Capital One put a hold on my card!, It's brand new..wth? Options

[jen5276]

Hi all,
So I received a Capital One card with a $300 limit last month. I charged $150 on it, and I made a payment of $115 on last week. When I logged on to check my account, it's telling me there is no credit available.

So I called their CS and they told me that because it's a new account, they put it on hold for 10 days and the funds will be available then.

I never experienced this before, why would the put a hold on the card? If I would have know they were going to do that, I wouldn't have paid so much towards it.

So frustrating. Anyone else have this kind of experience with them?

[Googie]

[Stryker]

ttt.

[trevor]

This happens with capital one sometimes. They wait for the payment to clear before freeing up the credit limit. This is to protect them in the event the payment doesn't clear.

[MikeVQ]

Sheesh, now I am definitely NOT going to activate my Cap One card.

[jen5276]

This happens with capital one sometimes. They wait for the payment to clear before freeing up the credit limit. This is to protect them in the event the payment doesn't clear.

Well I paid through their website as a direct debit from my checking account...I didn't think that would take ten days to clear, but what can I do.

[ZeroDebt]

Hi all,
So I received a Capital One card with a $300 limit last month. I charged $150 on it, and I made a payment of $115 on last week. When I logged on to check my account, it's telling me there is no credit available.

So I called their CS and they told me that because it's a new account, they put it on hold for 10 days and the funds will be available then.

I never experienced this before, why would the put a hold on the card? If I would have know they were going to do that, I wouldn't have paid so much towards it.

So frustrating. Anyone else have this kind of experience with them?

Patience is a virtue You`re *new* to Cap 1, so they want to see how you handle your payments to them, before they stick their necks out any further for you. Play along The flip side to Cap 1, is that they base what they are willing to do for you, *heavily* on their past experience with you. This means that they often don`t do "pulls" on your CR, nor do they base your CL on your income(at least, that`s been MY experience with them over the last 8-9 years) Originally, I have told them I make about $600 a *month*)and have never updated or told them anything different to this day), but yet now have nearly $17k in available credit with them - all based upon their
experience with me. No inquiries, no requests for financials, no requests for documentation, no proof of income or request for employment information, EVER. Started with a single $200 CL card, now have 3 Cap 1 cards with a total CL of about $17k. All without ever *asking*
or filling out any forms of any kind. Again, patience is a virtue, and, if you do the right thing by them, Cap 1 will eventually reward you.
(Just my personal, first-hand experience with them)

[maxximus_75]

They did that with my first payment.

I think they want to check that the account you give is in working order as future payments (or at least mine) post the following morning after you submit the payment and even the same day if you do it before the cut-off time and the credit is instantly applied to you account without even leaving your own bank yet!

It is understandable that they do this. You are an unknown to them and they are trying to build a relationship with each other.

Get the first out of the way and if all goes well then, you shouldn't have any problems later on with them!

[trevor]

Be thankful for this hold of credit line. I had a problem about a month ago when I had made a payment from a new checking account and the payment posted the next day so I started using the card again. Only problem was that I had misentered the checking account number in the online form and when capital one submitted the payment to my bank, they couldn't find any account with the number I provided.

So, they reversed the payment and my new charges put me over the credit limit. No fees posted until the next month. I got them to reverse half the over limit fee.

Pissed me off, but now when I enter payment information online I check that the numbers are accurate a minimum of three times. Lesson learned.

This post has been edited by trevor: Jun 15 2008, 11:27 PM

[cnj]

They do the same to me. I just tell them to release the hold and they do. Sometimes the release conicdes with the system auto release and my cl temporarily doubles .

[nonaii]

web bank does the same to me -- and I've had the account for over 2 years. i have never been late, i make my payments with the exact same personal checking account. i don't go over the credit limit. it is not a matter of them not trusting me or my bank. at this point, i think it was because it was a 'subprime' card. my 'regular' cards don't place that long of a hold, but webbank will hold a payment over $100 for a week, every time. i no longer make large payments to the card precisely because of that. i have never had a regular CSR release a hold for me.

your mileage may vary, however. it can't hurt to ask.

as for capital one giving credit limit increases, again people's mileage varies........ just as their type of cards vary. the same thing with people who are able to receive interest rate decreases versus the rest of us receiving zilch (or a rate increase) when we call in.

i have had capital one for years, and never received a credit limit increase, automated or by phone. again, i have never been late for a payment. the first time i went over was because of a service fee added to a balance transfer putting me several cents (!) over -- i called immediately, after going online to make a payment to cover it, was told even a couple cents would be enough to trigger an OL fee, but they'd notate the account (whatever); no over limit fee charge appeared on my statement. that was customer courtesy. i'm thankful for small favors but i'd like a CL increase, too.

again, i'm only assuming this is because this version of capital one is a 'subprime' card. i'll use one of the backdoor numbers listed at this site, at the end of the year once my new accounts have aged; if Capital One still won't give me a CL increase, the card gets permanently sock-drawered instead of temporarily sock-drawered (I need the age).

[jen5276]

Thanks everyone for the info...It's funny because my grandmother has a new card with CapOne also, and when she made her first payment, they didn't do that...so I guess it's a random thing.

I will try to call to see if they can release the hold, but somehow I doubt it. does anyone have a CS number where I can reach someone in America, and not India? LOL Thanks.

Actually, my grandmother's first payment was only for the minimum, so that's probably why they didn't put a hold on it Thanks nonaii for that info!

This post has been edited by jen5276: Jun 16 2008, 08:08 AM

[cnj]

When it comes to releasing the hold any CSR can do it, no problem. But if you want to support the good ol' USA here ya go, 800-889-9939

[jen5276]

Thanks cnj! The cs rep I spoke with yesterday (in India LOL) told me that they couldn't release the hold. But I will try again, I'm not holding my breath.

[Erik373]

Let us know if you get the hold released. I'm going to be making my 1st payment soon and would like to know if calling works.

[Cactus Flower]

Hi all,
So I received a Capital One card with a $300 limit last month. I charged $150 on it, and I made a payment of $115 on last week. When I logged on to check my account, it's telling me there is no credit available.

So I called their CS and they told me that because it's a new account, they put it on hold for 10 days and the funds will be available then.

I never experienced this before, why would the put a hold on the card? If I would have know they were going to do that, I wouldn't have paid so much towards it.

So frustrating. Anyone else have this kind of experience with them?

A lot of banks do this and it isn't always just with new accounts.. I've experienced holds (up to THREE WEEKS) with the following.. HSBC/Orchard, PayPal Buyer Credit & Sam's Club/GEMB.. more and more banks are doing this.

[jen5276]

Well, be still my heart, but I was able to get through to someone who was able to remove the block! Thanks again CB, you guys are the best.

Maybe I just got lucky, because that doesn't seem to be the norm.

[arpowell67]

Same happens to me. I am trying to use my Credit Card like an AMEX card. I run up my limit each month and then pay it off in full every month. They put a hold on it every month. The funds clear my bank in 2 days, but Cap one will hold it for 10 days, unless I call and have the hold released. I was told if I wire the money it will not be put on hold. This month I will go to a branch and pay cash towards the credit card and see what their excuse is. I prefer a Credit Card with a limit, but I may end up going back to AMEX. I never had this probably with them.

[hjm331]

Same happens to me. I am trying to use my Credit Card like an AMEX card. I run up my limit each month and then pay it off in full every month. They put a hold on it every month. The funds clear my bank in 2 days, but Cap one will hold it for 10 days, unless I call and have the hold released. I was told if I wire the money it will not be put on hold. This month I will go to a branch and pay cash towards the credit card and see what their excuse is. I prefer a Credit Card with a limit, but I may end up going back to AMEX. I never had this probably with them.

Why don't you send them an electronic payment through your checking account online? You can add them as a payee with the Bill Pay service and make a payment to them. They will not hold your payments because they won't need to verify your payment, the bank that's sending the electronic payment is basically handing them the funds.

[GEORGE]

Hi all,
So I received a Capital One card with a $300 limit last month. I charged $150 on it, and I made a payment of $115 on last week. When I logged on to check my account, it's telling me there is no credit available.

So I called their CS and they told me that because it's a new account, they put it on hold for 10 days and the funds will be available then.

I never experienced this before, why would the put a hold on the card? If I would have know they were going to do that, I wouldn't have paid so much towards it.

So frustrating. Anyone else have this kind of experience with them?

THEY DO THAT SOMETIMES

Has it cleared your bank???

Can they do a 3-way call with your bank and tell them the charge has cleared???

or

Will they accept a fax to show that the charge has cleared (PROOF OFF THEIR WEB SITE)

[GEORGE]

Hi all,
So I received a Capital One card with a $300 limit last month. I charged $150 on it, and I made a payment of $115 on last week. When I logged on to check my account, it's telling me there is no credit available.

So I called their CS and they told me that because it's a new account, they put it on hold for 10 days and the funds will be available then.

I never experienced this before, why would the put a hold on the card? If I would have know they were going to do that, I wouldn't have paid so much towards it.

So frustrating. Anyone else have this kind of experience with them?

A lot of banks do this and it isn't always just with new accounts.. I've experienced holds (up to THREE WEEKS) with the following.. HSBC/Orchard, PayPal Buyer Credit & Sam's Club/GEMB.. more and more banks are doing this.

PAY AT THE REGISTER

NEVER ANY HOLDS

At least that is the way it is with WALMART cards

[jtoast]

Years ago I had a capital one card with my wife as an authorized user. When she decided to leave me, she maxed out the card($6,500 limit), paid the $6500 balance online (which credited instantly), took out another $6500 cash advance, and then emptied the bank account so the ACH bounced.

I suspect incidents like this are why they sometimes hold payments.

This post has been edited by jtoast: Oct 28 2009, 02:31 PM

[2fast]

Hi all,
So I received a Capital One card with a $300 limit last month. I charged $150 on it, and I made a payment of $115 on last week. When I logged on to check my account, it's telling me there is no credit available.

So I called their CS and they told me that because it's a new account, they put it on hold for 10 days and the funds will be available then.

I never experienced this before, why would the put a hold on the card? If I would have know they were going to do that, I wouldn't have paid so much towards it.

So frustrating. Anyone else have this kind of experience with them?

THEY DO THAT SOMETIMES

Can they do a 3-way call with your bank and tell them the charge has cleared???

When my accounts were new they used to put holds on, I'd call and they'd 3 way to my bank and release the $. Note that if you call after hours they'll go to your phone banking and have you walk through that to see if it cleared. It was kinda funny (in a not so great way) having them hear the 20 or so transactions more recent than theirs.
As the account aged the holds slowed and only were placed on larger payments, now after 6 months (on the newest one) I made several payments if over $1300 in a month and the funds were available next day allowing me to use the card for many times it's limit in a month.
I'm liking cap 1 for that reason alone.

This post has been edited by 2fast: Oct 28 2009, 02:48 PM

[GEORGE]

Sheesh, now I am definitely NOT going to activate my Cap One card.

THE CARD ACCOUNT IS OPEN EVEN IF YOU NEVER ACTIVATE THE CARD

ACTIVATION tells them you got the card in the mail

YOU PAID 2 or 3 HARD IQUIRIES FOR A CREDIT CARD AND YOU WON'T USE IT



This post has been edited by GEORGE: Oct 28 2009, 02:50 PM

[FonzieSpook]

Cap1:$6120/$10500(<---bought 3bdrm,1.5 bath home for $5350 + $850 closing costs. Financed at 0%APR for 18 months:)

Wow, a home under 6K in Long Island, NY? I don't get it!

[GEORGE]

Cap1:$6120/$10500(<---bought 3bdrm,1.5 bath home for $5350 + $850 closing costs. Financed at 0%APR for 18 months:)

Wow, a home under 6K in Long Island, NY? I don't get it!

ONE MONTH RENTAL???

TIME SHARE...ONE WEEK PER YEAR???

This post has been edited by GEORGE: Oct 28 2009, 05:22 PM