Do Capital One cards work differently to others?

thenudeone

To confirm - If you have a 0% balance offer on BTs, any purchases will always be charged interest from the day of the purchase, even if you pay off all the purchases by the due date shown on the statement they appear on.

Purchases are only interest free if you pay the FULL BALANCE (not just the purchases) each month.

PollyOnAMission

izools wrote: »

Unfortunately it seems you've misunderstood how it works.

Capital one is no different to other credit cards.

You'll find the clause is worded along the lines of

"Up to 56 days interest free on purchases when your statement balance is cleared in full and on time".

If you did a £1,000 balance transfer and £500 of purchases, you'd need to pay £1,500 bringing the balance to £0 to benefit from 56 days interest free on purchases.

The condition to getting interest free on purchases is to clear the statement balance, not the purchase balance

Yes quite but you didn't pay the bill in full, did you? What was the statement balance, and how much did you pay?

I have a Barclaycard that was 0% on purchases for 3 months and 0% on balance transfers for 18 months. I made a balance transfer when I opened the card and did various bits of spending on it. I cleared the purchases balance before the 0% rate ended, but left the balance transfer balance at x amount (order of payments was such that any payments made were taken off the higher interest portion of the balance/portion of balance whose 0% rate was ending sooner).

After the first three months, my purchases balance was £0 and my balance transfer balance was £1800 ish. I was charged no interest. The card now sits there and I'm paying off the remaining BT balance gradually every month. However I have since used the card for the odd purchase (no longer 0%), paid these purchases off in full each month and have never been charged interest on these purchases, despite there still being a balance in total left on the card after my monthly payment (BT balance).

I really thought I didn't get charged interest for purchases made on the card when paid off in full after my statement, just because I have a BT balance also on the card. The card is now sitting there unused, remaining BT balance of around £1200 being paid off by a fixed amount each month and interest free for another year or so. I thought I could make a purchase on the card tomorrow, wait for my statement, pay off my normal monthly payment of £110 plus the extra for the purchase, leaving an overall balance of £1090 with no interest charges. It always seems to have been this way so far Unless I actually paid back the purchases straight away, before my statement. Muct check!

PollyOnAMission

I'm really conused now because everyone seems to be saying the full balance needs to be cleared completely to get any interest free at all, even for a day, on purchases. I really thought this wasn't the case on my Barclaycard! I think I need to investigate further...