Capital One payment reversed...

gerrynimo

Hi,

I have a Capital One CC for 3 months now, and have been paying it off in full each month. However, just noticed that they tried taking out the full balance on Sunday via DD, and I thought it was only going to be tomorrow! (Due date: 04-06-08).

I checked my statements, and i have now seen that they advise to have the money in your account at least 5 working days before the due date. Obviously I didn't, and now my payment got reversed!

I know it's probably only me to blame, but i feel well bad about this, as I was looking forward to my credit increase after having paid this month off!

I have the money now to pay them off in full, so do you think there is any reasoning with them? Can i try to explain to them, and hope that they would still increase my credit limit, or is this a lost cause??
If I wouldn't get my increase anymore now, any idea when i would be eligable again then? Maybe in another 4 months?

Or does anybody have any other advise? I had a cheeky alternative of telling them that i phoned them some time ago to change it to minimum payments, but that they failed to do so, and tried to take the full amount. Obviously a porky, but what do you guys think??

Marty_J

Is there no other way you can pay them? A debit card for instance?

gerrynimo

Yes. I can pay them with a debit card, that is not the issue.
I am just worried that i now will not get my credit limit increase, as they tried to take the money on Sunday , whereas I thought my DD would only go out tomorrow... So the payment got reversed, as i didn't have enough funds in my account on Sunday.

Marty_J

But surely if you pay them before the due date (which is all I imagine you are obliged to do), there will be no issue?

gerrynimo

You might be on to something here, Marty!

So if my due date is 04-06-08 (tomorrow), but they tried to take out my DD on Sunday, and I didn't have enough funds, and the payment got reversed, I can pay them today via debit card, and it would still not count as a late payment??

If that is so, you're a star, as didn't think of that myself! Thought as the DD didn't go through, it would automatically be a missed payment. Would i still get charged £ 12? Probably incurred a charge from my bank, but hey ho!

Hopefully Cap1 follows your thinking! Thanks a lot already!!

Marty_J

gerrynimo wrote: »

You might be on to something here, Marty!

So if my due date is 04-06-08 (tomorrow), but they tried to take out my DD on Sunday, and I didn't have enough funds, and the payment got reversed, I can pay them today via debit card, and it would still not count as a late payment??

I would imagine so. Your due date is tomorrow, not the date they try to take the direct debit out. A late payment is one that reaches them after the due date.

If that is so, you're a star, as didn't think of that myself! Thought as the DD didn't go through, it would automatically be a missed payment. Would i still get charged £ 12? Probably incurred a charge from my bank, but hey ho!

Hopefully Cap1 follows your thinking! Thanks a lot already!!

You're very welcome. Give them a call and explain what happened.

Hope you get it sorted!

leicsmarkyr

Cap1 might charge you a fee for bounced DD so you might see a £12 charge on your account.

Never known for a DD to be applied earlier than told. It usually say on or around 'x' date. And that covers for non-trading days (bank holidays, weekends) and if due date falls on this date, its usually the next available working day

And how do you know you will get a credit limit increase? Just because you pay the bill, it does not mean you will get an increase. Unless they told you that you will.

Marty_J

AFAIK, Capital One increase the limit on their classic card after three months provided you use the card at least once and don't miss any payments.

sscott5581

I have a Cap1 classic and pay my full balance by direct debit.

The direct debit is normally taken a few days before the minimum payment is due. My May statement direct debit due to be taken on or within three days of 06/06/2008 however the minimum payment is due 09/06/2008.

If you make a debit card payment tonight it should clear by tomorrow and you should not incur charges as you would've made at least the minimum payment on time regardless as to whether the direct debit failed or not.

moneypooh

I don't pay by DD but debit card everymonth as it gives me total flexibilty of when to pay it. I always pay it off in full and prefer to do it this way.
Paying by debit card means you can pay it off at ANY time its showing on your account not just statement dates. This can be useful as you can pay it off in more than one payment during the month, if that's easier.

gerrynimo

Hi guys,

Just to let you know what's been happening.... I called Cap1 yesterday, and paid the full amount with my Debit Card.
However, the lady on the phone said that as it will take 2 days for this payment to reach them (05-06), it will be classified as a late payment, as my due date is today (04-06).
Hence i will be getting a £ 12 charge (not too bothered about that), and my automatic credit limit review I would be gettting with my next statement (4th statement) will not not be happening (well bothered about that).

Does this sound correct to you guys? I know I probably should have made sure my DD on Sunday went out, but if I paid it yesterday by card, can I be held responsible for the 2 days processing it takes for the funds to reach them??

Any ideas also if I Cap1 would consider me in say 4 monts again for a credit limit increase (without missing any more payments in the mean time off course).