Hi all, Trying to figure out how capital one determines the "high balance" number they report instead of the credit limit. I was hoping that someone knew if they used the highest balance at statement time, or highest balance at any point, etc. I'm going to temporarily max out my cards (2) so that the high balance they report is actually the limit. Thanks!
thats correct. They go by the highest amount that you charge/bt. Be careful to allow money for finance charges because if it is maxed out you will not be eligible for a credit limit increase for 12 months in addition to $29 overlimit fee!!
Thanks for the reply! Do the monitor the account, and report the highest on any given day, or do they just check it once monthly and only update it is it's higher than last reported? I was thinking about paypal'ing the funds to a buddy, having him hold it for a few days and then refunding it back to me... As far as I can tell, there aren't any fee's for doing this (it would be posted as a refund to my Cap1 though - not a payment).
I don't think the refund will automatically go back to your card. Instead, you will have a credit balance in your paypal account.
They report the highest any given day. But the paypal thing doesn´t work I tried it some time ago. Sending to a friend (myself with another account) and then after 5 days or so declined the payment so they charge back or cancel the transaction. They never reported the limit I reached on this transaction.
You can still do the same, let you're friend keep the money, and then use the money to pay it off. ...but then you have to pay the paypal fees they charge for accepting a cc payment
