Frequently Asked Questions
How Do You Calculate My Balance?
We use a method called “average daily balance (including new
transactions).” See “How Do You Calculate The Interest Charge?” section
in the enclosed Additional Disclosures.
What Are My Billing Rights?
Information on your rights to dispute transactions
and how to exercise those rights is provided in the “Your Billing
Rights” section in the below Additional Disclosures.
Am I Eligible For This Offer?
Please refer to the enclosed Additional Disclosures & Terms and Conditions.
Are There Any Other Penalty Fees Associated With This Card That Are Not Listed In The Box Above?
No. There are no additional Penalty Fees associated with this card.
What Should I Put For Total Annual Income?
You may include personal income, which is income you have earned,
including full-time, part-time, or seasonal jobs, self-employment,
interest or dividends, retirement, and public assistance. You may also
include shared income, which is money from somebody else that is
regularly deposited into your individual account or into a joint account
that person shares with you. If you are 21 or over, you may also
include somebody else’s income that is regularly used to pay your
expenses.
What Will My APR Be If I Transfer A Balance?
Any balances that you transfer will receive your Transfer APR and will be posted to the Purchase segment of your account.
Can You Change My APRs?
While a late payment won’t cause your APR to increase, in the future, we
may increase your APRs if market conditions change. If we increase your
APRs for any reason other than an increase in the Prime rate, the new
APRs will apply only to new transactions you make after we notify you of
the change in writing.
Can You Change My Account Terms?
We can change the terms of your account as permitted by law. When required, we will send you notice before doing so.
How Do You Calculate My Variable Rates?
Your variable rates may change when the Prime rate changes. We calculate
variable rates by adding a percentage to the Prime rate published in The Wall Street Journal on the 25th day of each month. If the Journal
is not published on that day, then see the immediately preceding
edition.
Variable rates on the following segment(s) will be updated quarterly and
will take effect on the first day of your January, April, July and
October billing periods:
Non-Introductory Purchase APR: Prime plus 19.65%;
Non-Introductory Transfer APR: Prime plus 19.65%;
Cash Advance APR: Prime plus 19.65%.
Any increase in the Prime rate may increase your Interest Charges and
your Minimum Payment.
How Do You Determine My Credit Line?
We will determine your credit line after a review of your application
and your ability to pay. If your application is approved, the minimum
credit line you will receive is $300.
What Are The Daily Periodic Rates Used To Calculate My Interest?
The daily periodic rate for your
Introductory Purchase APR is 0.00000%,
Non-Introductory Purchase APR is 0.06274%,
Introductory Transfer APR is 0.00000%,
Non-Introductory Transfer APR is 0.06274%,
and Cash Advance APR is 0.06274%.
See “How Do You Calculate The Interest Charge?” section in the below Additional Disclosures.
How Do You Calculate My Minimum Payment?
If your balance is less than $25, your minimum payment will be equal to
your balance. Otherwise, your minimum payment will be the greater of $25
or 1% of your balance plus new interest, late payment fees, and an
amount equal to a full year of membership fees divided by 12. We will
also add any past due amount to your minimum payment. If your Account is
180 days past due, part of a bankruptcy proceeding or otherwise charges
off, the entire balance is due immediately.
MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated.
THINGS YOU SHOULD KNOW ABOUT THIS REWARDS PROGRAM
How do I earn rewards?
You will earn 1.5% cash back on net purchases
(purchases minus any credits or returns) only. Cash advances, balance
transfers, and checks used to access your account are not considered
purchases and will not earn rewards.
Will my rewards ever expire?
Your rewards are yours for the life of the
account—they will not expire. But if your account is closed, you will
lose any rewards you have not redeemed.
Is there a limit to the amount of rewards I can earn?
There is no cap to the amount of rewards you can earn on purchases.
How do I redeem my rewards?
You can get your cash back upon request in the form
of a statement credit or a check. You can also set up an automatic
redemption preference; options include: (1) at a set time each calendar
year or (2) when a specific threshold ($25, $50, $100 or $200) has been
reached. Just go online to capitalone.com or contact our Rewards
Center. You can also redeem for credits for previous purchases, gift
cards, and more. Rates for these redemption options may vary and are
subject to change without notice.
What happens if I do not set up an automatic redemption preference?
Until you set up an automatic redemption preference, you will receive your cash back upon your request.
How often can I change my automatic redemption preference?
You may change your automatic redemption preference
at any time, but you cannot request an annual redemption to be fulfilled
in the same month you make a change. If you have an automatic
redemption preference, you may also make upon-request redemptions
without interfering with your pre-established automatic redemption
preference.
Is my account eligible to transfer rewards?
Your account may be eligible to transfer rewards.
Please be aware that transfers are only permitted between certain
Capital One No Hassle Rewards accounts. Not all rewards products are
eligible for transfer.
THINGS YOU SHOULD KNOW ABOUT THIS CARD
When Can I Request A Balance Transfer?
You may call the customer service number with that request 10 days after your account has been opened.
How Do You Apply My Payment?
We will apply payments up to your minimum payment first to the balance
with the lowest APR (including 0% APR), and then to balances with higher
APRs. We apply any part of your payment exceeding your minimum payment
to the balance with the highest APR, and then to balances with lower
APRs.
How Can I Avoid Paying Interest Charges?
If you pay your statement’s “New Balance” in full by the due date, we
will not charge interest on any new transactions that post to the
Purchase balance. If you have been paying your account in full with no
interest charges, but then you do not pay your next “New Balance” in
full, we will charge interest on the portion of the balance that you did
not pay. For cash advances and special transfers, we will start
charging interest on the transaction date. From time to time, we may
give you offers that allow you to pay less than the total balance and
avoid Interest charges on new transactions that post to your purchase
balance. If we do, we will provide details in the specific offer.
How Is The Interest Charge Applied?
Interest charges accrue from the 1) date of the transaction, 2) date the
transaction is processed or 3) first calendar day of the billing
period. Interest charges accrue on every unpaid amount until it is paid
in full. This means you may owe interest charges even if you pay the
entire “New Balance” one month, but did not do so for the previous
month. Unpaid interest charges are added to the proper segment of your
account. However, we reserve the right to not assess interest charges at
any time.
How Do You Calculate The Interest Charge?
We use a method called Average Daily Balance (including new
transactions). Under this method, we first calculate your daily balance;
for each segment, 1) take the beginning balance and add in new
transactions and the periodic interest charge on the previous day’s
balance, then 2) subtract any payments and credits for that segment as
of that day. The result is the daily balance for each segment. However,
if you paid your previous month’s balance in full (or if your balance
was zero or a credit amount), new transactions which post to your
purchase or special purchase segments are not added to the daily
balances. Also, transactions that are subject to a grace period are not
added to the daily balances.
Next, to find your Average Daily Balance: 1) add the daily balances
together for each segment, and 2) divide the sum by the number of days
in the billing cycle.
At the end of each billing cycle, we determine your Interest Charge
as follows: 1) multiply your Average Daily Balance by the daily periodic
rate (APR divided by 365) for that segment, and 2) multiply the result
by the number of days in the billing period. NOTE: Due to rounding or a
minimum interest charge, this calculation may vary from the interest
charge actually assessed.
Are Unauthorized Use Or $0 Fraud Liability Claims Subject To Investigation And Verification?
Yes.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT:
To help the government fight the funding of terrorism and money
laundering activities, Federal law requires all financial institutions
to obtain, verify and record information that identifies each person who
opens an account. What this means for you: When you
apply for or open an account, we will ask for your name, address, date
of birth and other information that will allow us to identify you. We
may also ask to see your driver’s license or other identifying
documents.
STATE-SPECIFIC INFORMATION
California Residents: Applicants may: 1) after credit
approval, use the credit card account up to its credit limit; 2) be
liable for amounts extended under the plan to any joint applicant. As
required by law, you are hereby notified that a negative credit report
reflecting on your credit record may be submitted to a credit reporting
agency if you fail to fulfill the terms of your credit obligations.
Ohio Residents: Ohio anti-discrimination laws require
creditors to make credit equally available to all creditworthy customers
and that credit reporting agencies maintain separate credit histories
on individuals upon request. The Ohio Civil Rights Commission
administers these laws.
New York and Vermont Residents: Capital One may obtain your
credit reports, for any legitimate purpose associated with the account
or the application or request for an account, including but not limited
to reviewing, modifying, renewing and collecting on your account. On
your request, you will be informed if such a report was ordered. If so,
you will be given the name and address of the consumer reporting agency
furnishing the report. New York residents may contact the New York State
Department of Financial Services by telephone or visit its website for
free information on comparative credit card rates, fees and grace
periods. New York State Department of Financial Services: 1-877-226-5697
or http://www.dfs.ny.gov.
Wisconsin Residents: No provision of any marital property
agreement, unilateral statement, or court order applying to marital
property will adversely affect a creditor’s interests unless, prior to
the time credit is granted, the creditor is furnished with a copy of the
agreement, statement or court order, or has actual knowledge of the
provision.
IMPORTANT INFORMATION ABOUT CREDIT REPORTING
We may report information about your account to credit bureaus. Late
payments, missed payments, or other defaults on your account may be
reflected in your credit report.
YOUR BILLING RIGHTS: KEEP THIS DOCUMENT FOR FUTURE USE
This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
What To Do If You Find A Mistake On Your Statement:
If you think there is an error on your statement, write to us at:
Capital One
P. O. Box 30279
Salt Lake City, UT 84130-0279
In your letter, give us the following information:
-
Account information: Your name and account number.
-
Dollar amount: The dollar amount of the suspected error.
-
Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake.
You must contact us:
- Within 60 days after the error appeared on your statement.
- At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong.
You must notify us of any potential errors in writing.
You may call us or notify us electronically, but if you do we are not
required to investigate any potential errors and you may have to pay the
amount in question.
What Will Happen After We Receive Your Letter.
When we receive your letter, we must do two things:
- Within 30 days of receiving your letter, we must tell you that we
received your letter. We will also tell you if we have already corrected
the error.
- Within 90 days of our receipt of your letter, we will send you a
written notice explaining either that we corrected the error (to appear
on your next statement) or the reasons we believe the bill is correct.
While we investigate whether or not there has been an error, the following are true:
- We cannot try to collect the amount in question, or report you as delinquent on that amount.
- The charge in question may remain on your statement, and we may continue to charge you interest on that amount.
- While you do not have to pay the amount in question
until we send you a notice about the outcome of our investigation, you
are responsible for the remainder of your balance.
- We can apply any unpaid amount against your credit limit.
After we finish our investigation, one of two things will happen:
-
If we made a mistake: You will not have to pay the amount in question or any interest or other fees related to that amount.
-
If we do not believe there was a mistake: You will have to pay
the amount in question, along with applicable interest and fees. We will
send you a statement of the amount you owe and the date payment is due.
We may then report you as delinquent if you do not pay the amount we
think you owe.
If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days
telling us that you still refuse to pay. If you do so, we cannot report
you as delinquent without also reporting that you are questioning your
bill. We must tell you the name of anyone to whom we reported you as
delinquent, and we must let those organizations know when the matter has
been settled between us.
If we do not follow all of the rules above, you do not have to pay the
first $50 of the amount you question even if your bill is correct.
Your Rights If You Are Dissatisfied With Your Credit Card Purchases.
If you are dissatisfied with the goods or services that you have
purchased with your credit card, and you have tried in good faith to
correct the problem with the merchant, you may have the right not to pay
the remaining amount due on the purchase. To use this right, all of the
following must be true:
- You must have used your credit card for the purchase. Purchases made
with cash advances from an ATM or with a check that accesses your
credit card account do not qualify; and
- You must not yet have fully paid for the purchase.
If all of the criteria above are met and you are still dissatisfied with the purchase, contact us in writing at:
Capital One
P. O. Box 30279
Salt Lake City, UT 84130-0279
While we investigate, the same rules apply to the disputed amount as
discussed above. After we finish our investigation, we will tell you our
decision. At that point, if we think you owe an amount and you do not
pay, we may report you as delinquent.
