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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: TH who wrote (91830)3/4/2008 12:08:31 PM
From: benwood   of 110194
 
My dad cashed one of those checks after failing to find and read the correct fine print. He was assessed 3% off the top and also the interest rate was higher than his normal card balance -- it was 24.9% or something similarly outrageous. And then he discovered that unless he paid off his principal balance on regular purchases entirely, his entire payment was applied only to regular purchases which carried a much lower interest rate. So after six months, his cash advance balance at the higher rate was still the same. Kind of a nice trap, eh?

I've noticed from the offers that come to me that some have no fee, others have an upfront fee, some are 0% for x months, some 2.99%, some 5.99%, etc. Seemingly random, in the hopes I'll spurn a 0% transfer and use the next check that comes along (sometimes the very *next* day) and find that it has an upfront fee and high interest rate and other clauses. Usually there are 4 checks in a set, and three generally have a fee and only one may be fee-less. Quite a scam...
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