Many businesses do not accept convenience checks as payment. If this is the case, you are not without options. You can pay off your balance with a convenience check by following these steps:
1. Write a convenience check for yourself.
2. Transfer the check to your checking account.
3. Pay the company using the balance in your bank account.
4. The convenience check amount (plus any applicable fees) will now appear on your new credit card bill.
Making a Large Purchase
It is pretty simple to use 0% APR credit card offers for a significant purchase. Use your card to finalize the transaction, and each payment made to the card will reduce the debt throughout the introductory time.
It’s recommended to figure out your monthly payment by dividing the total purchase price by the number of months remaining in the introductory period. This way, you may take full benefit of the no-interest offer without paying any additional fees.
For example, if you install a $10,000 HVAC unit in your home over an 18-month zero-interest period, you must make 18 monthly payments of $556 to pay $0 in interest ($10,000 / 18 months).
If the vendor does not accept credit cards, you can use the previously stated convenience check technique. Just be aware that you will be charged a balance transfer fee.
Taking Advantage of an Opportunity
Opening 0% APR credit cards are not just for those who need funds. These deals provide the ability to use leverage in a fast-approved, non-collateralized loan with a low-interest rate.
Using a convenience check or credit card to buy a car, business equipment, or even a house can result in a short-term loan with nearly no interest. Using this way to pay for an opportunity or an emergency can also keep your investment assets earning, preventing you from missing out on possible earnings in that account.
Instead of withdrawing funds from an investment account, you can utilize the credit card balance to finish your purchase and float your debt until you can acquire a better long-term debt structure.
