Credit Tips: Capital One Not Receiving Credit Card Payment on Time From Bank

Posted On: March 13, 2007

Author: LoopDLoop
Posted: Tue Mar 13, 2007 9:07 pm
Post subject: Capital one issue

My husband and I are on different shifts, we have both had credit issues in the past, but have worked to resolve it. We have 3 credit cards, the one we use is our capital one card because it has the highest limit. We use it for expenses during the week. We have had the card for about 2 yrs, never late on a payment, and have never paid interest on it.

We have always paid the bill in full to avoid interest, but the last few months there have been charges we leave on it until the bill comes in. I went to charge groceries today of $170, no problem. I went to the gas station to get a pop and a juice after taking my son to the park, and I was declined. I called capital one, and they had not recieved a payment of $600. We use bill pay from the bank. The payment was made a week ago, but said it cleared on the 12th. I am thinking the bank is at fault for waiting so long to clear it, but now I am going to be charged over the limit fees. I asked them why they didnt just deny the purchase I made if it was over the limit, they say they dont do that because people might be stuck in a situation they cant pay for items….Bullcrap!! They wanted to make an extra $40 bucks. She said we would have to request to not be approved for purchases over the limit….WTF?

I am upset, I dont want to have to pay over the limit fees, and I dont know how that will affect our credit with the card. Had I known, I could have used a different card with zero on it, or just paid cash.

Author: LoopDLoop
Posted: Tue Mar 13, 2007 9:10 pm
Post subject:

Also, our payment isnt due until the end of March, when he paid the $600 we were only freeing up more credit until the bill came, if that makes sense.

Author: fenster
Posted: Tue Mar 13, 2007 9:31 pm
Post subject:

I’d find out my bank’s policy on payments clearance and time frames to see if it’s at fault.

Author: LoopDLoop
Posted: Tue Mar 13, 2007 10:08 pm
Post subject:

Thanks, we will do that tomorrow, has anyone had any luck on negotiating fees with credit card companies?

I hope they will have the $600 listed on the account by tomorrow. It just kills me to spend money on that over the limit fee when I didnt have to.

I am just really disapointed in myself. I have learned that CC companies are into making money on uneducated consumers, because if you are smart and pay your bill in full every month…they make Zero off of you, and in some cases pay you with rewards for using the card. We have been doing that.

I just feel stupid that I managed to end up giving them some money after all I have been taught.

Author: darryl237
Posted: Wed Mar 14, 2007 12:32 am
Post subject: Re: Capital one issue

LoopDLoop wrote:

I am upset, I dont want to have to pay over the limit fees, and I dont know how that will affect our credit with the card. Had I known, I could have used a different card with zero on it, or just paid cash.

Your credit will most likely not be affected. For one thing, if you’re not 30 days late, all that you’re hit for is the late fee — no credit ding. CapitalOne might jack your rate, but since you always PIF, that shouldn’t matter.

Also, CapitalOne doesn’t report credit limits to the CRA’s; they use your high balance as a substitute for your credit limit. By going over the limit, you have just given yourself a “credit limit increase,” at least as far as the CRA’s are concerned. So you’ve actually given yourself a credit boost.

Sucks about the $40 though. It never hurts to ask if they’d forego the penalty this one time.

Another thought: use the credit card scheduler instead of the bank scheduler (i.e., pull the payment, not push). That should prevent similar problems in the future.

Labels: Credit Card Payment Not Showing Up on Statement, Delivery Confirmation Number When Paying Credit Card Online, Over Pament Fees on Credit Cards For Going Over the Limit