Capital One Statement and Payment Dates

Gizmo247

Having recently signed up to a Capital One CC, I asked if I could change the statement date to the 1st of the month so the payment date would be around the 26th given a 56 day interest free period but I got this reply:

Before we change your payment date, please note that we’re only able to produce your statement on 4 dates throughout each month, the 7th, 14th, 21st and 28th. These are spread evenly throughout the month to ensure that we’re able to produce your statements at a time in the month that suits you. Once we’ve produced your statement the payment due date is always 15 days later.

Obviously "suits you" is not meeting my requirement of the 1st like every other credit card I have. The 1st would "suit me".

But most of all 15 days after the statement date is surely 46 days max interest free.

Could any Capital One CC holders kindly confirm how their statement/payment system really works and how 56 days interest free is achieved?

Thanks

Gizmo247

Ahh should have searched first:

I've just realised how Capital One conjure up the money to pay cashback on their World Mastercard. The gap between statement date and "Payment Due" date is only 15 days and, as they say direct debits may be taken up to 5 days before the due date, this gives a credit period of only 10 days, compared to 25 - 28 days on all previous cards I've had. It seems to me that, if I had a card with 28 day credit period and put the amount of my credit card bill in a savings account for two weeks each month, I'd end up earning more in interest than I'd get with Capital One cashback. Or have I got this wrong?
In any case, it would be a good idea to publish the gap between statement date and payment date when mentioning credit cards on this site.

But this even worse. Do they really take the DD ten days after the statement date?

reclusive46

I was wondering this. From what I gathered though is that the interest free period is effectively expended for that month if you pay in full.

Gizmo247

I suspect Capital One give out different info depending if you have a Direct Debit set up and are paying in full. Mine is not set up yet so I presume they are assuming I'm paying via Faster Payments or even worst case, cheque.

So could someone give actual dates for a past month where they pay the full balance via Direct Debit. e.g. Statement Date and following Payment Date?

Gizmo247

Anyone know?

bigsy

Statement date 7/7, with a minimum payment due date of 22/7. Direct debit today (19/7) for full amount. That's consistent every month.

Gizmo247

Thanks @bigsy that's exactly what I needed to know. :-)

Drp8713

I think statement date is 7th, DD comes out on 1st (at my request) payment due date 4th.

When i first phoned up to activate/ set up DD im sure they didnt take the first payment for ages. Easily a month and a half.