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Capitol one rip off charges
EXPOSE_CAPITOL_1_RIP_OFF
Posts: 11 Forumite
in Credit cards
Last October 09 I paid my Capitol one card on the due date as the money went straight from my account on that date, only to find I was charged
for being over my credit limit (500) as it was close to it, as well as a late payment fee. Like many people, I have also struggled to pay all my bills
during the last year, and Capitol one have offered me now help whatsoever.
They have exploited the situation by charging when I think I had paid on time and have further increased the bill to now around 700 pounds and rising.
I owe Barclaycard around 800 and they are letting me pay about
20 pounds a month for 12 months @ 0.25 interest.
Brilliant...!
So why don't capitol one offer something similar......?!
They are difficult to deal with on the phone.
I have asked them to reduce the interest and they will not.
Does anyone have similar experiences...?
Any suggestions....?
Should I complain to the FSA....?
Cheers......!
for being over my credit limit (500) as it was close to it, as well as a late payment fee. Like many people, I have also struggled to pay all my bills
during the last year, and Capitol one have offered me now help whatsoever.
They have exploited the situation by charging when I think I had paid on time and have further increased the bill to now around 700 pounds and rising.
I owe Barclaycard around 800 and they are letting me pay about
20 pounds a month for 12 months @ 0.25 interest.
Brilliant...!
So why don't capitol one offer something similar......?!
They are difficult to deal with on the phone.
I have asked them to reduce the interest and they will not.
Does anyone have similar experiences...?
Any suggestions....?
Should I complain to the FSA....?
Cheers......!
0
Comments
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Just so I understand this.
1) you paid your October bill on the due date
2) the payment didn't clear in time so you were charged a late payment fee
3) the late payment fee took you over your credit limit
4) you were charged for going over your limit
Is this correct? If so, I'm afraid you made the error by leaving your payment so late. Your statement will give details of when you need to pay by and most say that you should allow four working days if paying electronically. The due date is when the money needs to have cleared on your credit card account by - not when it needs to leave your current account by. So, I think the late payment fee is reasonable. However, if this is your first offence then your best bet is to talk to them politely, apologise and ask if they will consider refunding the fee as a gesture of goodwill.
As for the overlimit charge - I feel that is harsh but probably within their T&Cs. Again, you could ask them to refund it as a gesture of goodwill.
As for going to the FSA, you would need to exhaust Capital One's complaints procedure first.
Actually, I've just re-read your post. You say you have got £200 worth of charges on your account since October? You've allowed this to get out of hand. It might be a bit late to ask them for a goodwill gesture - but still worth a shot.0 -
The money left my bank account on the due date.
There are plenty of electronic transactions that take place
where the money is transfered straight away.
The due date is when I paid, so then that is when they
should have received the money.
It's just a way to trap people....
I find Eydon's reply quite biased towards capitol one,
and wondering who he works for.......0 -
I am sure the T and Cs say allow 4 days for payment to clear. What is so difficult to understand, where is the rip off?0
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This type of payment can take up to 4days. Its industry standard I'm afraid.
The payment must be in capital 1s bank by the due date, quite clearly explained in the terms and on the statements.
Its nothing to do with them how long your bank take to process the payment.
No 'trapping' here.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Not biased - I just live in the real world.
Yes, some institutions operate faster payments. But in order for that to work both the sending bank and the receiving bank have to operate it. Without knowing who you bank with it's impossible to say.
I'm afraid that leaving actually making the payment until the due date is asking for trouble.
And to put your mind at rest, I used to work for a credit card company (in fact I've worked for several in my time - Capital One was not one of them), but I haven't worked in that industry now for five years.
And how can you say that they are trapping people. It should quite clearly tell you how many days to give for your payment to clear on the back of the statement.0 -
Eydon is quite correct. Even though you paid on the due date, to go through capitalone's system can take up to 4 days as per there t&c's.
You should always ensure you pay at least 4 or maybe 5 days before the due date to ensure it gets to your account in time0 -
my view is in my 1st reply....
money out = money in = simple
I was under the impression electronic transfer makes this possible.
Plenty of transactions take place instantly.
This is the trap.....ambiguous phrases like 'due date'.
Where was the money that had left my bank a/c...?
Anyway stuff CAP1....!
they are definitely the worst credit card in my experience.
Barclaycard are very helpful by reducing payments and interest.
As soon as it's paid off, CAP 1 is history for me...
and good riddance....!
shall stick with barclaycard.....0 -
EXPOSE_CAPITOL_1_RIP_OFF wrote: »my view is in my 1st reply....
money out = money in = simple
I was under the impression electronic transfer makes this possible.
Plenty of transactions take place instantly.
This is the trap.....ambiguous phrases like 'due date'.
Where was the money that had left my bank a/c...?
Anyway stuff them....
as soon as it's paid off, CAP 1 is history for me
and good riddance....!
shall stick with barclaycard.....
They probably have the same terms.0 -
EXPOSE_CAPITOL_1_RIP_OFF wrote: »my view is in my 1st reply....
money out = money in = simple
I was under the impression electronic transfer makes this possible.
Plenty of transactions take place instantly.
This is the trap.....ambiguous phrases like 'due date'.
Where was the money that had left my bank a/c...?
Anyway stuff CAP1....!
they are definitely the worst credit card in my experience.
Barclaycard are very helpful by reducing payments and interest.
As soon as it's paid off, CAP 1 is history for me...
and good riddance....!
shall stick with barclaycard.....
I doubt either of them will be offering you further credit facilities!Gone ... or have I?0 -
EXPOSE_CAPITOL_1_RIP_OFF wrote: »The money left my bank account on the due date.
There are plenty of electronic transactions that take place
where the money is transfered straight away.
The due date is when I paid, so then that is when they
should have received the money.
It's just a way to trap people....
I find Eydon's reply quite biased towards capitol one,
and wondering who he works for.......
On the back of the statement it says 'allow up to 5 working days for payment to reach your account';. What that means is you should have paid at least 5 working days BEFORE the due date - not ON the due date. Nobody pays bills ON the due date because it wont reach the account in time.
I don't think you understand how payments work when you are paying a bill. It's not the same as transfering money to an individual.0
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