Credit Card Application Costs (2)

Buried in the fine print of your credit card application, agreements and correspondence from the card company are provisions that can cost you plenty. Here is one trap to look for in tiny type. Many card issuers send convenience checks encouraging holders to transfer balances or use them to make purchases. In exchange they offer low interest rates - some even with 0%. Before using the checks look for the fine print in the card application that says something like "convenience checks will be charged to your account as cash advances to be repaid under the terms of the account." This is a tip off that other charges are involved. Read your card holder agreement - or call customer service - to make sure you understand all the costs before you use the checks.

Source: Bottom Line Personal - Oct 15, 1997

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