Capital One Mistakes

Morn

I have recently been moving money around to pay of my current debts. During this process I have accidentally paid Capital One £1000 pound of money that has taken my account in to the green by over £900.

Capital One are trying to make me transfer the money out of their card to another of my cards, this on face value is a good plan as I am able to then transfer the funds back to a current account. However that credit company would charge me a cash advance fee and which is something that I do not want to pay.

The other option is that capital one send me a cheque, however this has the potential to take over 15 days but at least I would have the money sooner rather than later.

Has anyone else had a similar problem and how did they resolve the situation without the long delays and the fees involved?

Kindest Regards
Graham

Voyager2002

Firstly, any chance that you can "recall" the incorrect payment to Capital One?

Otherwise, you need to state what fee you would end up paying on a balance transfer to get the money back into your account. If the fee is a typical 2.5 per cent, that is more than a month's interest on most credit cards and so not worth paying to save a couple of weeks (and remember that although doing it by transfers is faster than waiting for a cheque, money transfers are not instant -- each leg of that two-stage process is likely to take three working days).

Otherwise, if you have an Egg card you can probably transfer the money on to that and then get into your account without a fee, but do check with Egg before you do anything -- your terms and conditions may differ from mine.

Morn

Ok they are offering to do it for free, however there is an element of me not wanting to have it balance transferred onto the account as i am managing the 0% card in a different way to the others.

There is one further problem; the card company that I would transfer to would consider transferring the funds to a bank account as a cash withdrawal thus they would be getting me either way.

I may just take it as a lesson learnt and be a little more careful next time.

Regards

Graham