I had been a customer of Capital One for quite sometime starting in 2000 and ending in 2004. The reason I ended the relationship was just that I wanted to get rid of the card, since it wasn't needed anymore. Well here we are in 2008 and I decided to obtain another credit card with Capital One. So I received my new card, made some charges and on pay day I wanted to pay a majority of the money back to my card, to keep my payments consistent. So I log on to Capital One's website and read the disclaimer at the bottom of the website, when I was making a payment, and it stated that if I made a payment before 3 pm EST, it would post the same day. Well that's what I wanted, and made the payment on Friday Morning at 6 am.
So approximately after 3 PM EST, I check the my account at Capital One to see if the credit had been posted, and sure enough the $120.00 dollar payment was posted, just like I wanted it to be, but wait a second, why hasn't my credit / payment posted to my available credit?
So I decide to check my bank account and sure enough Capital One has taken the $120.00 dollar payment and it has cleared. So I call Capital One up and talked with some person, sounded like out of the UK and explained the problem. He told me because it was a new account and I had made an over the minimum payment, that I had to wait 10 days for my credit availability to reflect. 10 DAYS... what is with that.
I asked him to transfer me to his supervisor, which intern, I had been transferred to another CSR. Then 45 minutes later of burning minutes on my mobile phone, The Account Supervisor had told me that the 10 day hold was in the contract on my credit card, which at that time while I was on hold, I took a read at the contract again, and it never disclosed anything of that nature.
She also explained to me, that there was a discloser on the web site that gave them the right to wait 10 days to clear the funds. Again I told her there was no such discloser on the web site as I was looking right at it while on the phone with Account Supervisor.
She declined to release my posted payment to my credit available even though the bank had free and cleared the payment and that they had received the payment. What is with that. I hate that these big out of country corporations give us so much grief, especially when you make your payments way ahead of schedule.
Throughout my life I have doubt with a lot of credit cards, that have never treated me this way, including Capital One back in the day. I would tell anyone looking for a credit card, to look away from Capital One and their idiocracy of WHATS in your WALLET Commercials. The commes of the credit card industry.
WHATS IN YOUR WALLET... Poverty One.