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Credit Card "Checks" -- is 5.99% APR for the Life of the Balance a good deal in today's market?

So...US Bank sent four checks that I can pretty much do anything I want with including writing a check to myself. They must be written before 11/30/08. I will be charged 3% as a transaction fee. Is there a catch . . . is this a NET good deal?

Public Comments

1. Since the 3% balance transfer fee is charged up front, the effective interest if paid off over a year would be approximately 9%. Or if paid off over 3 years would end up approximately 7% annually (without doing all the math). The catch is that if you are late with 1 or 2 payments, that teaser rate may disappear and you could be charged whatever the going rate is at the time (if not higher for being late). So be very careful of due dates that fall on weekends/holidays.