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Does any one know if you get the same protection using a credit card cheque as you do with a credit card transaction
A lot of those cheques that they send you are intended to be used for Balance transfers. If you can use them for buying stuff the interest rate is much higher than your usual C/C rate.
got no sense from the overseas help line and I have been waiting 8 days for a reply to my e-mail request.
always pay off the full balance at the end of each month, have to watch the pennies being medically retired
I believe that the answer to your question is no, you do not get the same protection with a Credit Card Cheque.
The short reply to 'Credit Card Chwques is
No, you do not!
On the face of it they might seem a good thing, but purchases and cash transfers using these cheques are treated very differently by the banks. Essentially, they are a much more expensive way of buying goods as credit card cheques often impose hidden fees, and significantly higher charges.
For example, buyers using the cheques do not receive the usual interest-free period - typically 56 days - they get if they pay the bill off in full by the due date, and interest charges normally start from the date of purchase. Crucially, the interest rates for credit card cheque purchases are in most cases far higher than normal card transactions.
For instance, Halifax One Visa card's rate on purchases is 9.9%, but if you use a cheque the rate climbs to 21.9%. The Halifax is by no means alone. Most of the High St banks charge more than 20% interest on cheques on their basic card accounts. Barclaycard charges 27.8%, Lloyds TSB 20.4% and Royal Bank of Scotland 21.4%, according to Moneysupermarket.
On top of this there is usually a handling fee of 2%, and some banks impose minimum charge. A 2% handling charge on a £1,000 cash transfer adds £20 to the cost even before the excessive interest charges are applied.
The next problem with these cheques is that users are not given the same consumer protection they receive when purchasing goods in the normal way by credit card. Extra warranties or insurance that are offered on card purchases do not transfer to cheque purchases.
Thanks for that I'll just have to haggle with pcspecialist over their 2% surcharge for using a credit card
Thank you everyone
As previously stated, the credit card cheque as many hidden surprises, as it is covered by the credit card company under the terms of a debit card transaction, with handling charges and higher interest rates. You would have no protection under the Consumer Credit Act.
Regarding the 2% surcharge by PC Specialist, they are quite within their rights to make this charge, providing they have forewarned you earlier. A number of companies do similar, so as to offset the bank charges incurred. Another problem that some people overlook, is Vat charges, which can be/are added later, usually on a business transaction. Again the law is firm on this issue, as all these charges, should be advised or noticeable before any completion of a sale.
It is very common these days for a 2% surcharge to be made for payment by Credit card. PC Specialist are only doing what many others do.
I assume you were told about this prior to purchase.
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