Received a PFB response from Cap1 regarding reporting CL's on my CRs. They responded as most of you have already indicated...they just don't do it. I've seen several past posts on buying item(s) to max out the Credit High Limit, then returning them. Many state that you should return it when "it posts." This is where I need clarification... To get the MAXIMUM benefit of purchasing a high priced item on your Cap1 card, when should I return it? My statements post online on or about the 14th of each month. Should I wait for the next statement to be available (5/14/02)? or Should I simply wait for the charge to appear on my online account? How long do I have to keep this camcorder (not needed) before I will have Cap1 have some data point to report a Credit High amount? Thanks.
Checkout the top thread regarding "Creditnet Glossary"... http://consumers.creditnet.com/stra...ad.php?s=&goto=newpost&threadid=19921&pgnum=1 pfb = PLANETFEEDBACK (an online "feedback" service where you can send emails directly to companies and research other companies as well...sort of a BBB service) http://www.planetfeedback.com/
bump.... Is there a definitive answer to when merchandise should be returned? ...or do we need to spend more time on PFB (Planet Feedback)...
I would see if you can indeed return the merchandise, sometimes with electronic equipment, it can't be returned. You should also check with the retailer for their return/exchange policy. If I were you, I'd go to Target and buy it. They have a 90 day return policy. You don't even have to keep your receipt, as long as you pay with the credit card. Then it doesn't matter when you return it. Just return it before you have to pay on it! LOL
I bought the $1200 camcorder from Fry's Electronics and they have a 30 day policy for virtually anything (minus CDs, Software, Computer chips, etc) That's my point...It appears you have validated that I should just return it when I get my monthly statement. No?
I would return it before you get the monthly statement. Say it posts on the first...return it the 31st so you don't have that included in the monthly payment. It's definately going to be difficult to refigure out the payment without it. Don't take my word for it, I've never done it.
Ted, You can allow for the purchase to post on your online account (usually 2 days). One of the Cap One executive reps told me that the "high credit" = highest balance *posted* on the account. It doesn't necessarily have to be there over a cycle date (as I acheived this mid-cycle). But, to make sure, you can purchase something a week before your statement cycles (it should post by then). Then make the return right after the cycle closes and you'll be well within your grace period for no interest accumulated. I bought an expensive notebook at Sears, and returned it two weeks later, no problem.
Thank you both (Erica and Marci) for your responses. My online Cap1 account shows that my billing period ends on the 14th of each month. In addition, the purchase should be within the 20-25 day grace period. I will keep the camcorder until the 15th then return it.
