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re: Writing a check against a credit card account - is there a catch?
Posted on 9/15/17 at 1:00 pm to RJSambola
Posted on 9/15/17 at 1:00 pm to RJSambola
quote:
I think people are dramatically underestimating the fee that will accompany the check. I wouls assume it is treated as a cash advance which is probably hit with a percentage fee of 3%. Immediately eating up any interest gains. Maybe you get to net zero if you get rewards for it. But usually cash advances are excluded.
+1
They usually charge between 3-5% for the transaction, so at 15K @ 3% you are already out of the money if you put it in a 1.5% CD.
Best option is to go put it all on black.
1
Posted on 9/15/17 at 1:25 pm to ODP
quote:
Bet you $200 it does not work out that way.
I agree, hence why I was asking if there's a catch to begin with.
quote:
They usually charge between 3-5% for the transaction, so at 15K @ 3% you are already out of the money if you put it in a 1.5% CD.
This makes alot more sense than a $20 fee IMO. In fact I was just able to check the paperwork - the fee is the greater of $5 or 4%
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