I took advantage of Capital One "so called" 0% for 12 months offer that was sent to me and used one of their checks for $1,700 in Oct 2012 to pay some bills. I thought for 0% I could easily pay off the $1,700 in 12 Mos!
When I received my statements I was being charged interest even though I paid off my "transactions" balance every month. When I called them they stated I needed to pay an additional minimum payment of $25 towards the "free" check. The next month I did and still continued to get an interest charge each month-this happened even when I paid $1,000 of it off in one payment. They stated that as long as I had "ANY" balance owing that I would be charged interest-what?
In the end they actually told me IF I didn't want to pay any interest that I shouldn't use that card for any transactions because it would be 0% only if the balance was $1,600 total and no transactions happened each month. What? Have a credit card but don't use it-unreal. I decided to pay off the $1,600 within a couple of months rather than pay interest on a balance that was supposed to be 0% for 12 mos.
What a scam! I am sure MANY other Capital One customers who got this offer fell for this-nothing was mentioned on the paper offer sheet as to the fact that you needed to pay anything during the time you owed the check amount! On the positive side years ago Wells Fargo offered a balance transfer that was 0% interest for one year and it worked perfectly-I made monthly payments, never got charged any interest or fees and it was paid off before 12 mos-that is how this should have worked!
Each time I called customer service they were not helpful at all. Shame on Capital One.
Product or Service Mentioned: Capital One Credit Card.