Just Say No to Credit Card Checks

The credit card companies have figured you out.  They know that you can increase your balance and bring them more fees with a simple piece of paper.  It's called a balance transfer check.  Read the fine print and you'll discover that these checks come with transfer fees, usually around 3.0%.  It's just enough to generate a nice fee, but not enough to scare you away.  The real money maker is from debts that are too large to pay off before the end of the term.  And then of course, if you miss a payment, the original contract will be voided and you'll get stuck with a normal APR closer to 20%.  If you use the credit card for normal purchases, you'll end up building a high interest balance on top of the large balance you are paying down.

Just say no to these checks.  Resist temptation and destroy them as soon as they arrive.  If you simply throw them out, some thief could get a copy, endorse it and make it out to cash.  So, make sure it is clear that they cannot be used.

Here's a great video about credit card balance transfers.