Cap 1 0% interest free period - is it my fault I missed the last day

pepperoni_2

Hi
I have over £7000 on a 0% BT with cap 1. Last months (June) statement said the estimated interest for the next month would be 0% so I assumed the interest free period was still running. However this mornings statement says they took £43 as interest for that same period.
Statement now says estimated for next month is £43 which is correct.
My question is how accurate is the estimated interest payable comment on your statement and have I been misled or just plain stupid.

I'm going to pay the whole amount off today but just wondering if it's worth a phone call.
Thanks

LongTermLurker

You need to clear the balance by the final statement date, not the date that that statement balance will be collected on.

I can't comment on the wording on the statement. You could phone them and ask them to explain - pray that you get through to a UK call centre, because the Indian ones will just repeat "thank you for your question about ... I can confirm that you were charged £43 in interest as of your July statement" until you say "thank you" and hang up.

pepperoni_2

Cheers, I can confirm the Indian portion of your post....previously polite but not that helpful to me.

CannyJock

Hate to say it, but estimated interest is useless. It'll be "correct" at the time it's produced based on the rate at that point in time which would have been 0%.

At the end of the day, yup, fraid you dropped the ball. You should always phone and get the exact date that your promotion ends. I end up phoning a few times in the run-up to the end of a promotion to check and check again (not that CS people every make mistakes obviously ). I end up asking "What date do I have to clear my balance in full to avoid interest?" then "So what date does my 0% promotion end?" then "So if I pay the balance in full prior to that date, then I won't be charged interest?" followed by "So provided the funds have cleared at your side before that date, then I won't pay a penny in interest?". And even then, note the name of the person you speak to and note the date and time of the call

You should look on it as a loss of profit from one stooze, slap yourself on the forehead then get on with your next one

pepperoni_2

CannyJock wrote: »

Hate to say it, but estimated interest is useless. It'll be "correct" at the time it's produced based on the rate at that point in time which would have been 0%.

At the end of the day, yup, fraid you dropped the ball. You should always phone and get the exact date that your promotion ends. I end up phoning a few times in the run-up to the end of a promotion to check and check again (not that CS people every make mistakes obviously ). I end up asking "What date do I have to clear my balance in full to avoid interest?" then "So what date does my 0% promotion end?" then "So if I pay the balance in full prior to that date, then I won't be charged interest?" followed by "So provided the funds have cleared at your side before that date, then I won't pay a penny in interest?". And even then, note the name of the person you speak to and note the date and time of the call

You should look on it as a loss of profit from one stooze, slap yourself on the forehead then get on with your next one

Good sense....I did think it was me and I actually did all you said on my previous BT....just became lazy...you snooze you lose

YorkshireBoy

Capital One are one of only a few providers who clearly tell you the exact end of promotion date in the terms and conditions. For example, the current offering says...

Standard purchases rate: an effective rate of 0.00% p.a. fixed until the day after your December 2009 monthly statement, from the date of purchase until repayment.

The old long BT deal you had contained similar wording (if you check).

pepperoni wrote:

you snooze you lose

Similarly, read and heed

dfh

Halifax do it as well.Very useful.

YorkshireBoy

dfh wrote: »

Halifax do it as well.Very useful.

I'm aware that they put in on every statement, which is even better, but didn't think they also put it in the T&C's. Are you saying they do now?

LongTermLurker

CannyJock wrote: »

I end up phoning a few times in the run-up to the end of a promotion to check and check again (not that CS people every make mistakes obviously ). I end up asking "What date do I have to clear my balance in full to avoid interest?" then "So what date does my 0% promotion end?" then "So if I pay the balance in full prior to that date, then I won't be charged interest?" followed by "So provided the funds have cleared at your side before that date, then I won't pay a penny in interest?". And even then, note the name of the person you speak to and note the date and time of the call

And I thought I was a sceptic

Milarky

My Capital One offer of 0% for 12 months ended on this month's statement date. But that may not generalise for all C1 offers - this was on a letter (i.e. an existing customer offer*) a year ago which (pace YB) did not specify how '12 months' was calculated. So I phoned India and they confirmed it would be 0% until the statement date.
*3 % fee

millarno

I rang several times to check when I should pay balanced off to avoid interest at the end of the period and was told 'August statement'

My jun - jul august had the 'phrase':

Your estimated interest payable next month, if your minimum payment has cleared by 16 August is £0.00....

Open my August statement:
Interest £21.55 addedd

Funny enough they can now tell me the with the same info above that next month's interest will be £21.32

I rang them...obvioulsy I now know the error of my ways and their 'deceptive' approach......the man said he could refund me £10, but when I was asking him about the 'phrase' he just cut me off....urggghhh 2nd person equally as unhelpful....now I am fuming...
least I used their freephone number from say no to 0870....