Just phoned up to clear Capital One card is this right?

JonB1081

Hi there,

I just phoned up to cancel my capital one card. The story was i had a £901.58 balance on it until today. I asked specifically over the phone for the amount i needed to pay so that there would be no additional interest charges etc from today. I also mentioned trailing interest and he said there would be none. I had been paying interest on the balance for a couple of months now.

I paid off the £901.58 on the phone and he told me the card was now closed and that would be it.

Now having read plenty about trailing interest on credit card closures on this very site i'm a little confused. Have capital one changed something or has the guy on the phone not got it right?

I recorded the phonecall just incase.

Thanks!

TadleyBaggie

There will almost certainly be trailing interest, I think the guy on the phone was wrong.

lee111s

Hopefully for you, the call will have been recorded

101problems

The only way what the advisor told you is if you paid off the full statement balance and have not used the card since before the statement was produced. The statement "should" provide a at the time the statement was produced a valid figure if you have paid off the full amount you should be fine unfortunately occasionally a transaction that falls below floor limits have a Nasty habit of appearing after you have "closed" your account
A great link to read about floor limits which also apply to debit cards:
http://www.theukcardsassociation.org.uk/cards-transactions/transactional-processing.asp

CLAPTON

JonB1081 wrote: »

Hi there,

I just phoned up to cancel my capital one card. The story was i had a £901.58 balance on it until today. I asked specifically over the phone for the amount i needed to pay so that there would be no additional interest charges etc from today. I also mentioned trailing interest and he said there would be none. I had been paying interest on the balance for a couple of months now.

I paid off the £901.58 on the phone and he told me the card was now closed and that would be it.

Now having read plenty about trailing interest on credit card closures on this very site i'm a little confused. Have capital one changed something or has the guy on the phone not got it right?

I recorded the phonecall just incase.

Thanks!

if you have been paying your balance in full for that last couple of months then the current total would probably settle the bill in full
If however you haven't been paying in full then there will be interest due unless they write it off.

andyuk01

When i closed my capital one account i had the same - just paid off the outstanding balance and no trailing interest

I hadn't been paying the full amount off each month prior to this

Literally made a manual payment to set balance to zero, sent a secure message asking to close and it was done the next day, updated next month on cra's