Capital One Advice

gavfish

Hi All I'd really appreciate some advice on the capital one cashback card.

to cut a long story short our statement due date is monday 29th october and we built up a fair bit of debt onto it in the past month due to buying a car (and the money we wanted to use was tied up in a 30 day notice account.) so we have an O/S balance of around £7000.
due to the postal strike (our current account is A&L based in Liverpool) when we paid the cheque in it sat unknowings to us for just over a week, and has only this week shown up, so funds will not clear until tomorrow or Friday.

So we planned to clear the balance on the CC with this money, as it has been held up we are now in unknown territory, as we always clear our balance every month usually. Capital one have no way of accepting payments to the account that clear in under 4 days (no payments via switch etc.)

I have sent the minimum payment already, but am concerned now they may charge for the full balance from day 1 (following an attempt to make sense of the T's & C's) I need to know is this likely to be the case?

I have contacted them a few times over the past week and been told different things, one verbally has said i won't be charged any interest, another via email stated we will. I will be complaining about this and hope there will be some goodwill, but failing this i feel trapped into paying this £100 or so interest for the sake of a couple of days.

does anyone here have any advice or similar stories they can share, and any idea's to avoid paying, as i really do feel sucked into a trap it is obviously not in the cc company's interest to help.

also does anyone have any ideas about if there is the option of sending an instant clearing payment (paying my bank to send this?)

Thanks in advance folks!
Gav

lolarentt

If you do a bank transfer on line or by phone today that will get to Capital One by Monday 29th anyway so you will be OK

lolarentt

Sorry - I missed the bit about not being cleared till Thur/Fri!

lolarentt

Yes your bank, for a charge, will do a same day transfer.

KILL_BILL

if you call them - speak to a manager and get their full name for reference and explain that the money s on its way to them and can they put a note on the account etc so that they can give you a few days grace and not charge interest.- if you have online banking or telephone banking it will take 3 or 4 days to reach the account.

if not you can do a chaps payment (which is a same day payment) but you will be charged £10 or £15 depending on your bank to use this

gavfish

Hi lolarentt, thanks for the swift reply.

unfortunatly my cheque still hasn't cleared, so the earliest i could do a BT would be tomorrow or Friday.

i know i have hopefully earned cashback on the money i have spent, but for me this is totally seperate and it's just as much the injustice as it is the cash in my mind.

lolarentt

gavfish wrote: »

Hi lolarentt, thanks for the swift reply.

unfortunatly my cheque still hasn't cleared, so the earliest i could do a BT would be tomorrow or Friday.

i know i have hopefully earned cashback on the money i have spent, but for me this is totally seperate and it's just as much the injustice as it is the cash in my mind.

Looks like the same day bank transfer's the only option then when the funds clear. You can talk to the bank to set it up straight away so they can action it when the funds clear before w'end. It's probably worth the peace of mind to pay £20 or so for the transfer rather than have the hassle of doing battle over £100s with Capital One after the event.

gavfish

Thanks for the suggestions Kill bill, rest assured i will be bending the customer service managers ear tonight to do absoloutly anything i can.

The chaps idea is probably what i'll have to do though. it sounds good in theory, have you had any experience of doing this with credit cards?

i will contact A&L too to confirm when the cheque will clear and how much for a chaps transfer.

i'm feeling a little bit more positive now, hopefully Capital One don't have some nasty small print which doesn't clear chaps for a few days.

Gav

gavfish

AN Update:

Spoke to A&L who say nothing they can do about the knock on effect of the strikes. They will issue a CHAPS transfer for £30 before 11am on the day of cheque clearing which they have confirmed is Friday this week.

Then asked Capital one if they accept CHAPS and someone there has said they do, but take 2 working days to clear!
I explained if i paid Fri would it clear intime for Monday, the bloke said yes.

Why do i still not feel confident? this is all going to be near the knuckle and i'm still really annoyed as i am very organised with accounts / payments but have been pushed into this trap by the post strike effectively, and there is NO goodwill at all from Capital One or A&L. I've been polite, but firm with both.

When all said and done i'll take the £30 it costs to do a CHAPS if that is the outcome to this tale.

I'll look around at moving current accounts so this doesn't happen again, to somewhere with a branch in my local town, might even get an incentive to move and get the money back i lost.

i'll post the conclusion next week in the chance it helps someone else reading in similar situation.

InsuranceLiability

KILL_BILL wrote: »

... they can give you a few days grace and not charge interest.
No CC companies do this anymore since people started reclaiming fees

gavfish

Yes the CC companies and Banks will happily profit from the postal strike, as i am finding!

The sooner the new online banking legislation comes into force the better in my opinion.

Gav