topic Re: Sock Drawering CapOne Walmart card. in Credit Cards

Sock Drawering CapOne Walmart card.

IncrsCreditScore — Sat, 24 Oct 2020 20:45:49 GMT

I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.

Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.

So beware if thinking about applying for this car.

Re: Sock Drawering CapOne Walmart card.

AverageJoesCredit — Sat, 24 Oct 2020 21:08:27 GMT

@IncrsCreditScore wrote:
I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.

Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.

So beware if thinking about applying for this car.

Wow, what a car

But seriously, Cap One has really did Wally card wrong imo. I closed my 15k store card and still have the MC but have zero incentive to use it. They dont give cli , or make it super hard for any level of spend, and its such a shame. My only Cap One card but for sure , even if i could, would not make me want to own another, and on 3 pulls? Lol , no. Better cards out there imo and better lenders though of course thats subjective

Re: Sock Drawering CapOne Walmart card.

IncrsCreditScore — Sat, 24 Oct 2020 21:17:40 GMT

@AverageJoesCredit wrote:
@IncrsCreditScore wrote:
I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.

Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.

So beware if thinking about applying for this car.
Wow, what a car

But seriously, Cap One has really did Wally card wrong imo. I closed my 15k store card and still have the MC but have zero incentive to use it. They dont give cli , or make it super hard for any level of spend, and its such a shame. My only Cap One card but for sure , even if i could, would not make me want to own another, and on 3 pulls? Lol , no. Better cards out there imo and better lenders though of course thats subjective

Glad you understand about the card, Average Joe. I am so disappointed. I was using it at Wally only, but, as you said, they would not give me a CLI which made by monthly usage a very high percentage. Will keep it in the sock drawer and maybe after a few more months, just cancel it. Sure don't want them to cancel it for non-use.

Re: Sock Drawering CapOne Walmart card.

macinjosh — Sat, 24 Oct 2020 21:22:21 GMT

I sure hope that after the Pandemic is over, Walmart goes after CapOne for making it harder for people to get the Walmart cards and looks for a new portfolio owner. I thought the whole reason for the switch to CapOne was because Synchrony was doing a similar dis-service to customers & Walmart. I still use my Walmart MC. It provides padding to my file though, so getting rid of it isn't an option.

Re: Sock Drawering CapOne Walmart card.

sxa001 — Sat, 24 Oct 2020 21:44:10 GMT

Is that normal treatment from CapitalOne with a day late payment or just unique to the Wal-Mart Card? Before setting up backup autopay I had been one day late on Chase on one occasion and one day late (it might have even been two days) on AMEX another occasion. Both times all late fees were waived and no issues. It probably helped that I set up auto pay at the same time that I was paying them in full.

That is really bad if the grace period is gone forever after a one day late payment!

Re: Sock Drawering CapOne Walmart card.

JR_TX — Sat, 24 Oct 2020 21:46:01 GMT

@IncrsCreditScore wrote:
I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.

Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.

So beware if thinking about applying for this car.

You paid a day late because their e-bill was a day late? You mean their e-bill came exactly on the due date and that's why you were late on payment?

I'm confused! What am I not getting here?

Re: Sock Drawering CapOne Walmart card.

UpperNwGuy — Sat, 24 Oct 2020 23:46:07 GMT

@JR_TX wrote:
@IncrsCreditScore wrote:
I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.

Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.

So beware if thinking about applying for this car.

You paid a day late because their e-bill was a day late? You mean their e-bill came exactly on the due date and that's why you were late on payment?
I'm confused! What am I not getting here?

I have the same question.

OP, do you understand the concept of "trailing interest"? If not, you should google it and learn about it. You appear to have triggered trailing interest by carrying over a balance. Capital One is not the only bank that imposes trailing interest. So does Chase, for example. I triggered it at Chase by being one hour late with a payment. It took me two more billing cycles to clear it up.

Re: Sock Drawering CapOne Walmart card.

Remedios — Sun, 25 Oct 2020 00:59:18 GMT

This is exactly how it works. It's not shady, it's not specific to Cap One, and depending on lender, it can take up to two statements to reinstate grace period.

I'm confused on your "bill late, payment late"

You have more than three weeks after statement closes to make a payment. Statement closing within a few days from the previous one doesn't change the due date. Due to CARD act, your due date remind constant, even if closing date varies.

Re: Sock Drawering CapOne Walmart card.

Anonymous — Sun, 25 Oct 2020 01:28:35 GMT

Do you receive the bill via email, or do you get reminders? Reminders can fail whether they come via text or email.

It helps to know when your card's statement cuts. Not the exact date, but general time of the month. I once had a gas bill get close to becoming due, and the reminder email failed. I knew after about 10 days something was up. I checked it out and had plenty of time to pay it, but just generally knowing when a bill is coming triggered questioning.

I know most people have better things to do than remembering when a bill should come due, but reminders are not failsafe. We can check our accounts any time we want online. In the days when there were only paper statements, it was a lot harder to track due dates and missing bills. But Mr. Postman misplaces or delivers to the wrong address, and I'm sure it was worse back then.

I logged into one of my card accounts and it told me a new card is coming soon. Last time I checked, it said the new card was delivered. I haven't seen the card yet. Lost or delivered to the wrong address I suppose, or its buried under a pile of papers. At least I know there's an issue and might be reporting a lost card if it doesn't show in the next 2 days.

Re: Sock Drawering CapOne Walmart card.

IncrsCreditScore — Sun, 25 Oct 2020 16:35:45 GMT

Will try to answer all the questions. I received the email bill late in the evening two days before it was due. I mmediately went to their website to see how much money in total was owed and then, I immediately went to my bank's website to pay the bill. The quickest it could be paid by them was one day after the due date. I was hoping that paying not only the bill amount but the total of all charges after the bill was received would make everything okay. I paid everything due to that account, so that there was then a zero balance. After that, there were two charges on the next bill and that interest charge. I had never ever been late with a payment on the card and had always paid it a day or two in advance of the due date. I was very careful just simply because I had read about all their tricky business with interest, late fees, etc. The plan is to never have a CapOne card again. I had not heard of trailing interest until this message thread, so will look that up. But that could not have been the case in this situation, because I paid the full balance of every statment and sometimes more. I do have an Excel spreadhseet with closing dates, but I do not check it every single day. Thank you for your comments. I did find a new term for me to learn about with the trailing interest comment. If you have any more questions/comments, please share.

Re: Sock Drawering CapOne Walmart card.

HeavenOhio — Sun, 25 Oct 2020 17:41:23 GMT

When you run into a situation where you might be late, always call in to see if the late fee can be waived and if your grace period can be restored — particularly if you're within a day or so of the due date. A lot of banks, including Capital One, are good about this.

I'm confused about why you were surprised by the due date. Capital One sends me "statement is ready" e-mails right after the statement cuts, i.e. twenty-five or so days before payment is due. Were you awaiting an e-mail reminding you that you hadn't yet paid?

Re: Sock Drawering CapOne Walmart card.

UpperNwGuy — Mon, 26 Oct 2020 02:42:47 GMT

@IncrsCreditScore wrote:
Will try to answer all the questions. I received the email bill late in the evening two days before it was due. I mmediately went to their website to see how much money in total was owed and then, I immediately went to my bank's website to pay the bill. The quickest it could be paid by them was one day after the due date. I was hoping that paying not only the bill amount but the total of all charges after the bill was received would make everything okay. I paid everything due to that account, so that there was then a zero balance. After that, there were two charges on the next bill and that interest charge. I had never ever been late with a payment on the card and had always paid it a day or two in advance of the due date. I was very careful just simply because I had read about all their tricky business with interest, late fees, etc. The plan is to never have a CapOne card again. I had not heard of trailing interest until this message thread, so will look that up. But that could not have been the case in this situation, because I paid the full balance of every statment and sometimes more. I do have an Excel spreadhseet with closing dates, but I do not check it every single day. Thank you for your comments. I did find a new term for me to learn about with the trailing interest comment. If you have any more questions/comments, please share.

If I understand what you just wrote, you did a push payment from a different bank instead of doing a pull payment from Capital One's website. That normally works, but when you only have two days to work with, your bank may not be able to get the funds to Capital One within those two days. You should be able to tell if that's what happened by looking at your Capital One statement. If you had done the pull payment, Capital One would have recorded it immediately.

Also, you need to print out that Excel spreadsheet and tape it to your kitchen cabinet so you're looking at it every day. I don't get any notifications of payments being due on any of my credit cards, but I have a chart that I consult often.

Re: Sock Drawering CapOne Walmart card.

B_Slow1 — Mon, 26 Oct 2020 03:04:50 GMT

As others have said, the issue was "trailing interest". I ended up having the same issue with my Walmart card back in January. Due to some glitch with my bank, my automated payment didn't go through at the correct time, was considered "late", and I was charged interest. It took two additional billing cycles for me to clear the trailing interest, and admittedly, I spent a good deal of time arguing with Capital One on the phone because I wasn't aware of how it worked. Didn't get my late fee waived either.

Regarding CLIs, this is my only Cap1 card so I don't know if this is applicable across the board, but I've found the process better than other banks. I've gotten them to raise my CL twice already, and being a soft pull, there's no harm in asking. The original CL I was given was a bit stingy, but with the increases, it's much more usable.

My biggest issue with the card in my experience is that they don't always add my payment to my available balance after it clears. They hold it for a week, which is frustrating, and they refuse to expedite it. And this is after I've established a pretty solid pattern of payment with them. They still won't push the payments through.

Re: Sock Drawering CapOne Walmart card.

IncrsCreditScore — Sat, 31 Oct 2020 18:33:35 GMT

@HeavenOhio wrote:
When you run into a situation where you might be late, always call in to see if the late fee can be waived and if your grace period can be restored — particularly if you're within a day or so of the due date. A lot of banks, including Capital One, are good about this.

I'm confused about why you were surprised by the due date. Capital One sends me "statement is ready" e-mails right after the statement cuts, i.e. twenty-five or so days before payment is due. Were you awaiting an e-mail reminding you that you hadn't yet paid?

I did not get that notice until two days before my payment was due. Have no idea what the holdup was. It doesn't matter now, because I will never have another Capital One card. Don't care for their practices.

Re: Sock Drawering CapOne Walmart card.

OmarGB9 — Sat, 31 Oct 2020 18:51:38 GMT

But the due date is the same every month...the only thing that can vary is the closing date...

Re: Sock Drawering CapOne Walmart card.

Anonymous — Sat, 31 Oct 2020 19:19:03 GMT

@IncrsCreditScore wrote:
@HeavenOhio wrote:
When you run into a situation where you might be late, always call in to see if the late fee can be waived and if your grace period can be restored — particularly if you're within a day or so of the due date. A lot of banks, including Capital One, are good about this.

I'm confused about why you were surprised by the due date. Capital One sends me "statement is ready" e-mails right after the statement cuts, i.e. twenty-five or so days before payment is due. Were you awaiting an e-mail reminding you that you hadn't yet paid?
I did not get that notice until two days before my payment was due. Have no idea what the holdup was. It doesn't matter now, because I will never have another Capital One card. Don't care for their practices.

Not sure it's business practices, but rather an IT glitch or even your email provider. I don't think it came late to trip you up.

Re: Sock Drawering CapOne Walmart card.

cr101 — Sun, 01 Nov 2020 21:19:09 GMT

@IncrsCreditScore wrote:
@AverageJoesCredit wrote:
@IncrsCreditScore wrote:
I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.

Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.

So beware if thinking about applying for this car.
Wow, what a car

But seriously, Cap One has really did Wally card wrong imo. I closed my 15k store card and still have the MC but have zero incentive to use it. They dont give cli , or make it super hard for any level of spend, and its such a shame. My only Cap One card but for sure , even if i could, would not make me want to own another, and on 3 pulls? Lol , no. Better cards out there imo and better lenders though of course thats subjective
Glad you understand about the card, Average Joe. I am so disappointed. I was using it at Wally only, but, as you said, they would not give me a CLI which made by monthly usage a very high percentage. Will keep it in the sock drawer and maybe after a few more months, just cancel it. Sure don't want them to cancel it for non-use.

Please don't cancel it. It kills me when ppl rage-quit a cc company and only end up hurting their own profile or losing benefits. You already took the 3-bureau inquiry hit and now you're going to lose the utility padding. Your last two sentences seem to contradict each other. You don't want them to close the account, but you're threatening to close it. LOL. Keep the card.

You made an honest mistake and forgot to pay the bill. I've done the same, but luckily paid it before any late fees kicked in. But, even after I paid the balance, I was confused by additional interest fees on the next bill. Took a phone call with a very patient C1 rep who explained what I believe someone else in the thread has called "trailing interest". These are things that you don't think about when you chronically PIF.

Re: Sock Drawering CapOne Walmart card.

Anonymous — Sun, 01 Nov 2020 18:55:27 GMT

While I am no fan of Cap1, and have often thought about closing said card due to certain antics. I've not done it in haste when I'm upset. Nor do I actually see cause for it being "their" fault, because ven though I don't know teh actual due date of everyc ard i do know the approximate date they will be due on. So regardless of use or even receiving a statement I always log in at least 6 days prior to my expected due date to confirm a balance/amount due and pay it even if I have tie to come back later.

Aside from that I also have a checklist of due dates and the estimated amount for each card. I don't rely on emails/alerts because glitches can and do happen. I have them set up and they're nice to have because 99% of the time they work as intended, it's that 1% that bothers me.

While it is frustrating, it most often is our own fault and not the CCC's. It's all automated/electronic on their end and tends to be more accurate than Humans which we are.

Re: Sock Drawering CapOne Walmart card.

IncrsCreditScore — Sun, 01 Nov 2020 21:08:48 GMT

@cr101 wrote:
@IncrsCreditScore wrote:
@AverageJoesCredit wrote:
@IncrsCreditScore wrote:
I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.

Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.

So beware if thinking about applying for this car.
Wow, what a car

But seriously, Cap One has really did Wally card wrong imo. I closed my 15k store card and still have the MC but have zero incentive to use it. They dont give cli , or make it super hard for any level of spend, and its such a shame. My only Cap One card but for sure , even if i could, would not make me want to own another, and on 3 pulls? Lol , no. Better cards out there imo and better lenders though of course thats subjective
Glad you understand about the card, Average Joe. I am so disappointed. I was using it at Wally only, but, as you said, they would not give me a CLI which made by monthly usage a very high percentage. Will keep it in the sock drawer and maybe after a few more months, just cancel it. Sure don't want them to cancel it for non-use.
Please don't cancel it. It kills me when ppl rage-quit a cc company and only end up hurting their own profile or losing benefits. You already took the 3-bureau inquiry hit and now you're going to lose the utility padding. Your last two sentences seem to contradict each other. You don't want them to close the account, but you're threatening to close it. LOL. Keep the card.

You made an honest mistake and forgot to pay the bill. I've done the same, but luckily paid it by the due date. But, even after I paid the balance, I was confused by additional interest fees on the next bill. Took a phone call with a very patient C1 rep who explained what I believe someone else in the thread has called "trailing interest". These are things that you don't think about when you chronically PIF.

I am not cancelling the card, yet, and probably won't. It is not even one year old. Just sock drawering it and won't use again.

Re: Sock Drawering CapOne Walmart card.

IncrsCreditScore — Sun, 01 Nov 2020 21:14:11 GMT

@OmarGB9 wrote:
But the due date is the same every month...the only thing that can vary is the closing date...

That is normally true.