beware of the hidden charges !!!!!! - capital one

saxmund

By paying the evening before (ie after banking hours) you were effectively trying to pay on the final payment date itself, which is dangerous if you haven't used that company before as you don't know how long it will take to credit your account. As the money was being sent from your bank (rather than requested by Capital One) they have no idea the money is on its way until it turns up, which is different to paying by debit card from the credit card's website.

Direct debits are effectively instantaneous because the transaction is actually triggered a few days before it is due allowing the debit & credit to be written to your accounts on the same day.

Sending an e-payment from your current account uses BACS and takes at least 3 working days (with the day of transmission counting as the first, if made during banking hours). However, with some banks it can take longer.

Crediting your credit card using a debit card on their website seems to vary.

This month Tesco credited my account on the day of payment, even though it was a Sunday, and it was debited from my current account two days later, ie on the second working day.

John Lewis credited my account on the second working day and my current account was debited the same day.

I haven't had to pay an Amex or Abbey MBNA bill for a while - but Amex credit the same working day (ie the next working day if paid in the evening or at the weekend) and it is debited a day later. Abbey MBNA credit on the second working day and it is taken from your bank account on the third.

So practices vary, and it is best to pay early the first time and check how long it takes to credit your account.

Although Capital One is now accessible online, you can only pay online by sending a payment from your account by BACS, they suggest allowing 5 working days which seems sensible.