Capital one cards - be aware

iloveabargain76

I have a Capital One Card and I make all payments online. They recently had a make over with their website. Now up till January I had paid my bills on time and didn't go over the limit.

However, I have found out today that I have been over my credit limit for the past 2 months and was not aware of this.

The new website has been poorly designed, when you log in it will give you your account summary with the option to pay the minimum amount. But underneath, it tells you how much credit you have and how much you have gone over on the credit.

If you have gone over your credit limit, you would think that this is added to the total of your minimum payment on step 2 when you click to pay by debit card.

But it doesn't. It gives you the option to pay the minimum for that month and the usual options, the full balance or another amount.

I have just been on the phone to Capital One for half an hour (I get charged by the way). I have accrued interest, charges, it will affect my credit rating and I got a good will gesture of £10.00 and the charge of £12.00 for the last statement refunded.

I spoke to a manager in the UK and she agreed that it was misleading and they were having problems with the new website, at my expense I reminded her. Just wanted to see how many other people are having these problems and to make you aware if you use the site.

Does anybody know how I can get this removed from my credit history, that is what I am more annoyed about :mad::mad::mad::mad::mad::mad:

meer53

It's not misleading. If you see that you're over your limit, you should pay enough to cover that PLUS the minimum amount due.

All CC's work this way and have done for years. Why weren't you aware you were over your limit ?

grumbler

Your credit limit is like an agreed overdraft limit. If you go over the limit it costs you more, but it's up to you whether to remain overdrawn or to get back under the limit.

The minimum payment for a CC does depend on the balance, but is not supposed to make the balance equal to the limit. Even the summary box for you CC says clearly how the minimum payment is calculated.

Tiddlywinks

So, not your fauly then? Entirely outside of your control?

OP - you need to get a grip of your finances... how can you not know that you have gone over your credit limit? YOU are borrowing money so it is up to YOU to keep track of it surely?

iloveabargain76

With all due respect, other people may have made the same mistake that I did and after calling Capital One, the manager agreed that this was not customer friendly and it will be something they will flag up as improvements need to be made to the new site which has been designed.

This time I will be setting up text alerts and thank you for your advice, however, I was making other people aware so that they wouldn't make the mistake I did.

Many thanks for your responses though.

aleph_0

The minimum payment calculation only depends on the account balance, not whether you are over-limit, so they can't just add it to the minimum payment.

They could add a warning that you are still over your limit, but they would have to be careful with the wording, it seems reasonable to assume the customer understands the terms of their product already.

Relying on the customer to bring themselves back under the limit seems reasonable to me (remember, it was your mismanagement which put you over the limit in the first place). They've refunded your overlimit fee to be nice as a goodwill gesture.

appleblossum

very interesting -im having exact same issue http: // forums.moneysavingexpert.com/showthread.php?p=60040083

like has been commented i can accept that if you owe money on a credit card then u should be financially responsible but at the same time we have hectic lives and if it says in big 20point font on their front summary screen what the minimum payment is AND I MAKE THAT PAYMENT then they should not then charge me for paying only that amount

Steve059

IMHO, their new website is a triumph of style over usabililty.

grumbler

appleblossum wrote: »

...if it says in big 20point font on their front summary screen what the minimum payment is AND I MAKE THAT PAYMENT then they should not then charge me for paying only that amount

Absolutely not.
If you miss a payment or pay less than it has to be, they will report a missed payment to CRAs
If you make the minimum payment they will report that you made it in time.
In both cases they will report that you were over the limit if it is the case.

Charges have nothing to do with this. It's entirely up to you whether to remain over the limit and pay charges or get back under the limit and not to pay them.

appleblossum

grumbler wrote: »

Absolutely not.
If you miss a payment or pay less than it has to be, they will report a missed payment to CRAs
If you make the minimum payment they will report that you made it in time.
In both cases they will report that you were over the limit if it is the case.

Charges have nothing to do with this.

You lost me...i paid the minimum amount they asked for on their website. in doing this i knew i would still be over my limit so i expected another over limit fee but did not expect a late payment fee AS WELL.hence there more i think about it i now consider it more likely a breach of he FSA regulations regarding maximum fees as they are charges £24 for the same "offense"

clear_as_mud

appleblossum wrote: »

You lost me...i paid the minimum amount they asked for on their website. in doing this i knew i would still be over my limit so i expected another over limit fee but did not expect a late payment fee AS WELL.hence there more i think about it i now consider it more likely a breach of he FSA regulations regarding maximum fees as they are charges £24 for the same "offense"

I'm confused now. Why are you being charged a late payment fee? Are you not paying on time?