1% cash back credit card cheques

[doodypoo]

i got these [3] 1% cash back credit card cheques mailed to me today

i was wondering if this was i good deal to use

its to a maximum of $75 - $25 per cheque

does anyone else have a better cashback holiday season bonus from any sort of finacial thingy?

[slim_shady]

i got these [3] 1% cash back credit card cheques mailed to me today

i was wondering if this was i good deal to use

its to a maximum of $75 - $25 per cheque

does anyone else have a better cashback holiday season bonus from any sort of finacial thingy?

keep in mind, those cheques are considered cash advances... you will be charged interest from the day you use the cheque!

[Joseph88]

i got these [3] 1% cash back credit card cheques mailed to me today

i was wondering if this was i good deal to use

its to a maximum of $75 - $25 per cheque

does anyone else have a better cashback holiday season bonus from any sort of finacial thingy?

I don't think that credit card cheques entitle you to the rewards that the card offers. Credit card cheques, as another poster mentioned, are CASH ADVANCES where interest is calculated the day your cheque is deposited.

[gman]

I don't think that credit card cheques entitle you to the rewards that the card offers. Credit card cheques, as another poster mentioned, are CASH ADVANCES where interest is calculated the day your cheque is deposited.

These do. What I get recently is from GM Visa. They specify giving you 1% if you use it. Normally, you get 3% if you use the credit card.

This kind of cheque is one of the reason I like to have multiple credit cards. What I need to do is:

1. make sure the balance of the credit card is $0.
2. write the cheque to myself and deposite it.
3. make sure the cheque is cleared and pay it back + $10 (more than enough to cover the interest for a few days).
4. make sure I will not use this credit card for while.

So, if I use $2500, I will get $25. Even with interest rate of 20%, the interest of a week is less than $10. I would clear it in 2 days instead of a week though.

I can do $7500 ($75 reward) if I write 3 cheques to myself.

[don242]

Sounds like it should work by the information you gave us. There should only be a couple of days interest before you pay the cheque balance back. If you have online access, you should be able to follow each step of the way. Let us know how it works out. I haven't received any offer like that but if I ever do, it would be nice to know how it works out.

[m85d1]

Sounds like it should work by the information you gave us. There should only be a couple of days interest before you pay the cheque balance back. If you have online access, you should be able to follow each step of the way. Let us know how it works out. I haven't received any offer like that but if I ever do, it would be nice to know how it works out.

Check out this thread in the expired deal

http://www.redflagdeals.com/forums/showthread.php?t=324483

By the way, you don't have to pay any interest.

You can make your account in credit standing, and then use the cheque.

And it was 2% cash back (TD) during last promotion.

[doodypoo]

So im very confused after reading the last thread about these cheques:

WHAT DO I HAVE TO DO TO AVOID ANY FEES FROM TDVISA???

especially if im writing the cheque to myself

This is what i gather so far:

1.Pay $2500 + $10 to your TD visa account
2.write rebate cheque to yourself
3.make $25


but all these people said they were charged fees... how do i avoid that??

[tkyoshi]

So im very confused after reading the last thread about these cheques:

WHAT DO I HAVE TO DO TO AVOID ANY FEES FROM TDVISA???

especially if im writing the cheque to myself

This is what i gather so far:

1.Pay $2500 + $10 to your TD visa account
2.write rebate cheque to yourself
3.make $25


but all these people said they were charged fees... how do i avoid that??

You don't need to to do the extra $10 if you are going to have a credit balance.

TD doesn't charge any fees for using a cash advance check (e.g. MBNA charges 1% of the BT)

[doodypoo]

TD doesn't charge any fees for using a cash advance check (e.g. MBNA charges 1% of the BT)

I dont understand the above sentence

[tkyoshi]

I dont understand the above sentence

TD Visa does not charge any fees for using a cash advance cheque unlike other banks. For example if you were with MBNA they would charge you a fee to cash the cheque which is currently 1% of the cheque amount.

With TD, if you use a Visa Cheque there are NO additional fees tacked on, all you pay is your corresponding interest rate. If you have a credit balance then you pay no interest.

[ktkn]

make sure you pay off the card completely and then some... if you're going to write yourself a $5K cheque, make sure you overpay your account first by $5K so you don't pay any charges.

[Sleeper]

^^^ Um, I'm sure the banks know about this credit-then-advance scheme. Will they accept it in the first place?

[don242]

^^^ Um, I'm sure the banks know about this credit-then-advance scheme. Will they accept it in the first place?

I am sure they know about it but they will have to accept it. Unless they make a statement specifically that this is not allowed, they will accept it. It is just like those 0% balance transfer promotions. They know people will take advantage of these offers just to make the money but they also know that a large number of people will use them and end up carrying the balance which more than offsets the savvy few.

[tkyoshi]

I am sure they know about it but they will have to accept it. Unless they make a statement specifically that this is not allowed, they will accept it. It is just like those 0% balance transfer promotions. They know people will take advantage of these offers just to make the money but they also know that a large number of people will use them and end up carrying the balance which more than offsets the savvy few.

It really depends, if you did end up ticking them off the worst thing that can happen is that your credit card gets cancelled.

I believe someone on this board had a Citi PP M/C and kept using the PP cash advance cheques to get free points (overpaid card then cashed a promo cheque). However he ended up writing rediculous amounts of cheques (with high amounts) and eventually got his card terminated.

[Sleeper]

^^^ Will that then affect one's credit rating negatively?:mad:

[tkyoshi]

^^^ Will that then affect one's credit rating negatively?:mad:

Depends, if that is one of your old cards then yes definately it could have an impact. How much depends on your overall history.
If it was a relatively new card then it won't have as much of an impact.

[kaycee8877]

i just skimmed the thread but i got 1% cash back cheques a few times from CIBC back in the day

i paid off the CIBC card then i wrote 8 cheques to myself for a grand a piece (the max was $10 per cheque) waited a few days for them to all clear, then paid it off

end of the year thats 80 bucks ... interest was like 3 or 4 bucks

never got those 1% cheques again (actaully no balance transfer cheques for that visa at all) ... but i still use balance transfer cheques for my AMEX and RBC and i ALWAYS make them out to my own name (i phoned amex once and the gurl said to do that ... and anyways its way more convienent to do it that way)