AGR Chase Master Card Question

[sky12065]

Within the last week or two I received my approved AGR credit card from Chase with my $1,000,000 credit limit. (Just kidding about the credit limit ) Enclose with the cards was a check that's marked valid for all purchases until August 4th.

Today I contracted to have my driveway paved and when I asked about their taking Master Card I was told that they cannot process a card but that I could pay with a check that could be obtained from Chase and it would be processed just as though I was using the plastic.

I later checked the web site for both Chase and AGR, but there was no clear answer to the question of receiving AGR points using the process the person I contracted with told me. There was an explaination of what would not be used to reward AGR points, but the explaination was kind of gray.

Anyway, has anyone had an expreience as I described where you have used the check to pay for services, and if so did you or did you not receive AGR points for the payment using the Chase CC account check or a future requested check to make a payment for services or goods?

Any information about this would be appreciated! Thanks!

 

[the_traveler]

I'm not really sure, but that check (and any "convenience checks" that you may receive in the future) may be treated as a "cash advance" and not a purchase. If so, interest starts accruing from the moment it is cashed (NOT 20 days from your statement printing date)! (There is no "grace period"!) And the interest rate is higher than purchases!

When ever I get those checks, I just destroy them!

 

[PRR 60]

"Convenience" checks are processed as cash advances and do not earn points. And, as stated previously, they accrue interest charges from day one. So, no points plus high interest: it's a good deal for Chase, a bad deal for you.

 

[jackal]

Often, though, those checks are actually processed at promotional interest rates much lower than the standard interest rate on the card. They're generally sent to you with the idea you'll do a balance transfer from a high-interest rate card to this new lower interest rate, which may be valid for a period of time (such as six months) before reverting back to the standard interest rate on the card or may be valid for the life of the balance.

They often charge a fee for this--usually 3% (sometimes capped at around $75 and sometimes not capped, depending on the issuing bank), and interest may or may not start accruing immediately (though at the lower rate), and rewards points generally do not apply.

I have been known to take advantage of these offers in the past. In fact, I currently have a small amount sitting on an American Express card with 2.99% interest for the life of the balance--one of the better offers I've received.

Of course, that it's a 2.99% interest rate is a slight misnomer--the balance itself is costing 2.99% interest, but the interest added on [which is, at that low of a rate, not terribly significant] itself accrues interest at the normal rate on the card. Additionally, payments always go towards the balance at the lowest interest rate, so in order to avoid the 15% or whatever interest is being charged on the interest, I need to completely pay off the 2.99% balance itself. Don't charge any regular charges to the card itself until the lower interest rate balance is paid off in full, too, for the same reason.

Unless you absolutely have to have your driveway paved and you absolutely can't pay another way, I'd avoid using one of those checks. If you do, put the card away until you can pay the balance off.

 

[sky12065]

Thanks for the responses! My only real interest was in the answer to the AGR points.

The driveway work is part of the process of preparing my propery in Clifton Park for sale once I've completely moved out and I do have the funds to cover the expenses. I would have used the AGR credit card for the points only and would have paid off the balance when the next payment was due.

So I've lost more than 4000 points; c'est aa vie! But don't grieve for my lost points. I may not win in this case, but neither will Chase! And I'll be like FRAM (if anyone remembers the old commercial) and if I can't get them now... I'll get them later! :lol: