A convenience check truth: They’re dangerous
I’ve noticed that my credit card issuers lately have filled my mailbox with a lot of those “convenience checks” that let you borrow against your card’s credit limit. You’ve probably noticed it, too: They hope to tempt us into using that credit line to spend a lot on the holidays.
So here’s a holiday reminder: These are nearly always a bad financial choice. If you spend one, it’s treated as a cash advance, so it has no grace period; interest is charged from the moment it’s used. The checks themselves invite identity theft, since each one is just like a credit card being sent in the mail.
Oh, and that reminds me of one more thing: These days, shredders make a very thoughtful gift.