Anyone work for Capital One?

Long story, I've got a credit card with them, been setup the same way as my other cards, paying the statement balance in full each month. I've never once received an interest charge until last month. I call them up, explain this is odd as it's set up with autopay to pay the full amount. They say it's strange and refund the amount and that they would take a look into it. This month, I get another interest charge. I call them up again, they say, "sorry that was a one time courtesy we will not refund your charge." They still can't explain as to why it's happening, but they won't refund the amount regardless.

I guess my question is if autopay has always been used to pay the statement balance in full and I've never received an interest charge before, why would that suddenly start happening now? Is Capital One cash strapped or something that they are now resorting to nickel and dime-ing their customers? Why would Capital One risk losing customers? It just makes no sense and the tech support on the phone couldn't tell why it was happening either or whether or not it wouldn't continue to happen in the future.

I have a cap one card too, but I pay the balance manually out of my Wells Fargo checking account using online bill pay. I have not had any issues, but I will check my statements later today to make sure there isn't something I missed.

If you're paying electronically, maybe the issue is on your bank account end, and for some reason the payment isn't leaving your account and/or reaching cap one on time?

Does your payment come out of a cap one account, too?

Also, if your auto pay is set up on the same date every month, check to see if that fell on a weekend or holiday the last couple of payments. My bank won't count holidays and weekends as available delivery dates, so depending on when my payment is due, I sometimes have to pay a few days early. That's exactly why I don't use auto pay.

There's probably a delay with your bank on releasing funds, so you're getting hit with late fees. Do you have any other cc's set-up on auto pay? Has your credit score dropped in the last 2 months?

Are you pulling from COF or pushing from WFC? If pulling, has your routing or acct # at WFC changed recently? I know a lot of banks have been changing/updating routing #s recently (i.e. opened an account at a regional bank that was later acquired 20 years ago, they're finally shifting over to the national routing #).

If pushing from WFC, are they sending payment electronically or mailing a check? We used to do our giving to church via "Bill Pay" on the WFC website and they would send a physical checkSometimes it took a week or more from the date I had it scheduled.

Bigger question is which COF card makes sense as a daily user? Isn't the best they've got anymore 1.5% flat?

Did you receive an update in terms from them recently? If so they may have eliminated the grace period such that interest is charged from the date of purchase regardless if you pay the balance by the due date.

I would sock drawer the card and use a different one. It's called Crap One for a reason by folks on Credit Boards.

Texker said:

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Did you receive an update in terms from them recently? If so they may have eliminated the grace period such that interest is charged from the date of purchase regardless if you pay the balance by the due date.

I would sock drawer the card and use a different one. It's called Crap One for a reason by folks on Credit Boards.

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Granted, I don't know if the OP has the same cc I do, but cap one has not updated the t&c of my card. I just checked my last couple of statements. No fees or interest charges.

I've had the Venture card for over 5 years and haven't had any issues with cap one.

It could be the bank issue that y'all mentioned but the card has been setup the same way for years and never once has this occurred. It could be the grace period issue in which case, I would imagine the tech support would have told me that was the case. He said it could be the billing cycle which is 25 days before the due date. If that was the case, I still would have had problems in the past. Ive decided though that im just going to move on from the company. No other issues with any other card but capital one.

Again, what changed only two months ago? It's got to be the grace period thing.

Read your account disclosures, compare to your account statement. If there is a discrepancy (rare but does happen), it is a conversation with the compliance department not some minimum wage call center employee.

I spoke with compliance. They couldn't figure it out and despite not being able to figure it out they still would not waive the charge. They said waiving the fee was out of their hands. It's crazy really. Mind you, I rarely use the card as I get better rewards with others so we are talking about a 3 dollar fee. 3 bucks to lose a customer over?

But did you find a discrepancy between what your account disclosures say should happen and your account statement saying what did happen before talking to compliance?

No, nothing has changed. The policy, the autopay, nothing that I could find. Nothing that they could find. And yet still I get the charge and they told me "sorry" so I say "goodbye"

Texker said:

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Did you receive an update in terms from them recently? If so they may have eliminated the grace period such that interest is charged from the date of purchase regardless if you pay the balance by the due date.

I would sock drawer the card and use a different one. It's called Crap One for a reason by folks on Credit Boards.

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Pretty certain this illegal except for cash advances. Credit cards must allow a grace period for purchases if the cardholder does not carry a balance.

My above post swerves into the answer. Credit cards are required by law to provide a grace period except when you carry a balance at which point you're charged interest from the date of purchase. When you don't carry a a balance interest accrues from the date of purchase and is waived when paid off in full by the due date. What happened is "somehow" your account got flagged as carrying a balance so now you're getting hit with interest on all purchases from the date of purchase. The only way to reset this is to let the card drop with a $0 statement balance then you can resume using it without incurring interest.

How did this happen? It wouldn't surprise me if Cap One did something nefarious on low usage accounts trying to get away with it but to be honest I don't really know. If you're set up for autopay from their system on the due date for the statement balance then clearly they're responsible for making sure that works so you don't incur interest charges but it sounds like you're hitting a brick wall there.

My $.02? Close the account on the phone with a support agent so you can be clear it's being closed because of their poor performance on this specific issue. You can always open another Cap One card tomorrow and they'll never connect those dots but creating the impression they're being punished for this might matter to them.

LOYAL AG said:

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Texker said:

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Did you receive an update in terms from them recently? If so they may have eliminated the grace period such that interest is charged from the date of purchase regardless if you pay the balance by the due date.

I would sock drawer the card and use a different one. It's called Crap One for a reason by folks on Credit Boards.

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Pretty certain this illegal except for cash advances. Credit cards must allow a grace period for purchases if the cardholder does not carry a balance.

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Card companies are not required by law to give a grace period, for any types of purchases. Most of them just do for standard cc purchases for competition I suppose.

https://www.consumerfinance.gov/ask-cfpb/what-is-a-grace-period-for-a-credit-card-en-47/

Quote:

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Credit card companies are not required to give a grace period. However, most credit cards provide a grace period on purchases.

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62strat said:

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LOYAL AG said:

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Texker said:

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Did you receive an update in terms from them recently? If so they may have eliminated the grace period such that interest is charged from the date of purchase regardless if you pay the balance by the due date.

I would sock drawer the card and use a different one. It's called Crap One for a reason by folks on Credit Boards.

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Pretty certain this illegal except for cash advances. Credit cards must allow a grace period for purchases if the cardholder does not carry a balance.

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Card companies are not required by law to give a grace period, for any types of purchases. Most of them just do for standard cc purchases for competition I suppose.

https://www.consumerfinance.gov/ask-cfpb/what-is-a-grace-period-for-a-credit-card-en-47/

Quote:

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Credit card companies are not required to give a grace period. However, most credit cards provide a grace period on purchases.

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Good to know. Thanks for clarifying. This changes the answer a bit. If Cap One is not providing a grace period for purchases I'd close the account and never look back.

Thanks for posting 62. I'm a bit of a credit score nerd so was gonna post that.

OP depending on your situation the advice to close that card is ill advised. As I said before sock drawer it(ie pay off and don't use).