topic Re: Capital One credit card interest charged on date of purchase? in Credit Cards

Capital One credit card interest charged on date of purchase?

Anonymous — Thu, 24 Mar 2022 00:41:35 GMT

I am in rebuilder mode and have two Cap One credit cards, Platinum and Quick Silver One (which I recently product changed to Venture One.) When the two balances were paid off in full, I noticed that there was a residual balance due the next month. I called customer service to inquire about it and was told that interest is charged starting the date of the purchase. As Capital One has cards such as the Venture X and others that are so popular, I doubt this is done for all of their cards. Can anyone provide any perspective?

Re: Capital One credit card interest charged on date of purchase?

Anonymous — Thu, 24 Mar 2022 00:54:03 GMT

@Anonymous wrote:
I am in rebuilder mode and have two Cap One credit cards, Platinum and Quick Silver One (which I recently product changed to Venture One.) When the two balances were paid off in full, I noticed that there was a residual balance due the next month. I called customer service to inquire about it and was told that interest is charged starting the date of the purchase. As Capital One has cards such as the Venture X and others that are so popular, I doubt this is done for all of their cards. Can anyone provide any perspective?

On nearly every credit card, interest is charged starting the date of the purchase. If you pay in full by due date, all that interest is waived (so-called grace period). If you don't pay in full, the interest is charged, and, on most cards, paying in full the following month will still incur some residual interest (reflecting interest between the statement date and the time you paid your bill). Once you PIF for two consecutive cycles, no more interest.

Re: Capital One credit card interest charged on date of purchase?

SoCalGardener — Thu, 24 Mar 2022 00:57:08 GMT

I can only speak to the Cap1 cards I have--a QS MC, QS Visa, and Walmart Rewards MC--and they definitely do *not* start accruing interest from the date of purchase. I would only incur interest on any of them if I didn't PIF each month. I think rules are different for cash advances, but I never use those, so I don't know for sure.

Let's see what others have to add...

Re: Capital One credit card interest charged on date of purchase?

FinStar — Thu, 24 Mar 2022 00:57:32 GMT

@Anonymous wrote:
I am in rebuilder mode and have two Cap One credit cards, Platinum and Quick Silver One (which I recently product changed to Venture One.) When the two balances were paid off in full, I noticed that there was a residual balance due the next month. I called customer service to inquire about it and was told that interest is charged starting the date of the purchase. As Capital One has cards such as the Venture X and others that are so popular, I doubt this is done for all of their cards. Can anyone provide any perspective?

Yes, this is common for most issuers and not unique to those 2 particular cards, especially if you are/were revolving a balance over two cycles (or longer). Below is a recent thread discussing residual/trailing interest:

https://ficoforums.myfico.com/t5/Credit-Cards/Are-there-any-cards-left-that-don-t-charge-residual-interest/m-p/6491993