Balance Transfer Issue with Capital One Credit Card
Guest: Brammy
Credit Expert (100+ Posts)
Post subject: Balance Transfer Issue with Capital One Credit Card
Posted: Thu Jan 11, 2007 2:39 pm
My girlfriend got her Crapital One card. She requested a BT to two higher interest rate cards. Now. C1sent one ACH and one Mail. Here's the catc, although one was sent by mail, the charge shows up from the request date not the date the other creditor cashed the check and they can verify payment was made.
I've done quite a few BTs in the past and whenever the sender has had to send a check it did not show up on the new card until that check was cashed. A crappy trick to collect interest on money they still have in their bank
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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Jan 11, 2007 4:19 pm
Depends on the bank. Citibank doesn't show the BT until the check posts. American Express shows it as soon as it is issued. So does Bank of America.
I don't remember offhand what other banks do. Anyone?
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: Brammy
Credit Expert (100+ Posts)
Posted: Thu Jan 11, 2007 4:21 pm
Yikes!! I never knew that was legal. Like double jeoppardy for credit. You pay interest on both sides of the fence. I've never had noe do that. Its always been AFTER the check was returned to the lender it posts to the account. Even my bank does it that way with bill pay. No wonder they have no BT fees.
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Guest: Evilbunny
Credit Expert (100+ Posts)
Posted: Thu Jan 11, 2007 5:20 pm
Chase also posts it immediatly without waiting for the check to be cashed. Made for a pain in the event that the other company never received the funds But that is their way of getting as much interest as they possibly can
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: Balance Transfer Issue with Capital One Credit Card
Posted: Thu Jan 11, 2007 2:39 pm
My girlfriend got her Crapital One card. She requested a BT to two higher interest rate cards. Now. C1sent one ACH and one Mail. Here's the catc, although one was sent by mail, the charge shows up from the request date not the date the other creditor cashed the check and they can verify payment was made.
I've done quite a few BTs in the past and whenever the sender has had to send a check it did not show up on the new card until that check was cashed. A crappy trick to collect interest on money they still have in their bank
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Jan 11, 2007 4:19 pm
Depends on the bank. Citibank doesn't show the BT until the check posts. American Express shows it as soon as it is issued. So does Bank of America.
I don't remember offhand what other banks do. Anyone?
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Brammy
Credit Expert (100+ Posts)
Posted: Thu Jan 11, 2007 4:21 pm
Yikes!! I never knew that was legal. Like double jeoppardy for credit. You pay interest on both sides of the fence. I've never had noe do that. Its always been AFTER the check was returned to the lender it posts to the account. Even my bank does it that way with bill pay. No wonder they have no BT fees.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Evilbunny
Credit Expert (100+ Posts)
Posted: Thu Jan 11, 2007 5:20 pm
Chase also posts it immediatly without waiting for the check to be cashed. Made for a pain in the event that the other company never received the funds But that is their way of getting as much interest as they possibly can
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 4:33 PM
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