Any credit card cheque book

[kababoom]

Hi is there any bank offering cheque books tied to credit card when a cheque is issued the amount is charged to the credit card?

 

[Techno Pride]

Hi is there any bank offering cheque books tied to credit card when a cheque is issued the amount is charged to the credit card?

Do you mean a credit line? Those are usually offered alongside credit cards.

 

[kababoom]

Do you mean a credit line? Those are usually offered alongside credit cards.

How does credit line work?

 

[Techno Pride]

It's an overdraft.

There's a thread on Citibank Ready Credit. Comes with cheque book. From what I can observe, there'll be no interest if you settle the amount before statement date.

You might want to watch statement timing. Write cheques only within the first two weeks, then settle the entire amount in the fourth week.

 

[kababoom]

does the amount get charge to the credit card everytime a cheque is issue?

 

[Techno Pride]

It's not a Card Account. It's an overdraft. It's only charged when the payee presents it to his bank.

 

[hwmook]

does the amount get charge to the credit card everytime a cheque is issue?

Credit card does not have this feature. What you are looking for is a overdraft/credit line type of feature.

You write a cheque and when the payee claim it from the bank then the amount will get charged to your credit line account. BTW, nobody give a crap when you issue that cheque, the payee/receiver need to deposit it or claim it from the bank. Take note that cheque is not at all like credit card charge.

 

[Konnichiwa]

It's an overdraft.

There's a thread on Citibank Ready Credit. Comes with cheque book. From what I can observe, there'll be no interest if you settle the amount before statement date.

You might want to watch statement timing. Write cheques only within the first two weeks, then settle the entire amount in the fourth week.

I think the moment you made withdrawal, you are already charged interest, most of credit line work this way.

 

[greenhse]

It's an overdraft.

There's a thread on Citibank Ready Credit. Comes with cheque book. From what I can observe, there'll be no interest if you settle the amount before statement date.

You might want to watch statement timing. Write cheques only within the first two weeks, then settle the entire amount in the fourth week.

only when your credit line account got money then the cheque u issued will be interest free. Otherwise once the cheque cleared, the interest starts.

 

[Techno Pride]

The correct way to go about doing this is to have a test case.

I withdraw cash from a credit line, and let the negative balance sit for at least14 days, then settle before statement date. Will report back if Billed Finance Charges appear on my next statement.

The max financial risk I run is less than 50 bucks.

 

[dexboi]

The correct way to go about doing this is to have a test case.

I withdraw cash from a credit line, and let the negative balance sit for at least14 days, then settle before statement date. Will report back if Billed Finance Charges appear on my next statement.

The max financial risk I run is less than 50 bucks.

Lol. Please share the name of this credit line. I will be VERY interested to apply for 30days interest free credit line for use without any restrictions.

Because from what I have tried, UOB and Citi both START calculating interest the moment you draw down your credit line, even if it is $10.

Interest is calculated daily. AND they impose a minimum interest you must pay a month, so as to encourage you to draw more to make it worth more.

 

[Techno Pride]

I never mentioned 30 days interest free. Unable to explain where you got that idea.

In fact have pointed out over at another thread that there will be interest if there is outstanding balance on statement date.

As mentioned, I will report back.

 

[Konnichiwa]

Sorry to off track a bit, even for credit card, applies only to CITIBANK credit card, I heard from my friend that interest is charge upon using the credit card not not after statement due date.

Anyone can confirm this?

 

[planetshaker]

SCB - 0% interest on your first $3,000

SCB Salary Advance Line of Credit

With 0% interest on your first $3,000, you’ll save a bundle by paying your outstanding credit card balances at other banks with your Salary Advance account.

Personal Banking - Personal Loans | Lines of Credit - Standard Chartered Bank Singapore

As long as draw-down less than $3k, you just pay min sum every month, the whole $3k balance is interest-free.

 

[ndleng]

Sorry to off track a bit, even for credit card, applies only to CITIBANK credit card, I heard from my friend that interest is charge upon using the credit card not not after statement due date.

Anyone can confirm this?

You will be charge only after statement date if you didn't pay for the full amount

 

[anfielder]

Sorry to off track a bit, even for credit card, applies only to CITIBANK credit card, I heard from my friend that interest is charge upon using the credit card not not after statement due date.

Anyone can confirm this?

As far as I know, all banks charge the same way. If you don't pay in full, interest is charged from the date of purchase.

 

[Konnichiwa]

You will be charge only after statement date if you didn't pay for the full amount

For CITIBANK credit card i think it is special case, anyone can confirm this?

 

[ndleng]

For CITIBANK credit card i think it is special case, anyone can confirm this?

Been using Citibank card and doesn't have such special case.