raffy
Jan 29, 01, 3:11 pm
As a new card member of an American Express Sheraton Starpoints credit card, I received a set of “Optima Checks” for use at merchants who do not accept credit cards or for cash advances at an introductory APR of 8.9% for the next several months.
Being aware that this type of check/credit card scheme usually was posted as a cash advance at a significantly higher APR, I contacted American Express and asked about the program, since there was little information provided with the checks, other than a cover letter that did not address my concerns.
The CSR indicated that if I wrote a check to a merchant, it was a sale, however, writing it to myself or another individual, it would be considered a cash advance. Considering the APR for both types of transactions was only 8.9% until June, I had little to be concerned with until after June.
Further reading of the cover letter indicated that the checks would not earn airline points, however, since the Sheraton Starpoints card earns points in the Starwood program, unless one transfers them to an airline, this limitation appeared to not apply to this type of card. Since I have yet to use them, I was wondering if any other FT’er had used them and if points were awarded with their use. If one can indeed earn Starpoints with the use of the Optima checks, this would be a wonderful opportunity to earn points using the checks for mortgage payments, car payments or other large purchases that are not traditionally paid for by credit cards.
Being aware that this type of check/credit card scheme usually was posted as a cash advance at a significantly higher APR, I contacted American Express and asked about the program, since there was little information provided with the checks, other than a cover letter that did not address my concerns.
The CSR indicated that if I wrote a check to a merchant, it was a sale, however, writing it to myself or another individual, it would be considered a cash advance. Considering the APR for both types of transactions was only 8.9% until June, I had little to be concerned with until after June.
Further reading of the cover letter indicated that the checks would not earn airline points, however, since the Sheraton Starpoints card earns points in the Starwood program, unless one transfers them to an airline, this limitation appeared to not apply to this type of card. Since I have yet to use them, I was wondering if any other FT’er had used them and if points were awarded with their use. If one can indeed earn Starpoints with the use of the Optima checks, this would be a wonderful opportunity to earn points using the checks for mortgage payments, car payments or other large purchases that are not traditionally paid for by credit cards.