multiple £12 fees for same transaction

appleblossum

i was desperate for cash after xmas so tried to get £30 out of my CC knowing it would put me over my limit and was prepared for the 12 fee. long story short when i paid next month online the minimum payment. what i didnt notice was that the minimum payment would still leave me going back over my limit once interest was added so i ended paying a second 12 fee AND a late payment fee. Seems Capital one seems quite happy to ALLOW CUSTOMERS TO INCUR FEES. I just checked this months statement online and STILL the minimum payment would leave me over my limit. I have so far paid £48 fees (plus £3 cash advance fee) for going £13 over my limit.

Accepting as i say i knowingly went over my limit i question
a) WHY they allowed it
b) WHY they can be allowed to rake up crazy amounts in charges for such a small amount - APR on those fees is over 20,000% !!!!

As they refunded a fee for me 6 months ago due to timing issue of due date over bank holiday they wont give me any of the fees back. Any (helpful) advice welcome please.

Just to add that they are asking this month for THREE different minimum payments, Amount on summary screen is smallest.amount on online payment screen is bigger and amount of pdf statement is total overlimit amount. ALL THREE WOULD STILL LEAVE ME GOING OVERLIMIT AGAIN NEXT MONTH ONCE INTEREST IS ADDED.

lippy1923

Only advice would be pay more than the minimum.

They are allowed to charge you what they like as you signed the T&C's agreeing to it. Not really sure what you want us to suggest if I'm honest.

appleblossum

lippy1923 wrote: »

Only advice would be pay more than the minimum.

They are allowed to charge you what they like as you signed the T&C's agreeing to it. Not really sure what you want us to suggest if I'm honest.

Well im not exactly asking for a miracle cure but if they ask for £28 as minimum payment and i pay that amount how can they still charge me a late or missing payment fee? as per my edit, it seems it depends where you look as they are quoting three different minimum payments in different places on their correspondence. At the VERY LEAST they should surely be obliged to advise you along the lines of "If you only pay the minimum due you will INCUR FURTHER CHARGES next month???" Is this just blatent profiteering by Capital One or is it genuine grounds for a formal complaint?

Jules2012

The only way out is to pay at least double the minimum to ensure you get out the cycle of charges.

lippy1923

appleblossum wrote: »

Well im not exactly asking for a miracle cure but if they ask for £28 as minimum payment and i pay that amount how can they still charge me a late or missing payment fee? as per my edit, it seems it depends where you look as they are quoting three different minimum payments in different places on their correspondence. At the VERY LEAST they should surely be obliged to advise you along the lines of "If you only pay the minimum due you will INCUR FURTHER CHARGES next month???" Is this just blatent profiteering by Capital One or is it genuine grounds for a formal complaint?

I'm sure if you read all the small prints you would find they actually do tell you what charges you will incur. You have to factor in the fees for breaching your limit and the interest rate you are being charged. As you are living so close to your limit it's going to keep happening unless you pay a lump sum to cover the fees and interest.

Of course it's a way for Capital One to make money, but I don't really think you have any grounds for complaint. If you phone them and plead ignorance you may be able to set up some sort of agreement to pay. This may affect your credit file negatively but it may be a better option.

grumbler

A similar recent thread: Capital one cards - be aware

appleblossum

Sorry for double posting - should have responded on my own thread...

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. i got charged both late payment and overlimit fees btw

opinions4u

If your in a situation where you have to withdraw £30 knowing it will trigger a £12 charge (in addition to the cash advance fee) and screw your credit file it's time to take a step back.

1. To to https://www.makesenseofcards.co.uk
2. Complete a statement of affairs.
3. Post it on the Debt-free Wannabe part of this forum.

Time to get on top of things before you sink.

By the way, expect a rate hike in the not too distant future.

grumbler

appleblossum wrote: »

... i didnt notice was that the minimum payment would still leave me going back over my limit once interest was added so i ended paying a second 12 fee AND a late payment fee.....

Just to add that they are asking this month for THREE different minimum payments, Amount on summary screen is smallest.amount on online payment screen is bigger and amount of pdf statement is total overlimit amount. ALL THREE WOULD STILL LEAVE ME GOING OVERLIMIT AGAIN NEXT MONTH ONCE INTEREST IS ADDED.

Don't know about this confusion with three different amounts, but If you made the minimum payment stated in your CC bill and if it was credited to you account on time, there has to be no late payment fee. Full stop.
Check all your facts and contact C1 if they charged your wrongly.

bris

Because when you pay the minimum amount it only covers that month, when the next statement hits your late fee has been added pushing you over limit again. You need to account for it in the next payment or it will keep happening.

addyboy1982

appleblossum wrote: »

Sorry for double posting - should have responded on my own thread...

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. i got charged both late payment and overlimit fees btw

When you enter what is a credit agreement with a CC company the EXPECT you to know what you are doing. C1 send you an easy-to-understand booklet explaining their charges - I know, because I've got one.

Paying the minimum payment is fine, but when you are hit with fees your minimum payment need to be the minimum amout PLUS fees otherwise you will be forever charged an over limit fee.

The minimum payment calculated by C1, and all other credit card companies the world over, is a % of the outstanding debt.

For this reason, you NEED to pay minimum + fees.