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03 Dec 2009

More fun with credit card checks Money

Three days ago I blogged about the credit card purchase checks that Capital One sent me, that appear to be interest free 30 day loans, which means modest amounts of free money. Today they sent me more checks.

This time there's a 2% fee, no grace period, but a 3.99% APR for a year if I use them by 25 December which I suppose would be a good deal if I had a loan somewhere at more than 6% (3.99% plus 2%) that I might want to refinance for a year, which I don't. After a year the rate increases to my purchase rate of 17.9% which is certainly a bad deal.

But wait! Check out the small print. It says these will post as special transfers to my special transfer segment, defined elsewhere as being a subaccount that's charged 3.99% interest rather than the usual higher rates. But "if used after the special rate offer expires, are treated as purchases" which we determined last week means they get a month's interest free grace period and the transaction fee "may be waived." Hmmn. After I use up the three purchase checks, if they don't send me more I guess I can call them and negotiate.

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