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Capital One Cashback - no grace period on purchase
Beez_2
Posts: 15 Forumite
in Credit cards
I took a Capital One Card in January for 2 reasons. One for the interest free period on balance transfers and purchases and the other for the 1 % cashback. The interest free period expired in September and I duly switched the balance to another interest free card. I decided to keep the card though for my everyday purchases and I pay my balance in full every month.
My latest statement however shows a fee for 'Purchase Interest'. When I called to query I was told that there is no grace period for purchases on this card even if the balance is paid off in full. The interest charged is 1.123% per month (ie greater than any cashback earned). There is no mention of this on the statement - my last statement stated that no interest would be charged.
This information was confirmed by a second customer service agent from Capital One but I still find it difficult to believe. I have suspended all spend on the card and will hold the account open till January when the cashback is due. Then I'll dump it.
I have written to Lee Powell, the Director of Operations at Capital One to confirm the information given is correct and will update when I get a response.
Anybody else got a Capital One Platinum Mastercard with 1% cashback and having the same problem?
My latest statement however shows a fee for 'Purchase Interest'. When I called to query I was told that there is no grace period for purchases on this card even if the balance is paid off in full. The interest charged is 1.123% per month (ie greater than any cashback earned). There is no mention of this on the statement - my last statement stated that no interest would be charged.
This information was confirmed by a second customer service agent from Capital One but I still find it difficult to believe. I have suspended all spend on the card and will hold the account open till January when the cashback is due. Then I'll dump it.
I have written to Lee Powell, the Director of Operations at Capital One to confirm the information given is correct and will update when I get a response.
Anybody else got a Capital One Platinum Mastercard with 1% cashback and having the same problem?
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There's another thread with the same topic see
'Capital One Credit Card - No interest free period'0
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