Capital One Reward Credit Card Direct Debit Query

Legacy_user

Hey guys,

Quick question regarding a direct debit on my Capital One Reward Credit Card - I currently have one set up to pay in full every month. The problem is, it takes 3 weeks or so from the statement coming in for them to take the money. I would rather pay earlier, so my limit resets quicker.

If I was to pay an amount towards the balance, would the direct debit amount be amended including the extra payment? Or do they just take the statement balance?

Or are you able to change the date of the direct debit to make it more suitable for you?

Does anyone have any experience of any of these?

Thought I would ask you guys before I rang Capital One...

Thanks in advance :-)

bsms1147

I've had cards that do both, the more common seems to be an adjustment to your direct debit so long as the payment reaches them in time (~5 days before the direct debit is due, otherwise it's taken regardless). Certainly some cards will maintain the same DD regardless of any payments you make.

Your card's specific T&Cs will tell you for sure, or it will be on each statement. I believe my CapitalOne Classic Extra adjusts the direct debit.

I'm not sure about changing the date.

Kim_13

Hi,

I have the Classic Extra, but as it's still Capital One, I'd imagine the system will be the same.

You can pay it off when you like before the due date. They'll simply take the difference between what you've paid early and the statement balance when the direct debit goes out. You don't need to make any changes to the direct debit instruction with your bank or anything, just use your debit card to pay whatever you want to pay early through the Capital One site.

I've paid part of the balance off early on several occasions as I was getting close to my (relatively low) limit. I use the card for most things to earn the cashback. Never had any problems.

Kim

System

Thanks for the replies guys - I did ring them in the end just to confirm with them.

They said as long as the additional payment is made at least 3 working days before the payment is due then the direct debit payment will reduce accordingly.

Sorry, I have got the Capital One Extra card. Know what you mean about the relatively low limit! :-/

Nath

*MF*

From personal experience with Capital One - although they have said 3 working days, it is probably better to work to a longer gap - at least 5 working days, it can take Cap/One 2 days to log the payment after it has left your Bank - and watch those months when there are public holidays, they will not be treated as working days.

rehanmalik3030

nath27 wrote: »

Hey guys,

Quick question regarding a direct debit on my Capital One Reward Credit Card - I currently have one set up to pay in full every month. The problem is, it takes 3 weeks or so from the statement coming in for them to take the money. I would rather pay earlier, so my limit resets quicker.

If I was to pay an amount towards the balance, would the direct debit amount be amended including the extra payment? Or do they just take the statement balance?

Or are you able to change the date of the direct debit to make it more suitable for you?

Does anyone have any experience of any of these?

Thought I would ask you guys before I rang Capital One...

Thanks in advance :-)

A couple of important points to note:

A credit card is like a revolving door you do not want to pay them back too early because "the money is better in your pocket than theirs". You should take full advantage of the upto 56 days grace period thats why your Direct Debit has been set up to be taken 3 weeks after your statement is printed. It does not make sense to reset your limit any earlier.

You can change the date if you want for when the direct debit comes out tell the capitalone agent you speak to "I would like the direct debit to be taken from my current account on xx day of the month could you kindly change the cycle date accordingly".

Yes extra or additional payments can effect the direct debit depending on what type of direct debit you have set up. Is your direct debit for the full balance, minimum or fixed payment??

System

I only want to reset my limit a bit earlier than I normally would, because I haven't got a very high limit on the card...

I have only recently set the direct debit up, it's set to take the full balance.

rehanmalik3030

nath27 wrote: »

I only want to reset my limit a bit earlier than I normally would, because I haven't got a very high limit on the card...

I have only recently set the direct debit up, it's set to take the full balance.

Firstly regarding the direct debit it makes no difference when you set it up if you want to change the date for when the direct debit is taken just contact capitalone and tell them to change the date and they will do it without question. But the problem you will then face is that your statement will still be printed 3 weeks before the new direct debit date!!! Capitalone use the payment due date to work out when the direct debit is taken and when the statement is printed!! The reason is simple capitalone work on the basis that customers want to enjoy the full 56 days grace period and what you want to do goes against that assumption.

Regarding resetting your limit early again this does not make sense even if you have a low credit limit. A credit card is there to help you with your finances not so that you can live off the credit card.

Example say for argument sake you have a credit limit of 200 pounds, you start using your credit card at the start of the month and you max it out after 1 week then you can use you debit card to make payments for the rest of the month, when the time comes to pay off your credit card with the direct debit you have setup and will be taken accordingly for the full balance, therefore avoiding interest with respect to purchases. You can then put your debit card away and start using your credit card again and ad infinitum! I cannot see your problem??

planteria

payment by Faster Payments appeared on my CapitalOne account 'same day' the other week. which is an improvement from them:T

System

I never ever use my debit card as I use my 2 cashback credit cards which I pay off in full every month.

I don't like the fact that it takes them so long to debit it from my account, especially as it doesn't free up more credit for me to earn more cashback. That is why it bothers me! And why I wish to make additional payments towards the direct debit.

System

And if you are wondering why I bother having it set up by direct debit, it's to gain extra rewards!