topic Re: Capital One is trying to be slick!!!! in Credit Cards

Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 01:24:00 GMT

Get this. I have had my CapitalOne Platinum Visa Card (CL = 300 dollars) for a little over a month and have used it numerous times while sending them at least 3 payments through online payment feature from my bank. Cap1 states on its customer website that any payment made online before 3 pm will be available and applied to the account on that same day; after 3 pm it will be available the next day. Well, I made a 175 dollar payment on the 27th of October (my 4th payment) and they took the money that I owed them, but they did not apply it to my credit. I called CapOne and the customer service rep told me that they were holding my payment for 6 days and waiting to see if the source where they recieved the money from (my bank) was legit or something of that nature before they would apply the payment to my credit. Now mind you, they already have my new statement online where the payment has been applied, but under recent transactions they did not apply the payment. What is going on?? Is Cap1 trying to make sure they get their finance charge?? I really feel that the customer service rep was not telling me the full truth. And why would they hold this payment and not the other 3??? Has anyone had this problem. I am paying Cap1 with reckless abandon to show them that I mean business!!!

Message Edited by landocalrissian on 10-31-2007 06:24 PM

Re: Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 01:30:42 GMT

Keep in mind they really do not know anything about you. With all of the fraud accounts and Identity thefts going on it is possible that since you made 4 payments in one month of having the card it triggered something.

If they do charge you a finance charge after the payment has been posted, dispute it with them and explain what happened. They should be able to credit your finance charges back to the account.

I think they are just trying to avoid getting burned by a fraud account. It seems a lot of credit card companies are taking matters in their own hands when it comes to security.

Think about it, when you first open a checking account they do not instantly fund your accounts if you deposit checks, they hold the checks for a couple of days to make sure everything is ok. Of course, after your account has matured and your funds check out they should leave you alone.

Re: Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 01:35:44 GMT

You do have a point. Thank you very much.

Re: Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 01:42:18 GMT

Yea, well, I usually only have nice things to say about Cap 1. There credit cards have done right by me through some rough years, however, they do have this thing where they really do FLOAT our money to excess.

I'm actually dealing with them (or rather severing my dealings with them) for a similar over the top abuse of allowable wait days. I opened an online MMA account with them a few weeks ago and the opening deposit was an ACH using BoA. Although the money left my account on October 18, it was only made available to me today. Their response: New savings accounts have an 11-business-day hold on all deposits and after 30 days there will be a 5-business-day hold.

I have an identical online MMA account with Amtrust as well - opened a week earlier. Original deposit using the same method took 5 days and a subsequent transfer into the account was made available the business day after the transfer date (Amtrust has slightly better APR too)

sorry for taking your thread over with my vent -- it just irks me that they think it's okay to hold onto our money just to play the interest game without any real need to protect themselves.

landocalrissian wrote:
Get this. I have had my CapitalOne Platinum Visa Card (CL = 300 dollars) for a little over a month and have used it numerous times while sending them at least 3 payments through online payment feature from my bank. Cap1 states on its customer website that any payment made online before 3 pm will be available and applied to the account on that same day; after 3 pm it will be available the next day. Well, I made a 175 dollar payment on the 27th of October (my 4th payment) and they took the money that I owed them, but they did not apply it to my credit. I called CapOne and the customer service rep told me that they were holding my payment for 6 days and waiting to see if the source where they recieved the money from (my bank) was legit or something of that nature before they would apply the payment to my credit. Now mind you, they already have my new statement online where the payment has been applied, but under recent transactions they did not apply the payment. What is going on?? Is Cap1 trying to make sure they get their finance charge?? I really feel that the customer service rep was not telling me the full truth. And why would they hold this payment and not the other 3??? Has anyone had this problem. I am paying Cap1 with reckless abandon to show them that I mean business!!!

Message Edited by landocalrissian on 10-31-2007 06:24 PM

Message Edited by Cooneyca on 10-31-2007 06:42 PM

Re: Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 01:48:15 GMT

No problem. I am learning so much by being a member here. Vent on!!

Re: Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 02:38:24 GMT

The one and only nice thing I can say about CrapOne is that my online payments, if I made them in the morning, were applied and credited the next morning - the money was even sucked out of my checking acount. No wondering about when they would credit it or when they would debit my checking account. They were very consistent and I never had a problem.

Re: Capital One is trying to be slick!!!!

CreditDrama85 — Thu, 01 Nov 2007 03:10:17 GMT

it is because some make an online payment for the amount of their total balance (knowing it will be returned) and make a significant charge in the interim-- and go so far as to repeat that process once or twice (bringing their account significantly over the cl)

this is why so many cap 1 accts have a much higher reported bal than the initial credit line; either the cust did what i just described, or they were granted an emergency cli at one point.

Re: Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 03:20:13 GMT

Well, if they don't actually have the money in hand- I can understand the wait, but if the money is coming from a banking institution electronically it doesn't take six days - in fact Cap 1 can initiate a transfer out of my BoA account, and it will show up within hours on my banking account.

No doubt there are many ways to Sunday that Cap 1 has probably been left holding the bag, but when they actually have the money, they should be crediting the amount to accounts asap. They are often using the allowable wait times to float our money and earn interest.

CreditDrama85 wrote:
it is because some make an online payment for the amount of their total balance (knowing it will be returned) and make a significant charge in the interim-- and go so far as to repeat that process once or twice (bringing their account significantly over the cl)

this is why so many cap 1 accts have a much higher reported bal than the initial credit line; either the cust did what i just described, or they were granted an emergency cli at one point.

Message Edited by Cooneyca on 10-31-2007 08:20 PM

Re: Capital One is trying to be slick!!!!

Niki9 — Thu, 01 Nov 2007 05:06:39 GMT

Are you making payments from your banks website or from Cap1 website.

Anytime I make a payment for Cap1 website - no problem

but when I make from the bank website, there is usually a delay.

Re: Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 12:43:57 GMT

I make my payments directly from the Cap1 website. In fact, I just made a payment this morning and my balance should be $0.00. I was told by the customer service rep that my 175 dollar payment made on Oct 27 won't be credited until tomorrow. I plan to rotate to one of my other cards and let the Cap1 marinate for about a month before I use it again.

Re: Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 15:47:00 GMT

The same exact thing happened to me. I made 2 payments 100.00 and 75.00 and they are still holding the 75.00 payment, almost 2 weeks later. They said they will hold it for 6 business days.

Re: Capital One is trying to be slick!!!!

Anonymous — Thu, 01 Nov 2007 18:08:55 GMT

Wow I find this amazing!! I have always made multiple payments during the month and never had a problem with them posting the payment. I even made a payment throufgh their website and the payment was posted the next day.

Now my WAMU card that is another story!!

Re: Capital One is trying to be slick!!!!

Anonymous — Fri, 02 Nov 2007 12:01:12 GMT

Never had an issue with Capone or WAMU posting payments-
HSBC- once

I can push or pull payments-can not notice any difference in timing of the posting-

I was a twice a month payer until recently-

@Anonymous wrote:
Wow I find this amazing!! I have always made multiple payments during the month and never had a problem with them posting the payment. I even made a payment throufgh their website and the payment was posted the next day.
Now my WAMU card that is another story!!

Re: Capital One is trying to be slick!!!!

Anonymous — Fri, 02 Nov 2007 13:00:57 GMT

Well, my Cap1 balance is now at zero. Time to let the card marinate.

Re: Capital One is trying to be slick!!!!

Anonymous — Sat, 03 Nov 2007 03:19:29 GMT

i've never had problem with them. if you make payment early it's usually available around midnight. how long have you been with them? sometimes that makes a difference.

Re: Capital One is trying to be slick!!!!

Anonymous — Sat, 03 Nov 2007 16:10:47 GMT

I have only been with Cap 1 for about 5 weeks.

Re: Capital One is trying to be slick!!!!

Anonymous — Sat, 03 Nov 2007 16:31:10 GMT

I now stand corrected- Juniper just pulled this on me.

It has something to do with ACH rules and how a bank could pull back an ACH payment in 7 business days. I will ask the MIL on this today.

@Anonymous wrote:
Never had an issue with Capone or WAMU posting payments-
HSBC- once

I can push or pull payments-can not notice any difference in timing of the posting-

I was a twice a month payer until recently-

@Anonymous wrote:
Wow I find this amazing!! I have always made multiple payments during the month and never had a problem with them posting the payment. I even made a payment throufgh their website and the payment was posted the next day.
Now my WAMU card that is another story!!