Capital One Purchase Checks Tips
Author: JaneiR36
Posted: Sat Aug 27, 2005 7:55 pm
Post subject: Cap One purchase checks... too good to be true?
I just had to go back home today because a place where I was doing an application would only accept cash or checks, and I didn't have enough money in my bank account. On my way home I quickly remembered Cap one purchase checks and how everyone here kept raving that they do not charge a fee to use them and you get charged your regular APR.
So I ripped open my latest statement, found a check and rushed back and paid it to the same place that wouldn't accept my Visa card. Almost like tricking people and organizations that you're using a check when you're really using credit!!
So now I'm thinking, would this work for everything? I mean, can I pay rent, and my power bill using these access checks? Other than the expiration date, what's the catch?
I'm pretty good about paying up any debt I've racked up once I see my pay"check" in my bank account, but especially with differing due dates on different accounts, it's hard to keep up sometimes. Also the companies in question do NOT do credit cards, else that would have been my preferred method.
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Author: maddybeagle
Posted: Sat Aug 27, 2005 8:34 pm
Post subject:
Sounds like a good deal. I think Polonius mentioned that was the case and they have a grace period like any regular cc purchase? I dont have a cap. one account, but maybe I should start one. A lot of utility bills you have auto. pay on your cc. I do that on my rewards card.
Author: Polonius
Posted: Sat Aug 27, 2005 8:37 pm
Post subject: Capital One Purchase Checks Tips
No catch. I do this all the time. Just make sure of the details, since Cap1 has lots of different cards and lots of different terms.
For my two Cap1 accounts, a purchase check has no fee, can be deposited right into my bank account, and is treated as a purchase--usual grace period. As it happens, my latest Cap1 statement arrived this morning. On the second page are two purchase checks, one already filled out with my name as payee, the other blank. Both expire 9/30. My closing date is 9/24, so I'll pay off the check I used on 7/26 on 9/22 or so, wait a couple of days, and then deposit the check in my own bank account on 9/26 or so (once I know for sure the funds are once again available in my account to use). That check will show on my 10/24 statement, and I'll pay it off around 11/22. And I'll do it again if I can.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Aug 27, 2005 7:55 pm
Post subject: Cap One purchase checks... too good to be true?
I just had to go back home today because a place where I was doing an application would only accept cash or checks, and I didn't have enough money in my bank account. On my way home I quickly remembered Cap one purchase checks and how everyone here kept raving that they do not charge a fee to use them and you get charged your regular APR.
So I ripped open my latest statement, found a check and rushed back and paid it to the same place that wouldn't accept my Visa card. Almost like tricking people and organizations that you're using a check when you're really using credit!!
So now I'm thinking, would this work for everything? I mean, can I pay rent, and my power bill using these access checks? Other than the expiration date, what's the catch?
I'm pretty good about paying up any debt I've racked up once I see my pay"check" in my bank account, but especially with differing due dates on different accounts, it's hard to keep up sometimes. Also the companies in question do NOT do credit cards, else that would have been my preferred method.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: maddybeagle
Posted: Sat Aug 27, 2005 8:34 pm
Post subject:
Sounds like a good deal. I think Polonius mentioned that was the case and they have a grace period like any regular cc purchase? I dont have a cap. one account, but maybe I should start one. A lot of utility bills you have auto. pay on your cc. I do that on my rewards card.
Author: Polonius
Posted: Sat Aug 27, 2005 8:37 pm
Post subject: Capital One Purchase Checks Tips
No catch. I do this all the time. Just make sure of the details, since Cap1 has lots of different cards and lots of different terms.
For my two Cap1 accounts, a purchase check has no fee, can be deposited right into my bank account, and is treated as a purchase--usual grace period. As it happens, my latest Cap1 statement arrived this morning. On the second page are two purchase checks, one already filled out with my name as payee, the other blank. Both expire 9/30. My closing date is 9/24, so I'll pay off the check I used on 7/26 on 9/22 or so, wait a couple of days, and then deposit the check in my own bank account on 9/26 or so (once I know for sure the funds are once again available in my account to use). That check will show on my 10/24 statement, and I'll pay it off around 11/22. And I'll do it again if I can.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 7:41 PM
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