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I paid Capital One in full. They somehow reported $6 instead of $0. The $6 was interest. I'm puzzled by this...How do I get them to report $0?
@fixmycred14 wrote:I paid Capital One in full. They somehow reported $6 instead of $0. The $6 was interest. I'm puzzled by this...How do I get them to report $0?
That happened when I paid 2 of our cards off as well. It happens because interest isn't calculated until the statement cut date which is usually a couple of days after the due date for cap 1. So by the time you see the interest they have already reported the interest. Now all you can do is pay it and wait till it cuts again. I have heard of people asking for mid cycle updates but when I asked for one they said all they could do was send me a letter with proof that I paid it and what the current balance was.
The only way to avoid it in the future would be to figure out some way to determine how much interest they will charge you at statement cut. Cap 1 lets you make a pymt up to 10% over what the balance is. If your balance is $100 and you know you will get $5 interest you can make a pymt of $105. That way when they interest gets charged and the statement cuts it will show a zero balance.
Thank you for the helpful information.
@physicist82 wrote:
@fixmycred14 wrote:I paid Capital One in full. They somehow reported $6 instead of $0. The $6 was interest. I'm puzzled by this...How do I get them to report $0?
That happened when I paid 2 of our cards off as well. It happens because interest isn't calculated until the statement cut date which is usually a couple of days after the due date for cap 1. So by the time you see the interest they have already reported the interest. Now all you can do is pay it and wait till it cuts again. I have heard of people asking for mid cycle updates but when I asked for one they said all they could do was send me a letter with proof that I paid it and what the current balance was.
The only way to avoid it in the future would be to figure out some way to determine how much interest they will charge you at statement cut. Cap 1 lets you make a pymt up to 10% over what the balance is. If your balance is $100 and you know you will get $5 interest you can make a pymt of $105. That way when they interest gets charged and the statement cuts it will show a zero balance.
+1. If you used to carry a balance and switch to a PIF model, it usually takes two statements to fix itself, due to the residual interest as described.