I received a convenience check offer from Chase. The checks incur a 3.99% APR for one year, and there is no transaction fee (no usual 3% of the amount).
I have committed to pay $500/mo in Jan, Feb, and March to help pay for the costs of caring for an elderly relative. I am considering writing a convenience check to myself for $2,000 - with $1,500 of it going into a savings account to pay out $500/mo, and $500 using to finish off a higher interest credit card.
I have a monthly surplus in my budget of about $500/mo. I don't particularly care about the $40 or so in interest that this check will cost me over the course of a year, and I plan to pay it off much sooner than that anyway. I pay about $25/mo in finance charges anyway on that higher interest card, which this would alleviate.
As far as I can tell, this is a good idea for me to do. Anything else I should consider?