I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.
Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.
So beware if thinking about applying for this car.
@IncrsCreditScore wrote:I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.
Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.
So beware if thinking about applying for this car.
Wow, what a car
But seriously, Cap One has really did Wally card wrong imo. I closed my 15k store card and still have the MC but have zero incentive to use it. They dont give cli , or make it super hard for any level of spend, and its such a shame. My only Cap One card but for sure , even if i could, would not make me want to own another, and on 3 pulls? Lol , no. Better cards out there imo and better lenders though of course thats subjective
@AverageJoesCredit wrote:
@IncrsCreditScore wrote:I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.
Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.
So beware if thinking about applying for this car.
Wow, what a car
But seriously, Cap One has really did Wally card wrong imo. I closed my 15k store card and still have the MC but have zero incentive to use it. They dont give cli , or make it super hard for any level of spend, and its such a shame. My only Cap One card but for sure , even if i could, would not make me want to own another, and on 3 pulls? Lol , no. Better cards out there imo and better lenders though of course thats subjective
Glad you understand about the card, Average Joe. I am so disappointed. I was using it at Wally only, but, as you said, they would not give me a CLI which made by monthly usage a very high percentage. Will keep it in the sock drawer and maybe after a few more months, just cancel it. Sure don't want them to cancel it for non-use.
I sure hope that after the Pandemic is over, Walmart goes after CapOne for making it harder for people to get the Walmart cards and looks for a new portfolio owner. I thought the whole reason for the switch to CapOne was because Synchrony was doing a similar dis-service to customers & Walmart. I still use my Walmart MC. It provides padding to my file though, so getting rid of it isn't an option.
Is that normal treatment from CapitalOne with a day late payment or just unique to the Wal-Mart Card? Before setting up backup autopay I had been one day late on Chase on one occasion and one day late (it might have even been two days) on AMEX another occasion. Both times all late fees were waived and no issues. It probably helped that I set up auto pay at the same time that I was paying them in full.
That is really bad if the grace period is gone forever after a one day late payment!
@IncrsCreditScore wrote:I do not receive paper bills from Capital One; receive electronic bills. Month before last their bill was late for some reason, so my payment was one dam**d day late. The next month they charged me a late fee, as well as interest for my new purchases, even though I had paid them every penny showed on their website (which was more than the statement). So I decided to use it one more month and see if they again would chrage interest. They did. The interest charged was more than the 5% cash back, so decided to just sock drawer that stupid card. Before I applied for the card, I read all the warnings about their charging shenanigans, and I sure learned my lesson.
Hope this makes sense. Evidently, once they charge interest they will always charge interest, even if you pay the balance every month.
So beware if thinking about applying for this car.
You paid a day late because their e-bill was a day late? You mean their e-bill came exactly on the due date and that's why you were late on payment?
I'm confused! What am I not getting here?
Will try to answer all the questions. I received the email bill late in the evening two days before it was due. I mmediately went to their website to see how much money in total was owed and then, I immediately went to my bank's website to pay the bill. The quickest it could be paid by them was one day after the due date. I was hoping that paying not only the bill amount but the total of all charges after the bill was received would make everything okay. I paid everything due to that account, so that there was then a zero balance. After that, there were two charges on the next bill and that interest charge. I had never ever been late with a payment on the card and had always paid it a day or two in advance of the due date. I was very careful just simply because I had read about all their tricky business with interest, late fees, etc. The plan is to never have a CapOne card again. I had not heard of trailing interest until this message thread, so will look that up. But that could not have been the case in this situation, because I paid the full balance of every statment and sometimes more. I do have an Excel spreadhseet with closing dates, but I do not check it every single day. Thank you for your comments. I did find a new term for me to learn about with the trailing interest comment. If you have any more questions/comments, please share.