Capital One probs - Anyone else had this?

Hi all, I have just seen my statement for February and notice that although I kept my spending on this card to it's limit, I have been knocked overlimit by 4.50 approx.

Now, the limit is a measly 200 and I have paid off the balance in full every month ever since I opened the account in June (Basically for sundries).

Because of this, my interest rate has always been 0% as I have paid it all off in full each month. My February statement even shows the full balance being paid into my account on 15th January 2004 - 13 days early!!!!

This 4.50 I have been charged is "Purchase Interest" at 29.9% APR. I have just called CapitalOne to be put through to an Indian call centre (YUK!) and the automaton at the other end said basically "Tough s**t", we'll send out a letter explaining the charges etc etc etc.

Have they done this to anyone else who pays off their balance in full, in order to knock you overlimit and charge you a 20 overlimit fee, so they can squeeze some money out of you?

Answers on a postcard please......

Simon

Reply to
www.kernow-telecom.co.uk
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Never seen that. I always pay of my balance. This isn't a charge for getting cash is it? If you get cash out of a cash machine, you pay interest on it immediately.

cd

Reply to
criticaldensity

No. Threw the PIN away when I got it. I would never use a CC for cash.

Anyway, it now transpires that I paid my entire balance off, bar 2 pence! So they charged for the whole interest charge on 200!

I have just paid off my entire balance in full today, and my balance is now

0.00, and after that, I think that's where the balance will stay for a while!

Simon

Reply to
www.kernow-telecom.co.uk

Steer clear of Capital One. A bunch of tossers.

Alan

Don't reply to this e-mail address - messages will be deleted unread. To reply to me take away the news and substitute alanc

Reply to
Alan Norris

Without a hint of irony, Alan Norris astounded uk.finance on 09 Feb 2004 by announcing:

Seconded. Although I did get a free pocket TV for (briefly) opening an account with them a few months ago.

Reply to
Alex

But they do give 1% cashback on their Circle card :o)

Daniel

Reply to
Daniel

If you can get hold of one....

Regards, Far

Reply to
Far

I've not said at any point that I am unhappy with them (really!), just wondering as to their tactics. In fact is was my 2p (literally!) that caused the problem :)

Simon

Reply to
www.kernow-telecom.co.uk

"

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" wrote

Are you saying that it was your own fault that the full balance wasn't paid off? Why did you miss the extra 2p?? :-(

Reply to
Tim

I had to go through their appeals process to get one, but that was some time ago.

cd

Reply to
criticaldensity

Why? I mean was it something about you, or were they just declining to issue them anymore?

Reply to
GSV Three Minds in a Can

I found Capital One gave a poor service. They rang me to ask if I wanted payment protection, I said no but send me details. On the next statement they had set me up to pay it AND charged me completely differently to how they had explained. 2 months later and 3 phone calls I eventually get credited back.

I've transferred the balance to Mint now. Hopefully they will be more efficient.

Reply to
Uncle_Jarvis

I believe there is something in the consumer credit act that says that interest charges have to be reasonable and not excessive.

My calculator doesn't have enough digits on it to work out the effective rate they are charging on your 2p loan, but it is somewhere in the region of 1150000000000000000000000000000000000000%

I had a similar argument with GE Capital Bank about a slightly more reasonable 82400% charge about 5 years ago, and they eventually gave in.

Reply to
Jonathan Bryce

"Jonathan Bryce" wrote

How is charging interest on a 200 balance the same as "charging on your 2p loan" ?

Reply to
Tim

2p is the amount remaining outstanding, and it is as a result of this 2p that they are charging interest.
Reply to
Jonathan Bryce

"Jonathan Bryce" wrote

It may be "because of" the 2p outstanding, but the "loan" is actually for more like 200 and therefore the interest rate is nowhere near the figure you quoted!

Reply to
Tim

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