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14 Dec 2011
A year and a half ago I blogged about my Capital One credit card's payment checks sent along with the monthly statement, that offered a free loan for about 45 days. Early last year I stopped because they sometimes bounce the checks even though the online statement says there's plenty of credit.
Since then, they stopped sending the checks, but I found that I could point and click on their web site and have them mail me a check, payable to me.
Those checks take a week and a half to arrive, but they don't bounce, since they're written on Capital One's account not on mine. And by golly, they still give me about 45 days of free loan, during which I deposit the money in my savings account. I don't even have to pay for a stamp to repay them, since they will automatically draft my account on the due date. The only minor hitch is that recently, the request sets off an internal security alarm each time I do it, so I have to call them and tell them that yes, it was really me who told them to send a check, payable only to me, to the address at which they've been billing me for the past five years. (No, I don't understand the fraud risk, either.)
But anyway, I'm still baffled that going on two years, even though the free cash advances are the only things I ever do, they still give me free loans each month. Who said big banks have no heart?
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