Consumer complaint received 2022-09-23
Company: CAPITAL ONE FINANCIAL CORPORATION
State: WI
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Problem when making payments
Sub-issue: Problem during payment process

Complaint:
I have a Menards Store Card through Capital One. I have made 4 purchases this year and chose promotional repayment options. My promotional balances/terms are as follows : 1. ) 6 mos same as cash : Purchase made on XX/XX/XXXX with an expiration date of XX/XX/XXXX. Initial charge was {$820.00} and as of today, the remaining balance is {$400.00} with {$59.00} of deferred interest that will be charged on XX/XX/XXXX if the balance is not paid. 

2. ) 0.00 % Financing for 1 year. Purchase made on XX/XX/XXXX with an expiration date of XX/XX/XXXX. Initial charge was {$1000.00} and has a remaining balance of {$860.00}. There is no deferred interest on this balance. 

3. ) 3.99 % Financing for 4 years. Purchase made on XX/XX/XXXX with an expiration date of XX/XX/XXXX. Initial charge was {$1800.00} and has a remaining balance of {$1500.00} and has no deferred interest due to being charged interest. 

4. ) 6 mos. same as cash : Purchase made on XX/XX/XXXX with an expiration of XX/XX/XXXX. Initial charge was {$370.00} with a current balance of {$370.00}. There is currently {$.00} of deferred interest. 

I contacted Capital One on XX/XX/XXXX and spoke to a customer service agent first, and then requested to speak with a supervisor. Both told me that my payments were being applied to the balance accruing interest first and then any overage applies to the other promotional balances. Based on the Credit CARD Act of XXXX, 15 U.S. Code 1666c, it indicates my payment, up to the minimum payment, must be applied to the special financing of 6 mos. same as cash balances and anything over the minimum, would then be applied to the balance accruing ongoing interest, but that is not what is occurring and they are unwilling to apply it as such and said that is not how the Federal Law reads.

The 1st 6 mos. same as cash promotional balance should already be paid off. I have made biweekly payments since XX/XX/XXXX and sometimes more. I have made the following payments : XX/XX/XXXX {$220.00} XX/XX/XXXX {$63.00} XX/XX/XXXX {$63.00} XX/XX/XXXX {$80.00} XX/XX/XXXX {$150.00} XX/XX/XXXX {$63.00} XX/XX/XXXX {$63.00} XX/XX/XXXX {$63.00} XX/XX/XXXX {$100.00} XX/XX/XXXX {$180.00} XX/XX/XXXX {$63.00} XX/XX/XXXX {$63.00} XX/XX/XXXX {$63.00} XX/XX/XXXX {$65.00} For total payments of {$1300.00} Per the statements, the minimum payments since XXXX were the following : XXXX minimum payment was {$29.00} XXXX  minimum payment was {$57.00} XXXX minimum payment was {$29.00} XXXX minimum payment was {$140.00} XXXX minimum payment was {$130.00} XXXX minimum payment was {$150.00} Total minimum payment amounts are {$540.00}, which should make the balance of my first 6 mos. same as cash {$270.00}. I made a {$220.00} payment on XX/XX/XXXX and another one was sent today, XX/XX/XXXX for {$200.00}, in order to pay off the 6 mos. same as cash prior to the expiration date so the interest would not be added to my card. 

I'm requesting help in addressing and fixing this issue so that I do not have deferred interest charges applied to my balance because of their negligence.

Company response to consumer: Closed with explanation