Kayt K
 |
If you cash the check, the account activates. And then you owe them the money for the check, and there is more then likely a different intrest rate then the CC, it is probably the same as a cash advance. |
Carlii
 |
hehe - I work in customer service for one of the largest companies in the world, and a few of my products are credit cards. Here's the deal with them:
Read all the fine print that came with the check - it could be a convenience check, which you can write out for cash, or use in any way, but you pay the cash advance rate - usually mid 20%'s. If it's a balance transfer check, it is usually only allowed to be used with creditors - other credit cards, loans, car payments, utility bills, etc - and it *might* have a promotional rate attatched, very low. Either way, these days, you're probably going to pay a fee, usually around 3% of the amount transferred, for using that check.
Activating the card normally has no bearing on using the check. Activating the card only means "Yes, I recieved my card, may I please be able to use it now?" If you recieved the card and the checks, and are given a credit limit and APR, that means you HAVE AN ACCOUNT, regardless of the activation status of that card. If you don't want the card, cancel it, if you do, then activate it. I'll bet those checks can be used, no matter what the activation status of the card is.
Either way, if you have ANY hesitations about that account, call the customer service # on the card - they would be able to answer questions faster and easier than trying to read all the terms and conditions involved with the credit agreement. |
Paula A
 |
Be careful with those checks. If you cash it, you are likely agreeing to all the fees that come with it - and agreeing to the terms of the credit card. Even if the credit card has a low interest rate, the checks have a different rate since it is like a cash advance it likely carries an interest fee of over 20%. |
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
