Confused asf...

[JagerBombs89]

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@pip3man wrote:

thank you for sharing this information however it still doesn't quite explain why the minimum is $86 and not $25. Based on the details provided, my minimum should have been $25 and not $86. Cos if u do the Math, the "balance" was $86 which is greater than $25 and even if it were to be calculated based on 1%, minimum still comes out to be less than a dollar so it still remains unclear.

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As the other two posters above have mentioned, you are subject to a minimum payment based on the balance + interest and fees.  Since your entire statement consisted of interest charges, all of those charges would incorporate your minimum payment.

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@pip3man wrote:

Furthermore, I didnt pay the previous statement in full (however both cards balances were still within the grace period) and so was my second card but it wasn't charged interest. They have the same due dates and were paid on the same day so it doesn't make sense there either. Based on others feedback, it appears this may be a known issue with Capital One. But it's all good anyways since I got my $$ back as that's all that really matters.

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Paying interest is not a glitch, it's due to not paying the previous month's statement in full by the due date, as outlined in your terms & conditions.  It doesn't matter whether or not your two cards carried a balance, it only matters whether they were paid in full.  I consistently let my credit card report a different balance every month and still pay $0 in interest.

For instance: card #2 has a balance of $500 with a due date of May 23rd.  Between April 27 and May 23rd you charge $2,000 to card #2.  However, on May 5th, you make a $600 payment.  Because you paid at least $500, you wouldn't be charged any interest on the $500 or $2,000 in purchases made on card #2 for the following statement ending on June 26th.  This would leave a $1,4000 balance once your June 26th statement cut but you would still pay $0 in effective interest, even though the May 26th statement had a $500 balance.

[Rebuilding69]

Cap1 charged me interest on a $0 balance before heh.

[newhis]

The interest is always charged at the last day of the statement.

All is done by computers, so the balance was not paid in full, it started generating interest on the first day of the new statement (at least), so $7,124.84 on May 27 (first day of the new statement) generated $7,124.84 * APR * 1/365 in interest, May 28 the same .... until June 14 when the balance was paid. 4 days for May (27, 28, 29, 30 and 31) and 13 days for June (1-13). $7,124.84 * APR * 18/365 should give you the same as the interest charged.

Of course, this all depends on the previous statement and any 0% promotional period.

This is what I learned from other banks:

- Amex BCP you can get intro 0% for more than 12 months, if you get for 15, then when they charge you the AF after 12 statements, that will generate interest if you are carrying a balance (not PIF) using the 0% promo. My DW got charged a couple of cents for 1 day interest on a closing statement, the next statement they charged her 10 cents because she paid the AF 3 days into the next statement

- Some cards if you do a BT and keep using it for purchases, then the new purchases will start generating interest the next day of the purchase. In this case is better not to use the card or pay the purchase as soon as it hits your card.

- Capitalone wants you to do BT and keep using the card, they say they have special information on how much you need to pay to avoid interest when using a BT and making purchases. It will list all the purchases made in the period plus a minimum from the BT. At least that's what the BT offer say.

- Some cards have a minimum interest charge of a couple of dollars. I had a BofA card with a BT offer that I used to buy something, I don't have the price but I think the interest for that purchase was around $0.30, I got charged $1.50 because that is the minimum they charge in interests.

- If you contact them about the charges, many times they will refund them back. Sometimes on second chat/call