I wanted as well

[Anonymous]

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@Anonymous wrote:

I have never once had a decline on the checks...Capital one rep is how I found I could write them to myself and deposit in my personal checking account for MY OWN PERSONAL USE....NEVER ONCE A DECLINE....This has been my experience

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I'm not doubting you at all. My DW received an envelope in the mail with big letters that said "regarding your account". She opened the envelope and there were 3 blank checks that said you can make purchases or make balance transfers with the checks. 

I read through the fine print on the back and it said the checks can not be deposited into a bank account.

I'm glad it worked for you. Maybe they have changed their policy. I read this last week when the DW got them.

[Anonymous]

IDK.....I guess different accounts have different policies. I have been with Cap 1 for 18 months...perfect history, not big credit lines..5000.00 total on 2 cards...They have been a great company to do business with

[Anonymous]

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@Anonymous wrote:

IDK.....I guess different accounts have different policies. I have been with Cap 1 for 18 months...perfect history, not big credit lines..5000.00 total on 2 cards...They have been a great company to do business with

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My DW has been with them 6 years and has a Venture 30k and a QS 25k. Zero UTI and PIF on both of these accounts. You very well may be right, different policies for different accounts.

I still suggest folks read the fine print.

[delaney1]

My checks also say that they cannot be deposited into my account. I've been with cap one for about 18 months too, meatman. I have two cards totaling $38k, interesting that they allow you to do that. My husband was wondering if that was possible. I guess I can always call them if I go that route.

[Anonymous]

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@delaney1 wrote:

My checks also say that they cannot be deposited into my account. I've been with cap one for about 18 months too, meatman. I have two cards totaling $38k, interesting that they allow you to do that. My husband was wondering if that was possible. I guess I can always call them if I go that route.

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This makes me feel better and now I know I haven't lost my mind.

You can request a no hassle check if it's available to you.