How does Capital One charge interest?

[Mantis350]

So just as a data point.  I got my statement cut dates confused about 2 months ago with my Cap1 card and called them to inquire as to the interest charge.  The CSR informed me of the policy and actually credited the interest charge to my account (it was right around $37).  I've had a very good relationship with them and always PIF so maybe with my record with them, they just wanted to keep me happy.  I suggest you call if you really want to try to get the credit but YMMV and I know what they did for me was above and beyond but it never hurts to call.

[Ghoshida]

---

@Anonymous wrote:

This is the first time I have ever been charged interest. I've carried balances before but only with a 0% interest promo. This month I left a $300 balance on one of my cards (all others PIF) and that statement cut yesterday. I logged in to pay and the balance is now $305.49. If I PIF today, versus if I PIF by due date, versus if I pay some of the balance, what will the interest do? Does it add to the balance each day or just monthly? What about the grace period? I read somewhere that it is forfeited once interest is charged.

Sorry if I'm asking the obvious. Tried to research and got lost in all the info.

---

Some generic suggestions, without knowing all about your particular card's T&C.

(1) If you can, pay up the entire $305.49 now. If not, pay as much as you can now, and by all means pay up the remaining no later than the due date.

(2) If you can, move your new purchases to your other cards or cash. If not, try to pay the new purchases by the due date as well. Try your best to let Cap One post a $0 statement next time.

(3) If they still charge an interest on your next bill when you have $0 statement, send them a secure message / ask through chat to remove that interest as a one-time favour and restore the grace period. You should be golden that point onwards.