capital one - cash transaction

OceanSound

For capital one (Cap1) Does anyone know if it's made clear that a transaction is classified as a 'cash transaction' as soon as it's processed (i.e. when it appears in 'recent transactions' via online banking) or is it only made clear when the statement is produced?

Of course, I'm aware that interest owed is only shown on the statement. This is pretty standard.

The reason I ask is that, I may have carried out a cash transaction, but am not sure. It appears on Capital One online banking, but there is no sign of it being a cash transaction. For all I know its classed as a purchase. Could Capital one class it as a 'cash transaction' and put the fee and interest when the statement is produced? Statement is not produced until 22nd of next month.

If I can work out that it's classed as a cash transaction, then I can pay it back immediately and prevent incurring interest.

BTW, how come there is no way of blocking cash transactions when signing-up for the card or later by contacting support. I really wouldn't feel embarrassed if a gambling transaction (cash transaction) is refused. Card being refused when paying for a meal with friends (which would be a purchase transaction), that would be a cause of embarrassment. I guess that's how come card providers are allowing us to go over the credit limit. Not because they want to charge us the overlimit fee.;)

There is a another related thread, but it's from two years ago, so I decided to start a new thread.

I also started a similar thread to this last year, but that was to do with putting a monetary daily limit on the value of cash transactions.

[Deleted User]

What makes you think it’s a cash transaction?

born_again

Simple answer is no.
Even if you pay the amount on the day it debits (can't do before as that will pay off any other charges 1st) it will still incur interest. It takes up to 3 months to clear a cash transaction due to compound interest.
Cash transaction can be ATM, Gambling, foreign exchange transactions, off the top of my head. Might be others as well.

OceanSound

born_again wrote: »

Simple answer is no.

It's not made clear, as soon as it is processed? Are you a capital one customer, so are aware of this for certain or just taking a guess?. I know with Tesco bank the fee appears straight-away on recent transactions.

....It takes up to 3 months to clear a cash transaction due to compound interest.

No. If you pay cash transaction straight away once it appears in recent transactions, there will be a few pence interest when the statement is produced.

stevenhp1987

Why do you think it's a cash transaction?

What did you spend it on?

molerat

born_again wrote: »

Cash transaction can be ATM, Gambling, foreign exchange transactions, off the top of my head. Might be others as well.

One that seems to catch people out is topping up kid's school lunch cards now that many LAs have farmed the schemes out to a private provider.

OceanSound

stevenhp1987 wrote: »

Why do you think it's a cash transaction?

What did you spend it on?

it wasn't on gambling, hookers or drugs.

OceanSound

I think we've got to the bottom of this. If it was a cash transaction, a cash transaction fee would appear in recent transactions. Then customer will become aware it's classed as a cash transaction.

Case closed?

K80_Black

Yep - the single time I accidentally used a capital one credit card for a cash transaction, it appeared with a £3 cash transaction fee within a few hours.



Also, hookers don't tend to take cards.

[Deleted User]

OceanSound wrote: »

it wasn't on gambling, hookers or drugs.

So what then?

It’s difficult to answer when people aren’t very forthcoming with their requests for help.

OceanSound

K80_Black wrote: »

Yep - the single time I accidentally used a capital one credit card for a cash transaction, it appeared with a £3 cash transaction fee within a few hours.

Thank you. You've nailed it.