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Can I overpay Capital One?

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HiiiPoWeR
Regular Contributor

Can I overpay Capital One?

I need to the place $40,000 order in the next day or two... I can not use my debit card for the purchase because the daily purchase limit has been reach multiple times and the bank is refusing to raise it again. I have personal credit card through Capital One with limit of 5K, is it possible to overpay my credit card by 35K to make the purchase? And no, the merchant will not accept a check or wire transfer, and yes,  it's a very legitimate company.

Message 1 of 11
10 REPLIES 10
HeavenOhio
Senior Contributor

Re: Can I overpay Capital One?

The best you can do with Capital One's payment system is to pay 10% more than your current balance.

 

But the bigger problem is that prepayments don't change your available credit. The only way they help out is to reduce the balance you end up with when the charge posts.

Message 2 of 11
CreditCuriosity
Moderator Emeritus

Re: Can I overpay Capital One?

Can you not send a certified check or MO or the likes if you dont have the NPSL to make this happen?

Message 3 of 11
Anonymous
Not applicable

Re: Can I overpay Capital One?

Not even cashier's check or money order? I mean, those are as good as real cash.

Message 4 of 11
CreditInspired
Community Leader
Super Contributor

Re: Can I overpay Capital One?

Check with your bank again. When I had a $6K purchase and needed to do it on my debit, all I had to do was notify NFCU that a large charge was coming through from vendor X in the amount of X on this date. Bam! It was done.

They’re not raising the daily amount, they’re offering a 1 time courtesy.

Just my 2cents

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 5 of 11
SBR249
Established Contributor

Re: Can I overpay Capital One?

Can you get the company to break the transaction up into more manageable chunks? Or use something like an escrow service? Otherwise, maybe certified check from your bank? Does the company accept any other form of payment aside from debit/credit cards? Bitcoin? 

Message 6 of 11
HiiiPoWeR
Regular Contributor

Re: Can I overpay Capital One?


@CreditCuriosity wrote:

Can you not send a certified check or MO or the likes if you dont have the NPSL to make this happen?


No checks. I need to apply for a charge card to avoid these issues in the future. 

Message 7 of 11
HiiiPoWeR
Regular Contributor

Re: Can I overpay Capital One?


@CreditInspired wrote:
Check with your bank again. When I had a $6K purchase and needed to do it on my debit, all I had to do was notify NFCU that a large charge was coming through from vendor X in the amount of X on this date. Bam! It was done.

They’re not raising the daily amount, they’re offering a 1 time courtesy.

Just my 2cents

I have exhausted the one time courtesy. I'm able to do 3K in 24hr period.

Message 8 of 11
HiiiPoWeR
Regular Contributor

Re: Can I overpay Capital One?


@SBR249 wrote:

Can you get the company to break the transaction up into more manageable chunks? Or use something like an escrow service? Otherwise, maybe certified check from your bank? Does the company accept any other form of payment aside from debit/credit cards? Bitcoin? 


I didn't think of doing Bitcoin. I will definitely ask them tomorrow.

Message 9 of 11
UncleB
Credit Mentor

Re: Can I overpay Capital One?


@HeavenOhio wrote:

The best you can do with Capital One's payment system is to pay 10% more than your current balance.

 

But the bigger problem is that prepayments don't change your available credit. The only way they help out is to reduce the balance you end up with when the charge posts.


^^^ This exactly. 

 

Last summer I made a payment to Capital One using Wells Fargo's bill pay, and I got a system error.  Not wanting to wait, I logged into my account at USAA and made the payment from there, no problem.

 

You guess it, the first payment from WF was sent as well.  Smiley Indifferent

 

Thankfully I had enough to cover the double payment.  My account showed a credit balance (in my case, just over $1700) but my available credit was only my credit limit.  Each time I would make a charge my available credit would be reduced (below my credit line), and in a day or two the credit balance would be reduced and my available credit would go back to my regular full credit line.  At no time was I able to spend more than my credit line at one time.

 

I don't have any suggestions other than what has already been offered, but if you have enough on deposit to cover such a large purchase your bank should be more flexible.  If it were me, I would consider shopping around for a different bank, perhaps one that offered private banking/private client to customers with larger account balances.

Message 10 of 11
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