capital one

phoebe03cat

Have just been accepted for Capital one platinum with long 0% interest on bt.for 2% of total.
Happy with that but can anyone clarify this pls. States 0% on purchases for 3months and that the balance transfer handling fee wont be applied until the fourth month. Call me a cynic - but are they likely to class the bt handling fee bit as a purchase and trap me into paying interest - or will it be 0% and parcelled up with the bt?
Has anyone had any experience of this pls? Thanks

suefink

I've have this card for 5 months now, and they just added the BT fee to my balance after month 3. I have not been charged any interest yet so i'm assuming its 0% too.

phoebe03cat

Phew, hope that's right then. Will give them a call before we accept the card I think. Post further down under this one - Barclaycard bt -looks as though theyv'e done the dirty though.
Will post back and let u know what they say.

YorkshireBoy

phoebe03cat wrote:

Will give them a call before we accept the card I think.

No need to.

Just take a look at the 'order of payments' or 'allocation of payments' in your T&C's and you'll see that BT fees are repaid before the BT itself...

Allocation of your payments:
Unless you pay the outstanding balance in full, we will allocate your payments under this agreement in the following order:
(a) any cash withdrawal handling fees
(b) any interest
(c) any other fees, charges and expenses
(d) any Payment Protection Insurance
(e) transferred balances (with the exception of those stated at (f) and (g) below)
(f) any transactions described in your statement as 'special balance transfers', 'special purchases' or 'special cash withdrawals'
(g) any other balances that are transferred after the end of the initial period (if any) referred to above under 'Interest Rate' if, at the time of the balance transfer, your agreement has a separate interest rate for the life of balances transferred within an initial period, and all purchases
(h) cash withdrawals.

Source: Capital One T&C's

This means that your 2% BT fee should be more-or-less covered by your 3% minimum payment in month 4.

phoebe03cat

Thank you so much for this. Will get the acceptance off tomorrow. The long run on offer should finally clear the credit card debt all things being equal. Thanks again.

jojo1978_3

Just a word of advice though, don't use the card for purchases, use your other credit card and then keep transferring the balance, otherwise you will start to incurr the interest from month 3 on your purchases until the balance is repaid in full

YorkshireBoy

jojo1978 wrote:

...use your other credit card and then keep transferring the balance...

And pay a 2% BT fee each time? Why not simply repay the 'other' card each month?

niftythrifty_2

I just submitted an online application, only to be told that the website isn't functioning as normal - grr. Why didn't it tell me this at the start?

Fahim_2

I hate capitalone. Closed my account yesterday as they didn't gave me any offer, no limit increase, no apr reduction...

Whats in my wallet? Definitely not a capitalone card...

robnye

niftythrifty wrote:

I just submitted an online application, only to be told that the website isn't functioning as normal - grr. Why didn't it tell me this at the start?

i had the same problem, i phoned CS at capitalone, they said to wait for 48 hours, then phone CS again.
when i phoned 48 hours later, they confirmed that although the web application appeared to have failed, it did actually complete......

so wait until monday and phone CS again

niftythrifty_2

Thanks a lot for your reply. I will call the CS tomorrow.