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Message
Writing a check against a credit card account - is there a catch?
Posted on 9/15/17 at 10:22 am
Posted on 9/15/17 at 10:22 am
I got some kind of promotional mailer from Chase stating I can write a check against my Sapphire card for up to $15,000 with 0% APR until November 2018. It says I can deposit the check straight into my checking account if I want.
Is there some catch to this? Why wouldn't I just put the 15k into an investment, cash it out next year to pay Chase back at no interest and pocket the difference? Even taking risk into account, I could just drop it in a CD and be guaranteed free money right? I feel like there must be a catch somewhere because otherwise they're just giving money away.
Is there some catch to this? Why wouldn't I just put the 15k into an investment, cash it out next year to pay Chase back at no interest and pocket the difference? Even taking risk into account, I could just drop it in a CD and be guaranteed free money right? I feel like there must be a catch somewhere because otherwise they're just giving money away.
6
Posted on 9/15/17 at 10:45 am to Huey Lewis
quote:
Why wouldn't I just put the 15k into an investment, cash it out next year to pay Chase back at no interest and pocket the difference?
Margin trading never goes wrong ever.
Posted on 9/15/17 at 11:35 am to Huey Lewis
There's also a fee generally involved. Zero APR but you still have to adjust for the fee.
Posted on 9/15/17 at 11:46 am to Huey Lewis
You'll be paying a minimal fee which is around $20 I think. You need to call Chase and make sure exactly what fees they will charge you. If it is something minimal like that, then putting that money in a high interest checking/CD is not a bad idea. I would be careful about putting it into riskier investments though.
Posted on 9/15/17 at 12:00 pm to Huey Lewis
Because even if the fee is $20-25 it is a bit of a Hassel to make that $80 in interest, I have more productive ways to spend my time.
Posted on 9/18/17 at 8:49 am to Huey Lewis
Sounds exactly like a balance transfer offer on new card accounts. Send you a couple of checks with your new card but only have a certain amount of time to use the checks. Might be a 0% APR interest rate, but there's probably a flat 2 or 3% balance transfer fee that you'll get charged.
Posted on 9/18/17 at 12:36 pm to Huey Lewis
The 0% APR is not for a cash advance, that is for credit purchases. At least that is the way all the ones I've seen work.
The "cash advance" or check as they call it, is usually at 3-5% immediately followed by the APR %. That's how they get you.
The "cash advance" or check as they call it, is usually at 3-5% immediately followed by the APR %. That's how they get you.
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