Cash Intrest charged on £0 balance on capital 1 credit card

shaqs77

i wonder if somebody could help me please im at my witts end!!

as of febuary this year i had a balance of £158.29 on my account which my wife cleared using her hsbc debit card. on the 13th of march capital 1 charged me a cash intrest of £1.10. because the balance had been paid off i never looked at my account until i saw 2 charges of £12 put on there for missed payments. i rang them up to complain and the best they could advise is that they will waiver one charge but i would still have to pay the remainder. even this is a small amount this is not fair.

any advice please.

CLAPTON

The balance you saw in february includes the interest due up to the date of the statement.
obviously more interest accrues from the time of the statement until the date you actually paid.
This is called trailing interest and will show on the next statement (i.e. in March)
You need to pay in full for two consecutive statements to stop further interest accrueing

This is how all CC work.

Paul_Herring

For two lots of £12, you must have missed two statements/months asking you to pay that interest.

Hardly their fault if you can't be bothered looking at your CC statements. How long would it have taken you to notice a fraudulent transaction on your card in February for example?

I think they're being generous for offering to waive one of the charges.

PNPSUKNET

With capital one, you can push and get both removed its how loud you shout with them been honest. But yes you should always check your statments, could be worth setting a dd up to prevent it happening as those x2 late payments will effect your credit file

Simon_Preston

It really does astonish me that people do not bother looking at their statements when they come through. How long does it take to open a letter, in all honesty?
If anything, I think they've been fair to have waivered on missed payment. Pay it off and take this as a lesson to be more vigilant in future.

scootw1

Yes he should have checked his statements but there again if the balance was paid off by the date requested on the statement there should not have been any interest at all. That is the way CCs work. If the balance was not paid by the due date then there would have been interest. from the sound of the post I would say they did pay it off by the due date so Capital One had no right to charge interest

Paul_Herring

scootw1 wrote:

from the sound of the post I would say they did pay it off by the due date so Capital One had no right to charge interest

You've clearly read something into that first post that the rest of us haven't. If a balance had been carried over from January, interest would/should have been charged.

scootw1

Paul_Herring wrote: »

You've clearly read something into that first post that the rest of us haven't. If a balance had been carried over from January, interest would/should have been charged.

How can it be misread?

as of febuary this year i had a balance of £158.29 on my account which my wife cleared using her hsbc debit card

That means he paid it off surely so balance was zero afterwards surely? Or am I missing something here?

CLAPTON

scootw1 wrote: »

How can it be misread?

as of febuary this year i had a balance of £158.29 on my account which my wife cleared using her hsbc debit card

That means he paid it off surely so balance was zero afterwards surely? Or am I missing something here?

Only if you pay the balance completely each and every month and don't ever draw cash from the card will there be no interest.

Otherwise even if you pay the full balance there will be residual interest from the statement date to the actual date you make the payment.
You then need to clear the balance for two consecutive months before interest stops.
Here we are assuming that the OP didn't clear the full balance in January or has drawn cash.

scootw1

CLAPTON wrote: »

Only if you pay the balance completely each and every month and don't ever draw cash from the card will there be no interest.

Otherwise even if you pay the full balance there will be residual interest from the statement date to the actual date you make the payment.
You then need to clear the balance for two consecutive months before interest stops.
Here we are assuming that the OP didn't clear the full balance in January or has drawn cash.

But the OP never mentioned those things so how can you assume that? they said they paid it off. Perhaps the OP would like to comment on this and set the record straight?

p00hsticks

scootw1 wrote: »

But the OP never mentioned those things so how can you assume that?

It's reasonable to assume it because it's the simplest and most usual explanation for what the OP is reporting - namely getting charged a residual amount of interest for a month after the balance has been cleared.

scootw1 wrote: »

Perhaps the OP would like to comment on this and set the record straight?

Agreed - shaqs77, are you out there ?