Capital One BT's

Tom_Jones

Folks if you have a balance transfer with Capital One beware of an underhand tactic they use to try to get interest out of you near the end of you interest free period.

Basically my 0% free BT period was due to expire on the 27th Dec so I decided to pay off the balance in full, and this was credited to my account some 15 days before the due date on my statement. I recived a statement today with £5.55 in what they called BT interest, so I called them and they said it was for interest charged between the November statement due date and when the monies was credited to my account (29th Nov), they stated it was in the T+C's of a BT.

After much argument and threatening to close the account they waived the £5.55 and a letter is in the post to that effect, once it arrives I will however still close the account.

Be careful folks !!!

Happy Xmas all.

Clariman

Basically my 0% free BT period was due to expire on the 27th Dec so I decided to pay off the balance in full, and this was credited to my account some 15 days before the due date on my statement. I recived a statement today with £5.55 in what they called BT interest, so I called them and they said it was for interest charged between the November statement due date and when the monies was credited to my account (29th Nov), they stated it was in the T+C's of a BT.

That doesn't quite tie up to me. First thing to realise is that, for most credit cards, the statement's 'payment due' date and the 0% BT introductory period end date are 2 totally separate things. For most cards, you must pay off the full BT balance before the end of the introductory period, otherwise you will be charged interest. Quite often people get caught out because they assume that it will be all right if they pay the balance off in full by the due date of the next statement. However, you seem to be saying that you paid it off in full before the end of the introductory period and were charged interest - that does not make sense. Are you sure that you did not misunderstand the date the 0% period ended ?

Clariman

pennypincher_2

Do Capital One allow subsequent balance transfers (I realise they will charge me a fee) but it would make sense for me to transfer the balance of my Xmas CC to my Capital One. Any info appreciated.

klondyke

You would need to check the T&Cs of your particular deal - or ring and ask them. I have an 18 month 0% and was assured that during this period there would be no fee on any BTs.

pennypincher_2

Thanks,will give them a call - I'm on the Jan 07 promo so once I have an answer I'll update this thread.