Credit Card Cheques Are History!

[theweaves_dad]

Not sure if this has been posted or not...

Remember how places like Canadian Tire used to send out those pre-printed cheques that you could use to bill stuff on your credit card? Well I got my bill in the mail yesterday and it had an insert saying that, by law, you cannot receive them unless you ask for them!

Finally, something is being done about them. They were just an invitation to fraud I think! I know I won't miss them!

Thank you to the Liberals (I assume it was them) for doing one good thing!

[Girlyone123]

Those cheques are the exact reason why I cancelled my MBNA credit card!! Glad to see them gone.

[matchstix]

I just got some in the mail today from mbna

[nicolthepickle]

Hey The Weaves_Dad haven't seen you around in a while.
Good to see the cheques gone.

[super807]

I always make sure I shred those. I hate that they send them when I don't want them. They are an invitation for fraud, plus I would guess that many people that use them don't realize the interest charges on that type of transaction starts right away - no 4 week grace period like regular credit card usage.

[abbasgirl]

I've called my credit card company in the past and asked them to stop sending them, which they did. Nice to hear that I won't have to do that again.

[VEGAS PILGRIM]

Doubtful that any politicians have done anything good in quite a while.
The checks are being sent out more than ever--seem to get a set every few months.

A BIG change in the profitability of these checks is the 1% fee that is now being charged on all checks--so you might pay 3.9% (or some such low rate) for the first 6 months (or however long the promo. rate is given), but you pay 1% off the top as a fee. And of course, if you miss a payment, the promo. rate is gone, and you're back to sky-high rates.

So in addition to the fraud issues mentioned elsewhere, cost is still more than would be indicated on the glossy mailers!

[emg]

I just got some in the mail today from mbna

Me too

[tjthemanto]

Yeah ..they were annoying and could lead to big time fraud or identity theft in the wrong hands.

They used to have your name , addy and your whole credit card number on it most of the times ..which is ridiculous..something you never asked for in the first place, but they would send them anyways.

[Natalka]

So many people don't realize that using them is like getting a cash advance, and there is no grace period.

The new regulation is part of the federal Conservative's budget - economic action plan.

(Just curious why this thread is a rant?.... I think it's a good thing!)
If you want them, you probably can just call and request them.

[FallenPixels]

As Nat mentioned, it is part of the Fed Conservatives bill (which also protects users against large interest rate raises on cards and other things). My CC hasn't sent them in years anyway.
But it isn't really a rant. So moving to Finance.

[brunt]

Thank you to the Liberals (I assume it was them) for doing one good thing!

It was the federal government. Make that zero good things.

[saundyl]

I've never received them from my capital one card. I dont recall receiving them on my old mbna student card either! To be honest i never realized they exsisted and was probably a good target for fraud as i wouldnt have even missed them in the mail

[melbrujack]

Just opened my husbands mbna MasterCard statement and there are 3 of the cheques in there. Hopefully this will b the last time they come!

[VEGAS PILGRIM]

Just opened my husbands mbna MasterCard statement and there are 3 of the cheques in there. Hopefully this will b the last time they come!

I'd almost bet on it...

I just got a statement, and it said...

Starting in June 2012, "checks" won't be made available in order to comply with changes to government regulations. (paraphrased).

It does say you can continue to transfer balances over the phone or at a bank, so they still want to ring you up with debt, but want to comply with the new regulations.

Good on the government!