Capital One
Special transfer check interest charged on current purchases too
- 10-07-2004
- 11
I have been a Capital One card holder for many years and in that time I have always paid my monthly statement in full in order not to pay any finance charges. Once or twice a month they have been sending me checks to use against my account.
Last August I decided to take advance of their 2.99 APR.in reading the fine print of their terms I was concerned about a sentence that read (you can not avoid paying a finance charge on this amount).
So before using this check I called and inquired about this loan and how it would be handled. I was told that I would only be charged interest on the loan portion as long as I kept paying off my purchases in full.
The next statement I received after this they had both my loan amount and the purchases combined.
The loan balance was on the bottom of the statement so that I could see what my purchases were.
Still being concerned about how my account was going to be handled I called a second time. I was told that as long as I paid the full balance of the purchases and a payment toward the loan that I would not be charged interest on my purchases. I sent a check for the amount of the purchases and a amount for more than the minimum to apply against the loan portion.
This month's statement included a finance charge on the purchases that I made. Not only that, but by using creative book keeping they didn't apply enough of the payment to pay off my purchases from the previous month as I expected. Now I am being charged a finance charge on this months purchases part of last months.
Why would anyone use a special transfer check so as to pay an added interest charge on current purchases.
When I called I was told that it was foolish of me to think that these items should be separate in that they are in the same account. That is interesting in that they combine and separate the amounts paid to suite their creative booking.
Company: Capital One
Country: USA
State: Virginia
City: Richmond
Address: PO Box 26074