Crafty Capital One

balbs

Ok , partner applied for and got Capital one card with the 3% cashback.... First transaction 11th Nov as pin not received until then, statement sent (letter is postmarked 30th Nov) received today 3rd Dec, minimum payment expected 5th Dec. So its impossible to pay the amount in time even though we always pay the full amount (And I believe the cashback deal in the Ts and Cs is not payable if you miss a payment), Customer service centre says everything ok (something about how their dates are calculated from the date in October that they sent the card - but note the pin wasnt received until November).....and that any extra charges will be repaid..... but this look like a crafty way to straight away fall foul of them - what if we had been away for a few days? And how are they calculating interest free days - even the customer service guy couldn't explain that... anyone else had this experience? I'm concerned that Martin is recommending this card perhaps without realising how Capital One are 'managing' it!!

YorkshireBoy

It's always going to be 'tight' when the card offers only (up to) 45 days interest free on purchases, meaning there's only 14 days from statement date to payment due date.

Allowing 2-3 days (pretty standard with all cards) to produce the statement, and a further 2-3 days in the post, you'll be lucky to get a week in which to make your payment...and that week will consist of only 5 'working' days - coincidentally the same number of days they say you should allow for your payment to reach them.

The obvious answer is to set up a DD (for the full amount in the case of cashback cards), so that you'll never miss a payment.

Alternatively, if you prefer not to use DD's, simply use their online access/telephone access to check your statement balance/payment amount/payment due details each month.

BTW, isn't it 4% cashback (for the first 3 months)?

JohalaReewi

For any cashback credit card, you should set up a DD to pay the full balance. That way, you will not be caught out by the payment arriving late and getting interest charges (which will wipe out any cashback).

Also, with a Capital one card, when the statement arrives, double check that they have set it up to take the full balance and not set it up for minimum payment.

djbd1973

JohalaReewi wrote: »

For any cashback credit card, you should set up a DD to pay the full balance. That way, you will not be caught out by the payment arriving late and getting interest charges (which will wipe out any cashback).

Also, with a Capital one card, when the statement arrives, double check that they have set it up to take the full balance and not set it up for minimum payment.

I had a direct debit setup with my new Capital One card but they didn't collect and then charged me for late payment and interest.

They said on the phone that they would repay the fees but I've asked for it in writing.