@GeminiGemNC wrote:I did get that message. I'll try calling them tomorrow. I'm hoping it's fine that I paid the balance to zero since the statement was sent.
Thanks for the advice!
@Remedios wrote:
@SouthJamaica wrote:
@GeminiGemNC wrote:My statement balance is higher than my current balance due to a credit. I paid the current balance last week and I'm trying to figure out if I will have interest due to not paying the full statement balance.
As of today, I have a $34 balance. Do I need to have a zero balance on the due date to not incur interest?
I would work on the assumption that you do need to pay off the whole statement balance. I wouldn't take chances.
They cannot because Cap One will not allow it. They will get a message like this
I understand the need for caution but you cannot pay what was credited already.
@GeminiGemNC give it a try and you'll see.
When you receive statement credit like OP did, amount simply isn't there any longer.
It is totally fine, most of us have had return with statement credit at some point.
This is just how it works.
There is some convoluting here happening, probably due to those who got burned thinking that they didn't have to pay statement balance because they redeemed rewards. Call them if you need additional reassurance, all they will tell you is to pay what you already paid. This is not a trap lol
I can't speak for CapOne, but, in my experience on most cards, credits reduce the balance you owe, but they don't count as a payment. Which means, even if you receive a credit (either via a refund or by redeeming cashback, etc.), and that credit doesn't take your balance down to zero, you'll still have to make at least the minimum payment on that statement, or the remaining balance if it's less. This relates to when a payment is required, not how interest is charged.
So, if your statement cut with a $1,034 balance, and you then receive a $1000 refund/credit, the $34 remaining balance is still due (or the minimum payment at least, if it's less). You don't have to pay $1,034. If you let the balance carry, you'd be charged interest on the remaining/current balance, not the full $1,034. I'd just pay it to zero to be safe.
@Remedios wrote:
@SouthJamaica wrote:
@GeminiGemNC wrote:My statement balance is higher than my current balance due to a credit. I paid the current balance last week and I'm trying to figure out if I will have interest due to not paying the full statement balance.
As of today, I have a $34 balance. Do I need to have a zero balance on the due date to not incur interest?
I would work on the assumption that you do need to pay off the whole statement balance. I wouldn't take chances.
They cannot because Cap One will not allow it. They will get a message like this
I understand the need for caution but you cannot pay what was credited already.
@GeminiGemNC give it a try and you'll see.
When you receive statement credit like OP did, amount simply isn't there any longer.
They can always push the payment.
@GeminiGemNC wrote:I did get that message. I'll try calling them tomorrow. I'm hoping it's fine that I paid the balance to zero since the statement was sent.
Thanks for the advice!
@Remedios wrote:
@SouthJamaica wrote:
@GeminiGemNC wrote:My statement balance is higher than my current balance due to a credit. I paid the current balance last week and I'm trying to figure out if I will have interest due to not paying the full statement balance.
As of today, I have a $34 balance. Do I need to have a zero balance on the due date to not incur interest?
I would work on the assumption that you do need to pay off the whole statement balance. I wouldn't take chances.
They cannot because Cap One will not allow it. They will get a message like this
I understand the need for caution but you cannot pay what was credited already.
@GeminiGemNC give it a try and you'll see.
When you receive statement credit like OP did, amount simply isn't there any longer.
Just push the payment from your account, rather than trying to pull the payment on Capital One's site.
@Remedios wrote:
@GeminiGemNC wrote:I did get that message. I'll try calling them tomorrow. I'm hoping it's fine that I paid the balance to zero since the statement was sent.
Thanks for the advice!
@Remedios wrote:
@SouthJamaica wrote:
@GeminiGemNC wrote:My statement balance is higher than my current balance due to a credit. I paid the current balance last week and I'm trying to figure out if I will have interest due to not paying the full statement balance.
As of today, I have a $34 balance. Do I need to have a zero balance on the due date to not incur interest?
I would work on the assumption that you do need to pay off the whole statement balance. I wouldn't take chances.
They cannot because Cap One will not allow it. They will get a message like this
I understand the need for caution but you cannot pay what was credited already.
@GeminiGemNC give it a try and you'll see.
When you receive statement credit like OP did, amount simply isn't there any longer.
It is totally fine, most of us have had return with statement credit at some point.
This is just how it works.
There is some convoluting here happening, probably due to those who got burned thinking that they didn't have to pay statement balance because they redeemed rewards. Call them if you need additional reassurance, all they will tell you is to pay what you already paid. This is not a trap lol
In my experience with several balance transfers to play short term $500 BT games, the first month such a charge turns up, which might trigger interest on other banks, does not do so on Capital One, zero interest in the first statement. At the same time, when the BT balance was reduced, in month three, and I paid the $100 or so to zero, for that third statement, they didn't charge any follow on interest, even though other banks would do so in that last month. No interest on a final statement when that statement started with an interest-charged balance and went to zero balance.
Since this is a combination of both ( perhaps having a balance that triggers interest in a new month, and at the same time bringing the balance to zero ) I really don't think CapOne will charge any interest on this account.
@CreditMarathoner wrote:I can't speak for CapOne, but, in my experience on most cards, credits reduce the balance you owe, but they don't count as a payment. Which means, even if you receive a credit (either via a refund or by redeeming cashback, etc.), and that credit doesn't take your balance down to zero, you'll still have to make at least the minimum payment on that statement, or the remaining balance if it's less. This relates to when a payment is required, not how interest is charged.
So, if your statement cut with a $1,034 balance, and you then receive a $1000 refund/credit, the $34 remaining balance is still due (or the minimum payment at least, if it's less). You don't have to pay $1,034. If you let the balance carry, you'd be charged interest on the remaining/current balance, not the full $1,034. I'd just pay it to zero to be safe.
@CreditMarathoner EXACTLY! I am pretty sure that the Credit Cards that I have specifically mention this with respect to "Cash Back" rewards. I typically have the cashback rewards deposited into my checking account....that way there is no "confusion". However, as best I can tell, not all Credit Cards allow this.
I beleive that my AMEX BCE allows one to "use to pay part of the balance" but under a set of conditions (one such condition being that you can only do this once you have at least $25 in rewards....another such condition being that this reward does *NOT* constitute making a payment).......
Nice catch. I was thinking the exact same thing (because of my AMEX BCE).
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