CapOne Isn’t Crediting Acct for Overpayment

[Credit_hawk]

Hey guys,

Checking in here with an issue I’ve not come across. So I have two CapOne accounts and their due dates are the 2nd. I don’t use the cards much. I set a payment for the due date—a full balance payment on both cards. Well, for some reason, CapOne ran both my scheduled full payment on both accounts but also double dipped and dinged me for the $25 autopay on each account. So my accounts both have a -$25 balance ($25 credit). So I go to spend up to $25 on each card to wipe the overpayment off my account and now as the charges are clearing it’s deducting the $25 from my total credit available amount and reflecting as charges instead of debiting the overpaid credit. So as it stands, on my QS I spent $17.35 of the -$25 balance. Well now it’s reflecting -$17.35 as my balance (instead of -$7.65) and taking that off the total available credit. The total credit should be the full available credit until I exhaust the overpayment. And the debiting of funds should be making the -$25 figure smaller until I approach 0 as basic math dictates. My statement closes today at midnight. I don’t know if I should call before or just assume this will all correct when the statement cuts. I do not want these cards reporting a balance to my CR’s for the month and certainly I don’t want to see that it’s trying to charge me for spending my $25 credit.

Does anybody have experience with this? I’ve never seen so many computer issues with a bank before and I’ve overpaid by accident a few times with BOFA and CHASE. Thanks for any help.

[HeavenOhio]

Yeah. It's doing what most cards do. Overpayments affect your balance, but charges are deducted from your limit as usual. AMEX is an exception to this practice. If you overpay, your available credit will increase.

[UncleB]

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@HeavenOhio wrote:

Yeah. It's doing what most cards do. Overpayments affect your balance, but charges are deducted from your limit as usual. AMEX is an exception to this practice. If you overpay, your available credit will increase.

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+1

I overpaid Capital One $1800 one time, so I'm quite familiar with this scenario (ha).  Within a day (usually overnight) the credit balance will be applied and the limit will be restored.

This is how Capital One keeps you from artificially giving yourself a higher limit, since no matter how much of a credit balance you have it's not possible to charge more than your actual credit line (at least until the credit balance is applied overnight).

[NRB525]

How many cards do you have, and what are the limits on these cards? 

With practically 800 scores ( congrats for that ), it seems unlikely this will cause real score issues in any score model, and certainly causes no issues long term with scores since it will be forgotten with the next statement cycle. 

[Credit_hawk]

Hey guys, thanks for the responses. It may be normal for the total available credit to decrease even though it makes no mathematical sense as I’m not spending my credit limit. But my main concern is the accounting for the balance on the card is nonsensical. It’s should be -$25 and decreasing towards $0 as I make more charges. That’s NOT what is happening. It’s reflecting whatever I charged total as a negative. So I charged $18 to my -$25 balance. It should show -$7 as my balance. It does not! It shows -$18. This makes no logical or mathematical sense.

It seems some are focusing on the total credit available. Though I did mention it, I really don’t care about that. I care about the calculations of the balance.

[zerofire]

I think you might be mistaking a temp-hold for a charge. If your purchase was recent then Capital One will only apply a temp-hold. This will restrict a portion of your limit which might be different from the actual charges. A few days later the actual charge should show up and replace the temp-hold to become the permanent amount due. This is also how restaurants work by adding a tip to the final and getting a hold on the meal cost only. I think you should wait a few days for the numbers to stabilize. If it still is an issue around Tuesday then you should call in.

Also all banks take some time to apply credits to accounts. Capital One will not let you over your limit. You first charge to your limit then overnight the overpayment is applied back to your available limit. I am not sure that charges you made and in what order so I have no clue what the real amount showing should be. I am guessing that all of your charges might not have applied yet.

[kdm31091]

I would just relax and give it a few days to settle. I think it is normal, or at least not uncommon, for things to process in this way with overpayments. As others have stated, they do not want you to artificially inflate your credit limit (not that you were trying to, but it's why things tend to work how they are working out for you in this scenario).

I think if you give it a few days all will be fine.

[mikesonthemend]

I purposely overpaid due to a trip I was taking. I needed the card for a rental car and my limit was not sufficient. When I went to charge the car it was declined. A ten minute phone call with customer service and the charge was approved.