Capital One - Lots of Hassle!

AuntyJean

I applied for a Capital One No Hassle Platinum Card as I wanted to use it on holiday. I applied online, was accepted and had my other credit card balance transferred.

The card did not arrive in time so I paid off my other cards balance by the due date to avoid interest charges. When I returned from holiday the card had arrived and they had transferred the balance from my other account onto my Capital card.

I was getting concerned as no statement had arrived so I rang them. They told me my balance and I was within the due date to pay without incurring interest charges. I paid off the account so there was a nil balance.

When I went to check my accounts I realised they had charged me interest for transferring the balance, even though the introductory balance transfer should have been free.

Okay, so it cost me £4.79 to take out a card which I never used. I then check online to see that from a NIL balance this months statement shows a balance of £3.78!!

What is going on!!

Tried sending a message online but have had no reply so will be ringing them today.

No Hassle eh! Wish I had never bothered!

AuntyJean

Have just had an argument with Capital One.

It would appear that your ARE charged for balance transfers.

In the key features of the charges on the back of the 'welcome' letter it states Itroductory Rate on Balance Transfers as N/A. The ignoramous that I am thought this meant there was no interest charged. No, it means there is no introductory rate applicable and therefore the standard rate applies! The girl at Capital One thought this was quite clear and not at all misleading. The interest rate is charged daily and therefore I have been charged to transfer from my other account to this one.

After much argument on this being misleading she agreed to waive the balance interest of £3.78 and close my account.

Be warned!

daveboy

Whilst I may not be transferring a balance for a while, I always thought that N/A meant there wasn't a charge. Reading this has made me realise, so I think your post above is extremely helpful in pointing this out.

YorkshireBoy

Capital One run several cards, and it is possible that...

a) you accidentally applied for the wrong card, but more likely that...

b) they declined you for the 'no hassle' card, and sent you their '5.9% on BT's and 0% on purchases' card (or similar) - something for which Capital One are renowned.

For future reference, N/A means 'not applicable', ie the introductory rate is not applicable to purchases, or a BT fee is not applicable if made within the first x weeks.

Using LTSB's summary box as an example...

Other Rates.........Introductory Rate....Simple Annual Rate.....Monthly Rate
Purchase.............N/A .........................14.004% ..............1.167%
Cash Advances.....N/A..........................16.272% ..............1.356%
Balance Transfers..0% for 9 months.........14.004%...............1.167%
.........................on balances
.........................transferred within
.........................6 weeks after we
.........................open your account

...there is no introductory rate on purchases, ie they immediately incur interest at the monthly rate of 1.167%, if you don't settle the statement in full.

chloe_87_87

How long does it take for the credit cards to arrive? I applied for one what seems weeks ago and havent recieved it yet - am starting to think its gone missing in the post or someone has stolen it and is using it the leaving me with a hefty bill.

AuntyJean

I had my letter of acceptance saying my card would arrive shortly, on 24th September. I went on holiday on 11th October and it arrived whilst I was away.

I strongly suggest you ring them or, if you know what your card number is (say with a covering letter) register online and check your statement details.

Don't forget interest is charged daily.

$17mma

Is there a balance transfer charge on the one that is 0% until 2007?