08-23-2012 08:00 AM
After putting holds on every payment of mine greater than $30 since June (about 5 or so payments), Cap1 finally processed a large payment without placing a hold on it!
08-23-2012 08:09 AM
It seems like they like to do that sort of thing on new accounts. When I got my second card (No Hassel Rewards) from them in December I used it immediately. I made a large payment on it and my first CapOne card on the same day, for nearly the same exact amount. The payment for the first card was posted immediately, but for the new card they held it for weeks, supposedly because it was a large payment. It was the only time that happened but I was steamed since I wanted to push as much $ through it as possible to maximize rewards and they already should've known the bank account I was paying from was good since I was using it to pay my other card as well.
Glad to see you're past that hassle!
08-23-2012 09:22 AM
I have 2 Cap1 cards
1. Cap1 Secured (opened 7/11)
2. Cap1 Cash Rewards (opened 4/12)
With my secured card I never saw a payment held. I would pay and the available credit would be available the next business day every time.
My CR card is another story. I was shocked to see my first payment held after the first statement posted so I called CS and they released the funds.
This continued for the first 3 billing cycles. I'd make a payment, it would be put on hold and I'd have to call to have it released.
CS never gave me too much of a hassle with it and they did explain that it is their policy that for the first 4 months they *can* hold payments.
I would just ask nicely to get the funds released and it was never too much of a problem.
The last couple payments I've made have cleared the next business day without issue. (I make several payments throughout the month since it's only a $500 limit and I like the cash back).
08-23-2012 09:47 AM
Its actually the secured card that has been placing holds. I think its just a new account/frequent payment thing. I'm hoping its a thing of the past. Kind of hard to push stuff through card if you have to wait 7-10 days for CL to free up.
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