Thread: Never, Never Use Cap 1, Ever!!!!!!

I requested a BT earlier this week. Within 2 days they had added the BT to my account. They sent a check to the other account so it would take 7-10 days to go through. So in effect i'm paying interest on the same money twice!!!! While this is happening I had a prearainged charge go through which of course put me over the limit, $29 charge. They will not waive it.

Screw them. Card is paid off and I will NOT use it again!!!!!!

I have had no problems with Cap One. Of course it will take a few days for a balance transfer to go through. You ever heard of the US Mail? As for the prearranged charge, Cap One is not responsible for maintaining your credit limit. You are. I know Cap One gives conservative limits, but keeping your limit about $50 below your CL will avoid most problems (not all).

Originally posted by thetravele
I requested a BT earlier this week. Within 2 days they had added the BT to my account. They sent a check to the other account so it would take 7-10 days to go through. So in effect i'm paying interest on the same money twice!!!! While this is happening I had a prearainged charge go through which of course put me over the limit, $29 charge. They will not waive it.

Screw them. Card is paid off and I will NOT use it again!!!!!!

Originally posted by thetravele
I requested a BT earlier this week. Within 2 days they had added the BT to my account. They sent a check to the other account so it would take 7-10 days to go through. So in effect i'm paying interest on the same money twice!!!! While this is happening I had a prearainged charge go through which of course put me over the limit, $29 charge. They will not waive it.

Screw them. Card is paid off and I will NOT use it again!!!!!!

YOU ALWAYS PAY INTEREST ON BOTH SIDES OF THE DEAL!!!

But when you cut the rate you pay by 10% or more...
YOU WIN, even with up to 30 days for a BT to post!!!

F.Y.I.~~THEY ARE NEVER RESPONSIBLE FOR AN "EXACT" DATE A BT WILL POST!!!

Does anyone else have the good fortune of capital one not showing up on Equifax?

I have three cap 1 accounts and they are on the other two but not Equifax.

pb

Just call them and ask them to report the TL not being reported. Cap One is reporting on all 3 for me

Originally posted by psbates
Does anyone else have the good fortune of capital one not showing up on Equifax?

I have three cap 1 accounts and they are on the other two but not Equifax.

pb

The rate wasn't cut by 10%, it was only 5%. I was paying 35% interest on the amount. I wasn't recieving any special offer from Cap 1 for the BT. If the rate was 3.9% or anything like that I wouldn't mind. Thats why I was pissed.

Cap one's been great to me.... As mentioned above its your responsiblity to maintain your balance in porportion to your credit limit, not the bank's.

Thw way a BT works is. (1) you make the request. (2) Your bank honors it by submitting a check to the other creditor. It then posts the amount of the check to your statement. Why? Because thats what you requested. (3) That check is then mailed to the other creditor. Why does it not getting posted to your other creditors statement immediately. maybe it has something to do with the fact they do not knoww the check is coming?!?!

Trust me unless your rate is several 1000%, you did not pay 35% interest on the money for a mere 7 days. It was probably more like .035%. It works like this for any BT no matter who you have.

Originally posted by thetravele
The rate wasn't cut by 10%, it was only 5%. I was paying 35% interest on the amount. I wasn't recieving any special offer from Cap 1 for the BT. If the rate was 3.9% or anything like that I wouldn't mind. Thats why I was pissed.

It seems like you are more upset over the fee than anything else. Maybe you should call them back and very nicely ask for the fee to be waived. If the rep can't waive it, ask for a supervisor.

Also, keep in mind- most companies say 7-10 days for a balance transfer, but most post much sooner. As far as I know, Cap One uses ACH for balance transfers. If they had to send a check, it was because the other company is not set up to accept electronic payments, which isn't Capital One's fault. As others have posted, the amount of interest that accrues will be minimal.

Call back, get the fee waived, and take this as a lesson learned.

Good Luck to you :)

I have had some ACH BT'S happen in 48 hours!!!

Some mailed BT'S as long as 20-30 days!!!