Consumer complaint received 2024-02-21 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Problem when making payments — Problem during payment process
Company: CAPITAL ONE FINANCIAL CORPORATION
State: CA

Complaint narrative:
On XX/XX/year>, I thought that I was paying in full my monthly balance on my Capital One credit card ( due XX/XX/year> ). The actual balance was {$890.00}, but I inadvertently ended up paying {$710.00}. I think that I made this error because Capital One includes as a payment option through its website " Last Posted Payment. '' It turns out that {$710.00} was the amount that I had also already paid XXXX month earlier for my previous month balance. I meant to pay off my " statement balance '' in full on XX/XX/year>. 

Capital One already has charged me {$13.00} in interest ( finance charges ) for my failure to pay off my XX/XX/year> balance in full. I also will incur additional interest charges for much of XX/XX/year>. To try to cut off more interest charges, I paid off my XX/XX/year> statement balance today. 

I do not like Capital One creating this " Last Posted Payment '' option. The " Statement Balance '' option makes the most sense. The " Current Balance '' option also is reasonable to display. Arguably the " Minimum Payment '' option is useful to some customers. But the " Last Posted Payment '' option, which I previously never had noticed, does not make sense for most customers, especially because the " Statement Balance '' changes from month to month for many customers. 

I think that the " Last Posted Payment '' option was created by Capital One in order to generate confusion among customers, which has just happened to me. I do not know when Capital One started offering that " Last Posted Payment '' option, but it seems very new and caught me by surprise. Now Capital One has ensnared me in a " finance charge '' loop that I preferred not to be in. 

I want CFPB to investigate the entire American credit card industry 's statement billing practices ( including at Capital One ) and determine how many consumers are falling into the " finance charge '' trap created by the " Last Posted Payment '' option.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - For the record, the following definitions are on the Capital One website : Amount Options Other Amount You choose the amount you want to pay.

Minimum Payment Pay this by your due date to avoid late fees. If you can pay a little more, you can save money on interest by reducing your balance faster.

Last Posted Payment The last posted payment.

Current Balance Pay this to pay off your current balance. Pending transactions, fees and interest charges may post and require additional payment.

Remaining Statement Balance Paying this amount may help you lower interest charges on your next bill. This amount is your last statement balance, minus currently scheduled, pending or posted payments that are received by your due date. It also includes AutoPay and returned payments. If you cancel any scheduled payments, you may have a balance due on your account. Check your account to confirm your balance.

Company response to consumer: Closed with monetary relief