Editorial Policy

How to Make a Credit Card Transfer Using Convenience Checks

default author image

By Eva Norlyk Smith, Ph.D.
May 22, 2009

Some credit card issuers regularly mail out convenience checks to cardholders. Sometimes convenience checks offer little more than a different way to make a cash advance: you still get charged a 3-4% transaction fee like you would for a cash advance, and the interest paid on the money you withdraw is at the full cash advance APR, typically at 14.99% or higher.

However, for cardholders with good credit, convenience checks often come with great credit card transfer offers. While a 0% APR balance transfer offer is rare, convenience checks with balance transfer offers of 1.99% to 4.99% are fairly common, if your credit rating is high.

Of course, to determine whether the credit card transfer offer is worth it, you also have to consider the cost of the transaction fee as well, which can be as high as 4%. For a $10,000 credit card transfer, that