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That cheque in the mail

Posted on February 15, 2007
Filed Under Credit cards, Finance |

Credit card holders will usually find a cheque made out in their name in their mailbox once in a while. And especially around Festive Seasons, when you need the extra cash to line your pockets. These cheques can range somewhere from Rm2k onwards. Since last December, i’ve received 5 in my mailbox.

Nah, dont be too happy. You’ll only receive these if you have a large and unused open line of credit with them. Dont ever get tempted to bank these cheques into your bank account without reading the fine prints. Although some banks offer rebates if you bank it in, these cheques are considered Cash Advance. And these cheques carry with them 5% interest the moment you bank it in, and a monthly interest of 1.5%/month calculated on a daily basis until full repayment. And that’s a hell lot of interest to pay.

Some banks offers a 2% rebate. So, in other words, they’ll only charge you 3% interest when you bank it in. Sounds easy. Ahhh, unless you can make a full repayment the following month. If not, be ready to be saddled with more debts. Some banks use the 0% interest 6months repayment scheme, but charge you a one-off handling fee of like 3.88% for the repayment period.

If you are able to make the repayment in full every month for 6 months, then, it’s better if you take this option. Normal interest rates applies on the outstanding amount if you’re unable to repay the whole amount after the 6mths period is over. This is the same thing as buying something with 0% interest with a Xmonth repayment scheme. Just that you get cash instead of a camera or X item.

Sometimes, if i get one of these cheques in my mailbox, i may choose to bank in one with the latter option IF i have outstanding amount with a another bank running on full 1.5% interest per month. I treat it as a Balance Transfer without the hassle of paperwork. NOT for shopping.

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