I stopped using my Cap1 card for a while and started up again when my business needed to pay off some expenses and since Cap1 offers BT with no BT fees, I have been using this for 2 months now. Yes I know some of you will state Cap1 will frown on you or even close your account for repeated BT like this. Why though, if they dont like this, why dont they remove this feature on my account and others who have done the same thing?
Anyways last month on my 1st BT I took out the BT after my statement closed to avoid any interest and pay it off on the following month which would give me a month give or take some days.
Cap 1 ended up charging me a INTEREST CHARGE
PECIAL TRANS for $2.97, yes this is a small charge but there was no reason. I was within in my full month to pay off this BT, I called into Cap 1 to get this removed. They did and they could not explain how I was charged (SURE)
This month they have done it again for $43.37, even though I have timed it where 2 BT would not incure any interest. Let me know if I am in the wrong here... And I am pretty sure this for the BT I did in June 2022 as you can see below on my spreadsheet, no interest should have been added to the account since it was paid off within the timeframe to avoid interest. Cap1 also reported this interest as a balance to all 3 credit reports too.
I am not sure what is going on with Cap 1 lately. The past 2 months I have paid my balance in full DAYS before statement date and they are reporting balances to my reports. I haven't disputed or anything cause it hasn't dinged my report but something is off. Your case further proves this. I too may open a case with CFPB.
@AzCreditGuy I did some research correct me if I missed something in your post let me know. I went on Capital One web site and I used a disclose from one of their cards. Your disclosure may have different terms. In your post you stated the Cap 1 waived the BT transfer fee. Per your screen shot below looks like you tranferred $ 7,000 in total. The balance transfer fee using the example screen shot is 7000 X 3% which is $210.00 if my is correct. It looks like Capital One has done that Your spreedsheet does not show that amount. The agreement also states that balance is subject to the balance transfer interest rate at the time of the transfer. The interest rate I do not know. If my math is correct it is around 7.5% based on the amount in the post. What I am I missing?
You didn't mention the terms of your balance transfer offer, but this seems like just a clear case of no grace period on a non-0% balance transfer? You mentioned "no fees," but CapOne usually doesn't offer 0% and $0 fee transfers like some credit unions do and some card issuers have in the past. Mixing and matching purchases with balance transfers, they do offer the aforementioned Interest Saver option, but even if it's a 1% balance transfer with no fees, there would be interest accrued daily from the time the transfer was initiated.
