Capital One - Been accepted - Now what?

Leigh73

clio wrote: »

Leigh
sign up for cap 1 online and you,ll see all the info about your account on there.

Thanks clio.

I have signed up to their online banking, and it's most helpful to have all the info to hand.

It's just the interest / monthly payment, that I can't work out!

Leigh73

setmefree wrote: »

I always paid 10% off my balance and my limit went from £500 to £1,100 on the fourth statement

Hi setmefree,

Thanks for that info. Good to know.

I take it you didn't carry a balance of £449 in the first week of having the card though?! ..as I've stupidly done.

Night-owl_6

Leigh73 wrote: »

Thank You so much for you kind, supportive message Jo.

To cut straight to the chase, I'm a recovering alcoholic (which I'm seeing a counsellor for on a weekly basis), and I'd been sober for a while until last week, when I had a huge row with my Dad, and stupidly ended up drinking again..guess, where I got the cash..yep, you've got it, from my new Capital One card

I'm just feeling so ashamed, guilty, and stupid for last week, which ended up becoming a 4 day bender, drinking Wed, Thurs, Fri, and Saturday :mad:

I made a cash withdrawal of £200 on the card, then £50 for a hotel, then a further £90 for another hotel (gulp...) and a final £100 cash withdrawal

So, together with the cash withdrawal fees (not even taking into account interest..which I can't work out) I'm looking at a balance of £449.00 on my card, which I'd only had for a day.

Having checked online, this leaves 'available credit' of £51, which I haven't touched, and don't intend to!

I can't believe I wasted this money, when I'm only just getting back on my feet with Life, and also slowly rebuilding my credit rating, but I need to deal with it now, and try not to beat myself up about it.

I was hoping to pay off the balance in full each and every month (only carrying a small balance), but for the next few months, I'm probably only going to be able to pay the 'minimum payment'.

My question if I may is, how do I work out the interest on the purchases / cash withdrawals, so I can get a final figure ahead of the statement date?

ie - My APR is 34%, and am I right in thinking that the minimum to pay each month is 3% of the monthly (purchases) balance PLUS the interest on the cash withdrawals?

Also, what about the cash withdrawals which I made? How do I work out the interest on these?

Sorry if I'm being a bit dim here, but my mind is spinning so much, at how stupid I've been letting myself go last week, that I can't fathom the figures..

I'm able to repay £50 a week tomorrow, but I'm worried that this won't be enough to cover the interest / minimum payment required, and that it will go against my credit rating, and I'll lose the card, having to pay the whole lot in one go. I should however be in a position to pay the balance off mid - June.

Thanks again for your previous words of support.

Any help with how I sort this out, while hopefully keeping my credit rating intact, and keeping my card (which I've now given to my Girlfriend, to look after), while not annoying Capital One, would be most appreciated!

Kind Regards,

Leigh

Firstly, sorry to hear of your current problems.
I really hope you are able to work through them and sort them out at your own pace.
As regards your repayments, dont worry, Capital One state that so long as you pay a minimum of £5 per month off your card you will be fine, or 10% whichever is greater.
So just repay what you can.

Goodluck:D

Leigh73

Night-owl wrote: »

Firstly, sorry to hear of your current problems.
I really hope you are able to work through them and sort them out at your own pace.
As regards your repayments, dont worry, Capital One state that so long as you pay a minimum of £5 per month off your card you will be fine, or 10% whichever is greater.
So just repay what you can.

Goodluck:D

Thank You Night-owl.

I take it you mean, 10% of the total balance outstanding on the card?

ie - 10% of my current total balance of £449 = £49.00 to pay this month?

My worry is, don't they charge interest on the cash withdrawals on a DAILY basis? Thus, this will add up to more than the £49? Also, surely the £49 minimum payment doesn't take into account the interest at all yet?

Thanks again.

Night-owl_6

Leigh73 wrote: »

Thank You Night-owl.

I take it you mean, 10% of the total balance outstanding on the card?

ie - 10% of my current total balance of £449 = £49.00 to pay this month?

My worry is, don't they charge interest on the cash withdrawals on a DAILY basis? Thus, this will add up to more than the £49? Also, surely the £49 minimum payment doesn't take into account the interest at all yet?

Thanks again.

Yes 10% of the outstanding balance however it maybe 5%, I remember one of there cards being only 5%.
However, Capital one dont charge daily for cash withdraws only the once and that is at the point of withdraw.
If you pay the minimum balance you should be fine.
Try not to worry to much about it.
Youll get your first statement in a round a month.
If you find it easier you can set up a direct debit payment to Capital One for the payments.
Remember though for the future, cash withdraws on a Capital One card are the dearest way to use the card, its best to pay using the card if possible.
If you are unsure about the minimum payment just give Capital One a quick ring they will tell you nhow much and when its due that you have to pay over the phone:D

epsilondraconis

Hi Leigh73,

I've been reading through this thread to see what credit limit you ended up with. Great news on that front.

Sorry to hear about what happened regarding the drinking. I've read countless threads on this forum of people struggling to overcome alcoholism. The thing to remember is that you are not alone. Not only will there be support groups in your area, but hopefully you'll be able to get lots of support from people on this forum.

It takes a lot to come out and say that you have a problem with drinking and in doing so you've taken your first big step.Giving the card to your GF is a good decision too.

I don't have any experience of alcoholism, and so don't want to advise you what to do next - I'm sure someone will be along soon that can give you some good advice. I guess I just wanted to say that there are many people who read these threads that just feel compelled to post so that you don't think you're alone.

Perhaps have a search on this forum for some threads related to alcoholism - perhaps that will help?

Remember that you're not alone and if you want to beat it, I'm sure you will (one thing I've gleened from reading the other threads is that it's much easier if you have a good support network around you).

Good luck matey....

Leigh73

Night-owl wrote: »

Yes 10% of the outstanding balance however it maybe 5%, I remember one of there cards being only 5%.
However, Capital one dont charge daily for cash withdraws only the once and that is at the point of withdraw.
If you pay the minimum balance you should be fine.
Try not to worry to much about it.
Youll get your first statement in a round a month.
If you find it easier you can set up a direct debit payment to Capital One for the payments.
Remember though for the future, cash withdraws on a Capital One card are the dearest way to use the card, its best to pay using the card if possible.
If you are unsure about the minimum payment just give Capital One a quick ring they will tell you nhow much and when its due that you have to pay over the phone:D

Thanks Night-owl.

That's great to know.

My card is the Capital One 'Classic' card (ie - the one for those with a poor credit history!) Is this the one you have?

I just though they charged you the 3% cash withdrawal free PLUS interest daily on the amount withdrawn, until it was cleared..

I'll have to check on the paperwork this evening.

Either way, I'm hoping it won't come to much more than £50 for my first month!

Thanks again

Night-owl_6

Remember you can always go to your GP and ask for more help if you feel you need it.
It wont be an overnight cure however you have started the journey and that is great!
Next time things get a little to much just go for a walk or talk to your GF about how you feel.

Goodluck

Night-owl_6

Leigh73 wrote: »

Thanks Night-owl.

That's great to know.

My card is the Capital One 'Classic' card (ie - the one for those with a poor credit history!) Is this the one you have?

I just though they charged you the 3% cash withdrawal free PLUS interest daily on the amount withdrawn, until it was cleared..

I'll have to check on the paperwork this evening.

Either way, I'm hoping it won't come to much more than £50 for my first month!

Thanks again

I dont have one, nearly did, and it was the Classic card I wanted, I found out about all the fees and I am pretty sure taht its just 3% on each withdraw at the point of withdraw.
Either way dont worry to much about it, I doubt theyll want you to repay it very quickly.

Best of luck let us know how it goes when you have sorted it:D

skyrider007

Leigh73 wrote: »

PS - skyrider,

When you email them on their secure form, do they email you back with the info, or do they phone you?

Thanks.

They'll e-mail you back ofcourse. I sure can work out the interest for you if you can give me some details about how much you've spent + any cash advance or foreign transaction and how much you're expecting to repay each month.

I don't recommend you to borrow from this card due to high interest. :money: