Capital One charge for paying early!

SteveDuk

I recently opened a Capital One credit card account to take advantage of the free ID protection.

here is the timeline:

16/06/08 Card received
Card used (0% for first 3 months)
31/06/08 Payday, payment sent via internet banking for well over the minimum payment.
05/07/08 Statement received (dated 03/07/08)
29/07/08 Late payment charge (£12) applied to the account!

On ringing I was told that the payment I sent didn't count because it was received 2 days before the statement date, I had been penalised for paying early.

The outcome is that the call center nosepicker will credit the charge back as a "goodwill gesture".

Goodwill?
I don't think so.

Steve

CLAPTON

well, that's sort of correct, except in your case it was the first ever bill. so its worth understanding how the systems work for other occasions.

noh

No you haven't been penalised for paying early you have been penalised for not paying the minimum amount required as detailed on your statement dated 03/07/2008
Capital One have made a goodwill gesture in refunding the charge.
Have you now set up a DD for the minimum payment in order to ensure you don't make a similar mistake in the future?

Nigel

judy2357

SteveDuk wrote: »

I recently opened a Capital One credit card account to take advantage of the free ID protection.

here is the timeline:

16/06/08 Card received
Card used (0% for first 3 months)
31/06/08 Payday, payment sent via internet banking for well over the minimum payment.
05/07/08 Statement received (dated 03/07/08)
29/07/08 Late payment charge (£12) applied to the account!

On ringing I was told that the payment I sent didn't count because it was received 2 days before the statement date, I had been penalised for paying early.

The outcome is that the call center nosepicker will credit the charge back as a "goodwill gesture".

Goodwill?
I don't think so.

Steve

Did you transfer a balance of something, or did you spend as soon as you got the, card. I think the problem was that your pay day was actually the 30th June as June has only 30 days and there were not enough days (4 working I think) before the date of the statement on the 3rd July, so your payment was actually late but I may be wrong, perhaps someone else could clarify.

YorkshireBoy

judy2357 wrote: »

...I may be wrong, perhaps someone else could clarify.

Statement date: 3/7/08
Payment due date: 29/7/08

No payment was made between the above dates, hence a £12 charge was incurred.

SteveDuk wrote:

Goodwill?
I don't think so.

I think you've come out of it very well. Just make sure you haven't lost your 0% intro promotion otherwise you'll be posting again.

Could I respectfully suggest you familiarise yourself with your account T&C's.

HamiltonL

Yep. An early payment will just reduce the balance. It may reduce a first statement/future statement minimum payment amount once the statement is published, but that's it. Same with any other card provider.

Richard019

To put it another way. If two months down the line you paid twice the minimum payment, you wouldn't expect to not have to pay anything the following month would you?