Capital One Classic Card - Overpaying Query

antispam246

Hi, I have my first CC (Capital One Classic). It has a £200 limit and 1% cashback. My balance on my online statement is £153 BUT my actual balance (unreported) is £170, this is as 4 payments have yet to be processed, they are listed under "Pending Transactions".

So, I already have a DD set up to take full payment but as I'm near my limit I want to make a one off payment to build the credit limit back up.

2 Questions;

1) When I go to make a one off payment it say I can pay the full balance "£153" but this isn't the real full balance, so would it be ok to pay "Other" and then pay £170? I assume doing this would simply put me £17 credit and then when the other 4 payments are finally processed it will deduct it from my £17 credit. Is that correct or am I missing something?

2) For Capital One specifically whats the best way to make a one off payment? My 2 choices seem to be a debit card payment directly through the Capital One account or I could make a bill payment through my debit card account (Barclays). What are the pros and cons of doing each? More importantly, which would process the payment faster?

On the Capital One account it states that you should allow 2 working days for the payment to clear. However if I did it through my Barclays account would it go as a faster payment and therefore be cleared immediately?

jen245

No you cant do that. It will only let you pay off what the current balance is (I tried this myself a while ago) so you'd have to wait for the other transactions to some out, and pay the lot off in full. I normally pay mine on the Capital One website with my debit card. It credits the account normally within 2 working days. I havent tried paying it as a bill payment through my current account.

[Deleted User]

I always click pay bill, debit card, then enter whatever I want in

Anything over the balance goes as a credit.

I had a £7 credit for about 2 months, then a £247 credit - I simply asked for it to be BACS'ed into my account as I didn't want to spend it (refund + overpayment by myself).

It simples gives them more money to earn interest on at the end of the day

jen245

[quote=[Deleted User];38443614]I always click pay bill, debit card, then enter whatever I want in

Anything over the balance goes as a credit.

I had a £7 credit for about 2 months, then a £247 credit - I simply asked for it to be BACS'ed into my account as I didn't want to spend it (refund + overpayment by myself).

It simples gives them more money to earn interest on at the end of the day[/QUOTE]

Not quite sure how you managed that. Ive just tried it and it came up with this message

The payment amount must be greater than £1 and less than your Total Current Balance.

I think the only way you'd be able to do it, is via BACS from your bank account, by which time, the other transactions will probably have come out of your account anyway, providing it doesnt go by FP

[Deleted User]

jen245 wrote: »

Not quite sure how you managed that. Ive just tried it and it came up with this message

The payment amount must be greater than £1 and less than your Total Current Balance.

I think the only way you'd be able to do it, is via BACS from your bank account, by which time, the other transactions will probably have come out of your account anyway, providing it doesnt go by FP

am I missing the point here? I didn't think it would be something special to pay more than the outstanding balance on a CC lol

antispam246

Well I made payment through capital one site to test how long it takes, obviously being the weekend doesn't help but when the unproccessed payments kick in i'll try doing it through my bank, see if there's any difference.

antispam246

Payment was taken 14th so same day, as it was a Sunday it didn't appear on statement till today but it states last payment taken 14th.

https://www.capitaloneonline.co.uk/CapitalOne_Consumer/AcctServices.do#payments

The above link shows how to make a payment from your bank, using Capitals bank account no. and sort code. When I did this through Barclays I just selected pay a bill or person. After I put pay "Capital One" it gave me a list of matching options. One of which was Capital One Visa and the first 4 digits of the card matched mine so I knew this was correct. You then simply put your credit card number as the reference. Going to do this now for the 4 unprocessed (now processed) transactions to see if it goes immediately.

Obviously as the original payment was taken same day you may be wondering why bother. Well, besides curosity when I do a payment through Barclays they will tell me immediately if it's been taken as a faster payment and exactly when it arrived, so just for complete verification.

Looks like it's gone as faster payment, Barclays indicate

"Payee bank response: funds available within 2 hours"

I'm assuming it won't update on Capital One statment straight away. So probably no real difference either way.

RESOLVED

EDIT: Actually, the real difference is, perhaps, as I was told above by someone else in response to one of my original queries. "Can you overpay"? If you can not overpay through the Capital One payment system, then you probably CAN if you overpay via your bank account. I doubt they would reject the payment if I overpayed by Barclays. Might try that in abit and report back.

antispam246

Just to finally RESOLVE this for my own bookmarked sake. You can overpay. As stated previously I made an over payment from Barclays to Capital One (won't work other way round). My Balance is now negative £90.xx effectively giving my £90.xx over my credit.

Reason I did this was ensure a safety barrier around a large purchase whilst being unable to pay off smaller purchases. Worked very nicely (:

RESOLVED

NekoZombie

Yes, you CAN overpay. Whether you MAY is another matter. I believe some credit card providers charge you if you overpay your card to the extent that you go into credit - i would check your statement next month so see if charges have been applied to your account for breaking the terms and conditions...

I_know_my_ABC_and_my_CMYK

I find Cap one credits within 2 hours of sending the payment from my bank, faster payments.

thequant

Ive had my Cap 1 card in credit in the past, sometimes for a couple of K at a time for months on end and never had a problem. At one time they even use to pay to interest!