When most people think about credit cards, they first think of a rectangular piece of plastic that is physically swiped in a machine when you make a payment. In recent years however, there has been an increasing trend towards borrowing on your account without actually using your card, originally by quoting your account number over the telephone, and more recently when shopping online.
Add to this the ability to withdraw cash using your card, and nowadays a credit card account is perhaps better thought of as a more general line of credit you can use in many situations, rather than simply a convenient payment method. Credit card cheques are a natural extension of this idea, but they have attracted a fair amount of controversy – not least over the amount they cost.
Credit card cheques are similar to a traditional bank cheques in that you make them out to the company you’re paying, and sign for the amount to be taken from your account. Card issuers say they are useful for using your credit account in situations where plastic can’t be used – for example, paying a utility bill by post.
The crucial difference is that with a credit card...
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