Capital One Classic Credit Card Questions

xBubblesx

Hi,

im a new credit card owner and i need some info, ive tryed phoning the company but i dont understand what there saying.

When i purchase an item say at the beginning of a month for example and after a week say i clear off my balance, would it go back to 26 days again before i get intrest added on when i purchase something else or will i have to wait untill the following month to buy something?

Also say if i buy something on the 3rd then on the 10th something else would the both need cleared off within 26 days or would it be seprate 26 days of the day of purchase?

tlh858

When your statement arrives, you have 2 choices.

If you pay the full amount, you won't pay any interest.
If you pay some of the amount due, (or the minimum), interest will be charged from the date of the purchases.

You can buy things at any time, but if you don't want to pay any interest, you must pay the full amount when you receive the statement.

The only difference the purchase date makes is the length of time you have before payment is due. Making a purchase just before the statement date will give you the shortest time, making a purchase just after the statement date will give you the longest.

falcon434

tlh858 wrote: »

When your statement arrives, you have 2 choices.

If you pay the full amount, you won't pay any interest.
If you pay some of the amount due, (or the minimum), interest will be charged from the date of the purchases.

You can buy things at any time, but if you don't want to pay any interest, you must pay the full amount when you receive the statement.

The only difference the purchase date makes is the length of time you have before payment is due. Making a purchase just before the statement date will give you the shortest time, making a purchase just after the statement date will give you the longest.

I don't think that's what the OP is asking.

@xBubblesx

If you have a limit of £200 and you buy something for £150 you have £50 left for the rest of the credit cycle. Even if you pay back £150 and get your limit back to £200 you will still have £50 left and if you go over the £50 you have left, you will indeed be going over the limit and you will not have your credit limit increased, ever! Even if you only go over by a pound. Even if you pay back early and then use it.

So don't do it.

Just set up a direct debit for either the full amount a month or the minimum.

After 4 months your account will be reviewed for a credit limit increase. If you go over your limit once or pay late once you will never be considered for a credit limit increase.

Hope this answers your question.