I have noticed that I receive more courtesy cheques in the December festive season, and when the bills come in after the “festive season fallout”. Everybody I hear from has had a stack of them land on their doorstep in recent weeks. I suppose these companies are hoping that their customers will decide to use these cheques to mastermind a visit from Santa for their children, then they send them when we know it’s all behind us. And the next time they seem to land on the doorstep is around the time we’re all suffering from wanderlust, itching to go away on a sunny holiday. Maybe I am being cynical.
These kinds of offers from your card providers are indeed common, especially when you’ve had a large balance that you have managed to pay off. They’d like you to return to the fold. Be careful if you use a courtesy cheque. It’s often full of more nasty surprises than a cheap package holiday to Tenerife.
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Monday, 26 February 2007
Monday, 12 February 2007
Back To The Same Old Grind
The festive season is well and truly over now, and we’re all back to the same old grind. But here’s something worth remembering for next year: Santa Claus doesn’t always arrive on a sleigh!
Courtesy Cheques often arrive in the post attached to your monthly credit card statement. They can provide a perfect means for you to immediately transfer a whacking great balance from your most exploitative credit card.
However, you’ve really got to read the small print on any such offer before you sign the dotted line. Some companies have special rules for transfers done with courtesy cheques. For example, they might not give the same grace period or interest rates as you would get if you’d purchased something with your credit card. That means you get charged interest as soon as you make the transfer. Other courtesy cheques offer the same immediate lending opportunities – but at higher rates. So beware! It is never wise to use one of these courtesy cheques without first reading the small print and ringing up the call-centre to find out exactly what the offer entails.
Courtesy Cheques often arrive in the post attached to your monthly credit card statement. They can provide a perfect means for you to immediately transfer a whacking great balance from your most exploitative credit card.
However, you’ve really got to read the small print on any such offer before you sign the dotted line. Some companies have special rules for transfers done with courtesy cheques. For example, they might not give the same grace period or interest rates as you would get if you’d purchased something with your credit card. That means you get charged interest as soon as you make the transfer. Other courtesy cheques offer the same immediate lending opportunities – but at higher rates. So beware! It is never wise to use one of these courtesy cheques without first reading the small print and ringing up the call-centre to find out exactly what the offer entails.
Tuesday, 6 February 2007
It's that Time of Year
How did you fare at the winter sales? If you went mad on the credit cards, will you be able to pay them off when the bills come due?
If not, you’re not alone. After the Christmas and New Year sales, many shoppers experience a financial hangover that a couple of aspirin will do little to cure. According to the 7 January 2006 Guardian, one person in eight has no idea how to pay for the festivities once the whole thing is over.
As a matter of fact, fully two million people who used credit cards to Christmas shop for 2005 were still paying off their Yuletide bills from 2004. I’m sure it’s even worse this year… one clothing and lifestyle accessories store in the Southeast had a queue more than a mile long when they opened on Boxing Day at 5am. They had to call in extra security when they unlocked the doors.
If not, you’re not alone. After the Christmas and New Year sales, many shoppers experience a financial hangover that a couple of aspirin will do little to cure. According to the 7 January 2006 Guardian, one person in eight has no idea how to pay for the festivities once the whole thing is over.
As a matter of fact, fully two million people who used credit cards to Christmas shop for 2005 were still paying off their Yuletide bills from 2004. I’m sure it’s even worse this year… one clothing and lifestyle accessories store in the Southeast had a queue more than a mile long when they opened on Boxing Day at 5am. They had to call in extra security when they unlocked the doors.
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