Capital One - 1% rebate - 1.16% purchase interest - how to get rebate with no charge?

Sooler

A Capital One card giving 1% rebate of total spend at end of year, but charges 1.16% purchase interest every month (from date of purchase to date of paying bill I guess).

How do you get the rebate whilst paying no interest, do you have to make a purchase and pay the money into Capital One on the same day?
Keep a credit balance on the card? or is it not worth bothering. Capital One can't explain

zcaprd7

Shouldn't be any interest charges if you clear your account every month (in time) - set up a DD to do this?

djblamire

Sooler wrote:

A Capital One card giving 1% rebate of total spend at end of year, but charges 1.16% purchase interest every month (from date of purchase to date of paying bill I guess).

How do you get the rebate whilst paying no interest, do you have to make a purchase and pay the money into Capital One on the same day?
Keep a credit balance on the card? or is it not worth bothering. Capital One can't explain

I think you would have to keep the credit card account in credit !!?

Do you have a link to this one ?

Thanks
Daniel

Sooler

This is a 1% rebate card taken out last year - not a current offer.
Initially there was a 6 month 0% interest period.
After this they sneakily added the 1.16% purchase interest charge and no grace period - paying the bill in full every month will not avoid purchase interest charges.


After speaking 3 times to India they say this applies to all of their rebate cards.

gk172

I have a capital one rebate card - circles which used to offer 1% but has in the past year dropped down to 1/2% and the way i run it is i pay off what is out standing once statement comes in so there is nothing to apply interest too and its worked fine for me the past 2 years a nice we sum of about £65, i also pay all insurances and council tax on the card and get a little something back by doing it this way. But if there is one giving 1% can someone post a link please?

zcaprd7

No grace period - how sneaky!

Well I guess you can keep it in credit but is it worth the hassle?

And you lose out on any interest you would have received with the money in a savings account...

Could be worth doing it for one-offs like holidays etc but if you want protection then you'd have to pay for it out of credit then pay off asap (so three days of interest? or pay it two days before you spend on it?)

deemy2004

djblamire wrote:

I think you would have to keep the credit card account in credit !!?

Do you have a link to this one ?

Thanks
Daniel

????

You spend on the card
You pay the full balance by the due date every month
Then in December (or whenever) you get the 1% rebate on total spend on the card durign the previous 12 months

I also have a capial one circle 1% rebate card ... yes still 1% payable every december, with no interest charges

zcaprd7

I thought that at first but it seems you get charged interest on purchases from day one (unusual I know but one of the first ever credit card perks was the grace period on purchases so they're not obliged to give it to you).

Sooler

deemy2004 wrote:

I also have a capial one circle 1% rebate card ... yes still 1% payable every december, with no interest charges

Check your statements for a 'Purchase Interest' entry - if it's not on there now it may suddenly appear on future bills.

deemy2004

Checked last statement dated 5th Feb 05 -

The interest you're paying this month is based on the following monthly interest rates
Purchase Interest 0.000%

Your estimated interest payable next month, if your minimum payment has cleared by 03 March, is £13.80


I will keep my beedy eyes on the next statement