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Credit card companies sometimes issue convenience checks to their customers, especially if they have a checking or savings account with the bank. These convenience checks give you access to your line of credit in situations where a credit card would be inconvenient or impossible, such as paying the rent on an apartment that does not accept credit cards. The company that sends these checks typically provides a letter or information packet that describes any stipulations that go with them.
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Generally, if you use a convenience check that pushes your credit limit past the amount you have available, it will not impact your credit score. However, if you continue to do this frequently, your card issuer may start charging you interest on the money you borrow from your line of credit, and it could also trigger returned-check fees from merchants and vendors, as well as over-the-limit fees from your card issuer.
It’s possible to avoid pitfalls with these kinds of checks by making sure you are using them wisely. You can find out more by reviewing your credit card company’s terms and conditions carefully. Some credit card companies also have services such as ServiceCall that you can use to securely access your account from a touchtone phone. These services allow you to make transfers, get account inquiries and even make loan payments.