@Anonymous wrote:Does anybody know if Capital One will allow me to dictate where my extra payments go as far as interest/principle balance? Some banks will let you apply extra payments to the principle balance, knocking it down without having part of your payment going towards any interest.
Considering I am going to be paying them 5x the minimum payment at a time, maybe they'll let me do that. Has anybody tried asking them?
I think you're over-thinking this... with a credit card, any amount you pay over the minimum will be applied to the principal balance.
The interest on any balance you're carrying (assuming you don't PIF) accrues daily, and is added at the end of the month. With some installment loans (such as mortgages) you would have a need to specify principal vs. interest if you pay more than the minimum, but for credit cards there's nothing to worry about.
This is assuming you've got a 'standard' revolving balance. If you have a promotional APR on a portion of your balance, the "rules" can vary a little depending on the issuer, but that's for another thread. 