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).
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
Re: Re: Never, Never Use Cap 1, Ever!!!!!! Just call them and ask them to report the TL not being reported. Cap One is reporting on all 3 for me
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.
Re: Re: Never, Never Use Cap 1, Ever!!!!!! 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.
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
Re: Re: Never, Never Use Cap 1, Ever!!!!!! I heard you the first time. The charge that was made was back in feb. It just happened to post at this time, I had no control over it. I asked nicely for them to waive it and they said no twice. I went to a manager, I also made a payment online to avoid the over the limit fee(didn't post in time). I did what I had to to avoid the fee. Its more the principle than anything else. When I write a check to someone the money is not taken out of my account until they cash the check, not when I write the check. This is a way for them to get money from me when they hadn't paid any money yet. No money changed hands. Now after everything is said and done, they owe me money for my over-payment.
Re: Re: Re: Never, Never Use Cap 1, Ever!!!!!! Do a PFB www.planetfeedback.com MR COOKE will listen to you...
Re: Re: Re: Never, Never Use Cap 1, Ever!!!!!! I know you've taken it on the chin a bit already with your post, but here's how i look at it. If they DIDN'T take that BT from your aco**** at the start, but waited the 10 days, then you would have had access to that money during those 10 days and ended up WAY over your limit when that BT cleared - a very dumb move for cap one to make. The check analogy isn't applicable - the check is drawn from your account. However, if I asked you for a $500 dollar check and said I'd give you the cash after it cleared, you'd probably laugh in my face. I know if I asked western union for a money order and told them to bill me when it cleared, they'd tell me to get lost.
Re: Re: Re: Re: Never, Never Use Cap 1, Ever!!!!!! Exactly. You would have had a false sense of available credit, then you would be here bitching about how Cap One allowed you to go way iver your limit.
Re: Re: Re: Re: Never, Never Use Cap 1, Ever!!!!!! When I write a check to someone the money is not taken out of my account until they cash the check, not when I write the check. thetravele ===================== If you want it to work this way you write the check from Cap 1 and mail it to the other bank. The END ************************* LB 59
