Capital One Credit Card when a credit isn't a payment!!

ihatebeingindebt

Hi there

I'm hoping that someone out there may be able to help me. I've just checked my Capital One credit card statement and my minimum payment for last month was £71 but as I had two credits going in - refunds for something I had ordered - for £100 I didn't make this payment as I thought these credits would count as payments. I've just found out that they don't. Maybe I'm being very naive but I thought that a credit was a credit but apparently it isn't. I've just had a massive row with the company who told me that because it didn't come from a Bank they don't recognise it as a payment!! Is this wrong or is this something that I should have been aware of?? Can I take this further because obviously they've bunged on a late payment charge and loads of interest and I've not budgeted for the payment for this month so don't have any money until I get paid again!

Is there someone out there that can tell me that I've not been incredibly stupid??

Rainbow_Liberty

mmmm got to admit that has got me stumped completely. There were times in the past when I knew I wasn't going to have enough money to cover the minimum payment for that particular month and I've deliberately bought something on my credit card and returned it 24 hours later in the knowledge that the refund would show on my card as a credit and therefore I wouldn't have had to make a payment for that month. I know it was false economy but it was trying to buy me some time without the additional fees being added to the account.

ihatebeingindebt

Thanks for replying. I know I've definitely done that before and the credit has definitely gone towards my minimum payment. I'm trying to find out whether this is something that Capital One have just decided or whether it is a policy across the board with all the credit card companies or even a legal thing. I'm trying to find their Terms and Conditions but can't find them anywhere so I don't really know what to do next. I'm so angry!!!!!

Typhoon2000

i am pretty sure a refund/cancelled trasaction is not seen as a payment to reduce your credit card bill.

immoral_angeluk

Typhoon2000 wrote: »

i am pretty sure a refund/cancelled trasaction is not seen as a payment to reduce your credit card bill.

Correct, only payments made by the OP ie DDs, standing orders, card payments etc are counted as payments towards the accounts. Refunds are just refunds.

ihatebeingindebt

Oh OK seems like I've just been really stupid. I'll just have to swallow the late payment charge

st999

A friend of mine once got a refund on his credit card that put him in credit after his statement date but before he paid the statement.

He normally pays the balance off in full so he thought because he was in credit that he could miss the payment.

As you have found out it doesn't work like that.

He was charged a late payment fee but after a lot of discussion he got it back, spent the credit and cancelled the card.

Vote with your feet and leave them.

Stan

molerat

I have had refunds after statement date and that have reduced the DD payment amount that they took.

jw2003

Looks like it depends on the card issuer, I have just returned something I bought with my Capital One card for the first time so I don't know for sure. When I had a BarclayCard they DID count any credit as a credit and they told me that themselves

WTTM

ihatebeingindebt wrote: »

Hi there

Is there someone out there that can tell me that I've not been incredibly stupid??

As much as I would love to - I can't. It has always been this way.


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