topic Re: Cap1 PIF - Charged Interest? in Credit Cards

Cap1 PIF - Charged Interest?

newmomnewme — Thu, 13 Aug 2020 05:16:34 GMT

Hi everyone...maybe I am missing something.

I just paid my Cap1 QS IN FULL on the due date (8/8) and the statement usually cuts tomorrow. I even used my rewards to pay onto the balance, after the payment was applied, I actually had a small credit balance. When I checked the app today, my available credit was only $39 and my balance was $98......Why would I be charged interest today? More importantly, why is my available credit only $39 on a 7750 line that was paid in full.

Re: Cap1 PIF - Charged Interest?

CYBERSAM — Thu, 13 Aug 2020 05:30:28 GMT

😳 Call them up, hopefully you can get your CL back!

Re: Cap1 PIF - Charged Interest?

wasCB14 — Thu, 13 Aug 2020 05:35:58 GMT

I once accidentally made two on-time PIF payments to Cap1. I requested a balance refund and they ended up charging me interest.

When I complained I did get a credit reversing the interest and my grace period reinstated, but what should have taken one call ultimately took three.

Hard to know if it's incorrect interest, a temporary glitch, or AA without calling...and even then, you might get a useless rep.

Re: Cap1 PIF - Charged Interest?

newmomnewme — Thu, 13 Aug 2020 05:41:28 GMT

SMH...I will call them tomorrow am. It's one of my older cards. I paid them first thinking "Cap1 won't close me after I PIF". Seems like the computer wouldn't allow interest charged to a credit balance...

Re: Cap1 PIF - Charged Interest?

dragontears — Thu, 13 Aug 2020 13:19:39 GMT

It sounds to me that

1. you were carrying a balance on this card so the interest is likely trailing interest because you currently don't have a grace period.

2. You made an extremely large payment that is outside of your normal payment history. It is not uncommon for lenders to put a hold on the credit line after large "unusual" payments. It should clear itself up in time

Re: Cap1 PIF - Charged Interest?

newmomnewme — Thu, 13 Aug 2020 14:00:07 GMT

@dragontears You suggest waiting to call them?

Re: Cap1 PIF - Charged Interest?

dragontears — Thu, 13 Aug 2020 14:04:29 GMT

@newmomnewme wrote:
@dragontears You suggest waiting to call them?

Really up to you. I hate talking on the phone so only call lenders if I absolutely have to lol.

If you do call you might get them to refund the trailing interest (play dumb and ask nicely about why you are getting charged interest).

Re: Cap1 PIF - Charged Interest?

newmomnewme — Thu, 13 Aug 2020 14:35:00 GMT

@dragontears Waiting to speak with Rep #3 now....Rep #1 said that my payment was received but hadn't cleared my bank yet. Rep #2 said it would take a week to clear and that my CL remains in tact then transferred me to Rep #3 to request to have the interest charges waived. Never made it to Rep #3.....Rep #2 called while so was on hold and was told interest couldn't be waived as it was accruing in the account while I made the payment in full.

At the end of all of this at least I didn't lose the CL and the balance will report almost at zero. I will pay the interest today so I don't forget.

Re: Cap1 PIF - Charged Interest?

HeavenOhio — Thu, 13 Aug 2020 16:36:41 GMT

Trailing interest is the usual culprit in a case like this, but $98 is a heck of a lot of interest. How big was your payment?

Re: Cap1 PIF - Charged Interest?

newmomnewme — Thu, 13 Aug 2020 16:46:21 GMT

@HeavenOhio $7700 and I was carrying a high balance for about a year.

Re: Cap1 PIF - Charged Interest?

K-in-Boston — Thu, 13 Aug 2020 16:49:25 GMT

@newmomnewme wrote:
@HeavenOhio $7700 and I was carrying a high balance for about a year.

Definitely trailing interest accrued between statement date and payment date. Double check the next statement if you are not using the card just to make sure there's not any more; many people have been bitten by 30+ lates on cards they thought were paid to $0.