Capital One Purchase Checks Review
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.
Any thoughts or comments?
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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:
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.
Author: JaneiR36
Posted: Sat Aug 27, 2005 10:38 pm
Post subject: Capital One Purchase Checks Review
ARRRRRRRRRRGGGGGGGHHHHHHH!!! I feel like a TOTAL idiot!!
I just volunteered about $42 to Cap one this past month. A relative abroad needed money, so I decided Western Union was the safest way to do it. I also chose this method because I was too lazy to research other transfer methods. Additionally, because I didn't want to wait one week till I got my next paycheck, I used my Cap One credit card number to fund the purchase.
STUPID, STUPID, STUPID!!! I didn't realize it would count as a cash withdrawal, so I got hit with 3% of $1075 fee. I also got hit with ~$10 finance charge because I didn't even realize this had happened. End of the month I see all that and my eyes are bulging out of their sockets. How did I work so hard to save all this money on interest, getting new accounts, etc, then just give away this money? Talk about saving pennies, losing pounds.
Anyway, even if I didn't want to wait that one week, I could have EASILY avoided this by using the Cap one deposit check, put the money in my checking acct, and then used my debit card to send the money. Wow... Cap One offers so many financial services now I just feel bad for not knowing before.
Have you been receiving those offers for Mortgage financing? I don't know if they've always done this, but if not, it looks like they're earning trust among their customers and now going for bigger fish. I wish them the best!!
Author: JaneiR36
Posted: Sat Aug 27, 2005 10:45 pm
Post subject: Capital One Purchase Checks Review
well, I think I found the catch
Only two checks...lol and one already made out to your name? Can you scratch off your name and address it to someone else? They're probably absorbing some check processing fees doing this aren't they?
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.
Any thoughts or comments?
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:
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.
Author: JaneiR36
Posted: Sat Aug 27, 2005 10:38 pm
Post subject: Capital One Purchase Checks Review
ARRRRRRRRRRGGGGGGGHHHHHHH!!! I feel like a TOTAL idiot!!
I just volunteered about $42 to Cap one this past month. A relative abroad needed money, so I decided Western Union was the safest way to do it. I also chose this method because I was too lazy to research other transfer methods. Additionally, because I didn't want to wait one week till I got my next paycheck, I used my Cap One credit card number to fund the purchase.
STUPID, STUPID, STUPID!!! I didn't realize it would count as a cash withdrawal, so I got hit with 3% of $1075 fee. I also got hit with ~$10 finance charge because I didn't even realize this had happened. End of the month I see all that and my eyes are bulging out of their sockets. How did I work so hard to save all this money on interest, getting new accounts, etc, then just give away this money? Talk about saving pennies, losing pounds.
Anyway, even if I didn't want to wait that one week, I could have EASILY avoided this by using the Cap one deposit check, put the money in my checking acct, and then used my debit card to send the money. Wow... Cap One offers so many financial services now I just feel bad for not knowing before.
Have you been receiving those offers for Mortgage financing? I don't know if they've always done this, but if not, it looks like they're earning trust among their customers and now going for bigger fish. I wish them the best!!
Author: JaneiR36
Posted: Sat Aug 27, 2005 10:45 pm
Post subject: Capital One Purchase Checks Review
well, I think I found the catch
Only two checks...lol and one already made out to your name? Can you scratch off your name and address it to someone else? They're probably absorbing some check processing fees doing this aren't they?
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 10:51 PM
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