Capital one cash interest

jem170884

Why am I being charged for cash interest when I dont withdraw from my Capital One credit card? Is this usual, a hidden charge they can get away with? Have I missed this on my contract?
Its not a lot my purchase interest is about £11.00 but the is also cash interest of £0.52 on my statement, does anyone else have this or are capital one screwing me out of hard earned pennies?

jem170884

I know its 50p but over a year that is £6, and it keeps taking me over my limit!!!!

jonesMUFCforever

Have you ever taken cash out on the card or paid an online bookmaker or gambling site?
It does not matter when as they will charge you for this until all of the card balance has been repaid.

If you are that close to your limit may I suggest a visit to the debt free wanabee board as I believe you need help with your budgeting.

jem170884

jonesMUFCforever wrote: »

Have you ever taken cash out on the card or paid an online bookmaker or gambling site?
It does not matter when as they will charge you for this until all of the card balance has been repaid.

If you are that close to your limit may I suggest a visit to the debt free wanabee board as I believe you need help with your budgeting.

I have never done this, the only thing I use my credit card for is to buy train tickets from the machine at the train station as it wont accept my debit card.
Basically every month I pay double my minimum payment and the only time I use my card is for 5% of this payment at the train station and I keep going over my limit, this is why I have been looking into my interest!

lisyloo

Did you buy any foreign currency on it? any vouchers?

If it's only train tickets you've bought then I suggest you give capital one a call and ask them what it relates to.
It's possible this is an error.

Tori_Bellatrix

jonesMUFCforever wrote: »

Have you ever taken cash out on the card or paid an online bookmaker or gambling site?
It does not matter when as they will charge you for this until all of the card balance has been repaid.

If you are that close to your limit may I suggest a visit to the debt free wanabee board as I believe you need help with your budgeting.

I found this out much to my horror this week! I signed up via Quidco for Sun Bingo and used my Cap One card for a £10 wager and got charged £3 for the pleasure ... :eek:

jonesMUFCforever

Tori_Bellatrix wrote: »

I found this out much to my horror this week! I signed up via Quidco for Sun Bingo and used my Cap One card for a £10 wager and got charged £3 for the pleasure ... :eek:

And the interest will continue to accrue until you have paid the balance off completely.
Interest on 'cash' advances is always the last to be paid off.

This is what I believe has happened to OP.

Don't really understand how OP states that they only use card for train tickets but the card is at its limit every month?

YorkshireBoy

jonesMUFCforever wrote: »

Don't really understand how OP states that they only use card for train tickets but the card is at its limit every month?

A combination of...

Low(ish) limit
High APR (34.9% APR is nigh on 3% per month)
3% minimum payments
Purchase interest
Cash interest (from a transaction long ago)
Late fees?

...would be my guess.

ad44downey

jem170884 wrote: »

Why am I being charged for cash interest when I dont withdraw from my Capital One credit card? Is this usual, a hidden charge they can get away with? Have I missed this on my contract?
Its not a lot my purchase interest is about £11.00 but the is also cash interest of £0.52 on my statement, does anyone else have this or are capital one screwing me out of hard earned pennies?

Capital One are the biggest crooks going. They overcharge for absolutely everything. I closed my account with them a few months ago.