Wrongly charged "Purchase Interest"

Interesting_Ian

When I was looking at my Capital One credit card transactons yesterday I noticed I'd been charged 0.80p for something called "purchase interest". I pay the full amount I owe on my credit card each month, so was a bit puzzled by this. I sent them the following message:

"I've noticed I've been charged £0.80 for something called "purchase interest". I pay my credit card off by direct debit every month. Sometimes I pay before that. So I shouldn't be getting charged for anything I didn't actually buy.

Take it off now or I'll never use my credit card again".

I just received the rather strange reply this morning:

Thank you for your message.

After reviewing your account, I found that the interest we've charged you is incorrect. Upon further investigation, I discovered that this was caused by a system error.

To correct this, I've refunded the interest. You'll see a refund for £0.80 on your next statement.

For your future statements, I’ll review your account each month and refund the interest that has been added due to this error. Unfortunately, I have to do it this way because it’s not possible for me to stop the interest we’re charging you. I’ll refund the interest the day after we’ve sent you your statement. You’ll see the refund on the following statement each month until this problem is resolved.

I’d like to thank you for bringing this to our attention. I’m sorry that our mistake meant that you had to go to the trouble of contacting us. This shouldn’t have happened.

If you have any other queries, please send us a further secure message.

They are unable to stop this error?? :O

I bet if the error were the other way round and I kept receiving money I'm not entitled to they'd soon stop it!

I'm always getting overcharged whether from supermarkets, utility companies, credit card companies or whatever. I never get undercharged! And I'm sure I'm probably missing the majority of these "errors". I can't help feeling that these "errors" are intentional knowing that most people will never spot them.

I don't think the present situation is satisfactory because I'll need to keep checking my credit card account each month to make sure this "purchase interest" has been taken off! Does anyone have any advice about what message I should send back to them?

Fruit_and_Nut_Case

Capital_One wrote:

For your future statements, I’ll review your account each month and refund the interest that has been added due to this error.

I'd take that with a pinch of salt. Keep checking your statement.

jonesMUFCforever

How many seconds does it take to look at a statement?
How many minutes to apply elsewhere for a new card if it can't be sorted?

callum9999

Interesting_Ian wrote: »

When I was looking at my Capital One credit card transactons yesterday I noticed I'd been charged 0.80p for something called "purchase interest". I pay the full amount I owe on my credit card each month, so was a bit puzzled by this. I sent them the following message:

I just received the rather strange reply this morning:

They are unable to stop this error?? :O

I bet if the error were the other way round and I kept receiving money I'm not entitled to they'd soon stop it!

I'm always getting overcharged whether from supermarkets, utility companies, credit card companies or whatever. I never get undercharged! And I'm sure I'm probably missing the majority of these "errors". I can't help feeling that these "errors" are intentional knowing that most people will never spot them.

I don't think the present situation is satisfactory because I'll need to keep checking my credit card account each month to make sure this "purchase interest" has been taken off! Does anyone have any advice about what message I should send back to them?

They are manually reviewing your account every month - seems reasonable to me. Do you not check your credit card statements anyway? If you are that worried about the odd 80p possibly not being removed one month then close it. Seems a bit stupid to me though.

Interesting_Ian

jonesMUFCforever wrote: »

How many seconds does it take to look at a statement?
How many minutes to apply elsewhere for a new card if it can't be sorted?

This is the first credit card I've ever had and it was extraordinarily difficult to get. But I'll try and get another credit card.

I always find my "statements" extremely difficult to understand.

jonesMUFCforever

Interesting_Ian wrote: »

This is the first credit card I've ever had and it was extraordinarily difficult to get. But I'll try and get another credit card.

I always find my "statements" extremely difficult to understand.

Are you having a laugh?
Top of statement is the carry forward balance from last statement then add on your new purchases then addon interest and any other charges minus the payment you made equals new balance.

What is difficult about that?

Interesting_Ian

jonesMUFCforever wrote: »

Are you having a laugh?
Top of statement is the carry forward balance from last statement then add on your new purchases then addon interest and any other charges minus the payment you made equals new balance.

What is difficult about that?

This is meaningless gobbledegook -- try communicating in English.

I couldn't even find out how much I owe when I looked at it a few weeks ago. I had to add together all the items I'd bought so I could pay it off!

Not used to credit cards. It's only recently I've been allowed to have one.

keystone

Interesting_Ian wrote: »

They are unable to stop this error?? :O

Its not an error - interest is charged from the day the purchase(s) is/are made until the day you pay it off. That will be in your agreement. You need to stop being aggressive and take a chill pill. It sounds as though the person who replied to you is trying to help you by calling it an error. Or do you expect them to rewrite their entire software just to cater for you?

What happens in the month where you are unable to pay the whole lot off (just as an example) and can only afford the minimum payment? Do you expect them to refund the interest then?

Its YOUR responsbility to check your statement not theirs anyway.

Cheers

Interesting_Ian

keystone wrote: »

Its not an error - interest is charged from the day the purchase(s) is/are made until the day you pay it off.

This is not my understanding. If I pay my credit card off in full by direct debit each month, then no interest is charged.

That will be in your agreement. You need to stop being aggressive and take a chill pill. It sounds as though the person who replied to you is trying to help you by calling it an error. Or do you expect them to rewrite their entire software just to cater for you?

I hope you're kidding? It is quite extraordinary to suggest that it's not an error; moreover Capital One are aware it's not an error, but nevertheless inform me it's an error and are refunding me the money! And they will do so every month!

I think they need to address this problem. I doubt that I will be the only person where this error occurs.

What happens in the month where you are unable to pay the whole lot off (just as an example) and can only afford the minimum payment? Do you expect them to refund the interest then?

No I don't.

I didn't get a credit card to borrow money. I'm not interested in borrowing money. I got it so I can purchase stuff from the usa.

I would have thought that avoiding paying interest on credit cards should be one of the most fundamental rules to adhere to if you're interested in preserving your cash!

Or perhaps you aren't interested in preserving your cash and you just like to post on here anyway?

jonesMUFCforever

Interesting_Ian wrote: »

This is meaningless gobbledegook -- try communicating in English.

I couldn't even find out how much I owe when I looked at it a few weeks ago. I had to add together all the items I'd bought so I could pay it off!

Not used to credit cards. It's only recently I've been allowed to have one.

I think you should pass on the credit cards - stick to cash and don't forget to take your medicine.:p

molerat

Interesting_Ian wrote: »

This is meaningless gobbledegook -- try communicating in English.

I couldn't even find out how much I owe when I looked at it a few weeks ago. I had to add together all the items I'd bought so I could pay it off!

Not used to credit cards. It's only recently I've been allowed to have one.

Page 1 of the statement, big bold heading "Your account summary", line headed "Your new balance" . Also at the bottom of the list of transactions "NEW CLOSING BALANCE":rotfl: