Paying Balance in Full

DebH

Hi this is my first post so if I do things wrong please forgive me. Also you may all know this but here goes..

I have a capital one card and always pay my balance in full each month. This month I had two refunds and therefore paid the balance less these amounts but apparently refunds do not count towards your balance and I have therefore been charged interest for the whole month on all my purchases! Have just checked with them and as a goodwill gesture they have agreed to 'meet me half way'

Just wanted others to be aware of this and not get caught like I did.

johnllew

You've got to watch these shysters. If you had made full payment then your a/c would have been in credit and you probably would have had to jump through hoops to get it repaid to you if you weren't going to use the card again. I know they're within the T&Cs to charge you interest but I'm surprised in the circumstances they didn't refund all of it. If it was me I'd pursue it; you may just be lucky.

zcaprd7

I don't usually have to 'jump through hoops' to get a credit balance back, I just ring up and they (many CC issuers) send me a cheque?

charlie12

DebH,

I also have a Cap1 card that I use for purchases.

I purchased an item on my card for £200. I then received my statement a few days later with a balance of £200. I then returned the item and received a refund of £200 on my card. So my balance is now £0, however my card bill is still saying I need to pay £200 by a certain date.

I wasn't sure if I was going to be charged interest. so I paid the £200 anyway, placing my account in credit. It wasn't a problem for me as I'll just use this card for purchases to bring my card out of credit again.

It is a worry though, that even if a balance is paid off by a refund, interest is still due if the amount on the statement isn't paid in full.

One to watch for, definitely.

deemy2004

You need to call the shysters up and explain the situation to them. Then maybe they will reimburse the charges this time.

Robert_Sterling_3

I have a capital one card and always pay my balance in full each month. This month I had two refunds and therefore paid the balance less these amounts but apparently refunds do not count towards your balance and I have therefore been charged interest for the whole month on all my purchases! Have just checked with them and as a goodwill gesture they have agreed to 'meet me half way'

What a capital idea for making money.

hansi

I pay my balance off in full too, and whenever I have had a credit, my card companies will take the credit into consideration, ie if my due balance is £100 and I have credit showing of £10, thern they only take £90. But I do pay by Direct Debit so maybe it's different if you pay by other means.

deemy2004

This is very strange, becuase I have a capital one and it would count the refund as a credit.

Very bizare !

I.e.
In Dec 03 I bought a TV on my card, which was not delivered so it was recredited in Jan 04.

Now this re-credit in Jan 04 showed AS a credit and thus like you I PAID less these credits into the account for the amount due on my Dec statement.

So something wierd has happened with regards your refunds not counting as credits. Not normal.

DebH

Thanks for all the advice.
I think I shall ring again and have a chat to them as lady this morning also said that refund of the charges would not count as a payment to my account!! ???

DebH

A further bit of advice is needed please.

Have now received my statement from CAp one and realise that the total I paid them was 2 pence short of the balance! As they have now refunded half of charges should I just leave it or does anyone think it is still worth me trying to get refund of full amount rather than half??

Thanks in advance for any advice!

Rafter

Unless you pay your statement in full they will charge you interest on the total statement balance.

Unfortunately it looks like it is your error and apart from a goodwill gesture I can't see you getting a full refund.

Remember that credit card companies make little or no money out of people who pay their cards in full so don't expect to be treated as a 'valuable' customer, because you are not!

It used to be the case that the fees the retailers paid the credit card company was enough to cover the card running cost and the interest free period, but this is no longer the situation.

You are effectively being subsidised by people who do borrow on their cards.

R.