Author Topic: Capital one interest ?!  (Read 1278 times)

Offline chevron

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 2552
  • Total likes: 543
  • DansDeals.com Hat Tips 2
    • View Profile
Capital one interest ?!
« on: April 11, 2018, 12:50:59 PM »
I dont use my capital one card often but was trying to free up balances on my chase cards.

I spent, paid card to 0. Then swiped about 5k

Go charged with interest, I contacted them, I said "hey I paid to 0!" they said well, we charge based on your avg daily balance. ive never heard of this before.. Is this allowed or ?

Online Mordyk

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2013
  • Posts: 4102
  • Total likes: 1015
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
  • Programs: Some of this and some of that.
Re: Capital one interest ?!
« Reply #1 on: April 11, 2018, 12:56:31 PM »
just had this with amex pay over time.  had a $7k charge  paid $6200. my balance was $800 and i was charged interest as if i left $7k.
i chatted with them and they removed the extra
#TYH

Offline chevron

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 2552
  • Total likes: 543
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Capital one interest ?!
« Reply #2 on: April 11, 2018, 12:57:43 PM »
just had this with amex pay over time.  had a $7k charge  paid $6200. my balance was $800 and i was charged interest as if i left $7k.
i chatted with them and they removed the extra

Capital one wont budge

Offline 12HRS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2013
  • Posts: 5108
  • Total likes: 575
  • DansDeals.com Hat Tips 6
    • View Profile
Re: Capital one interest ?!
« Reply #3 on: April 11, 2018, 03:18:33 PM »
I dont use my capital one card often but was trying to free up balances on my chase cards.

I spent, paid card to 0. Then swiped about 5k

Go charged with interest, I contacted them, I said "hey I paid to 0!" they said well, we charge based on your avg daily balance. ive never heard of this before.. Is this allowed or ?

Story is unclear to me. You have to make a payment of your full statement balance b4 the due date. you could have charged 5k before or after you made the payment and you should not have been charged interest.

Need specific details here

Offline whYME

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: May 2008
  • Posts: 3213
  • Total likes: 1241
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Capital one interest ?!
« Reply #4 on: April 11, 2018, 03:28:15 PM »
they said well, we charge based on your avg daily balance. ive never heard of this before.. Is this allowed or ?
AFAIK that's how everyone does it.

Offline chevron

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 2552
  • Total likes: 543
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Capital one interest ?!
« Reply #5 on: April 11, 2018, 03:29:51 PM »
Story is unclear to me. You have to make a payment of your full statement balance b4 the due date. you could have charged 5k before or after you made the payment and you should not have been charged interest.

Need specific details here

I made 2 payments, one was 5500 the other was 500. Cl is 6k. Like mordyk, they charged interest on 6k. Even though I paid to full, they claim the last 500 was entered a day late

Offline sharabob

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Apr 2014
  • Posts: 392
  • Total likes: 11
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Tel Aviv
Re: Capital one interest ?!
« Reply #6 on: April 11, 2018, 07:23:37 PM »
they claim the last 500 was entered a day late
That's the issue here. All credit cards accrue interest on all purchases from the day of purchase. There is no interest free period. BUT if you pay your ENTIRE bill before the due date, they waive the interest that was due. That's why if you're late with even a small amount, you lose the entire benefit.