Capital One - Cut Off Time - 5 Pm NY Times - Even When You Speak With a Human Being

Posted by trmn8r on 2012-12-28:

They have to have a cutoff time. It sounds like you assumed it would be midnight, but I have never seen a credit card that does that. My CC company is 5pm Eastern Time - the same as Cap One.

Posted by ok4now on 2012-12-28:

Rather than have to deal with a cutoff time I find it far easier to pay the bill the day it arrives. This way I know it's paid in case I forget later. There is usually a three week grace period but paying on the last day can be very problematic.

Posted by At Your Service on 2012-12-28:

I can't agree more with the first two comments. It's far better to make a payment early than to be a little late.

So did you pay off the card and close the account? With all respect, what card did you find in its place that operates differently?

Posted by Obsfucation on 2012-12-28:

There is a cutoff time because the federal reserve system that handles checks and electronic transactions has a cutoff. The same thing happens in most banks. A deposit made after 4pm today (or so) will be posted effective 1/2/13.

Posted by clutzycook on 2012-12-28:

There are a lot of companies that have this kind of rule (the cutoff time is the close of the business day in the Eastern time zone). Living in the Central time zone it usually doesn't affect me too much, but I can imagine that it's rather frustrating to those that live further west. However, if you're making a payment at 7pm PST, that's 10pm EST; even if you can reach a CSR 24/7, there is basically zero chance there is anyone in the billing department at that hour that can process your payment. THAT'S why they couldn't process your payment at that moment in time.

If you're like me, there are times when you can't pay the bill the minute it arrives because your checkbook won't allow it. What I typically do is set up a reminder in the calendar app on my phone to notify me when a due date is 10 days out. Then I will go to my bank's online bill pay and arrange for it to be paid either a day or two before it's due or (if I'm really short of funds) on the day it's due. That way it'll get posted on time and you don't have to think too hard about it.

Posted by Susan on 2012-12-28:

I suspect that the Capital One representative giggled because of your tone with her and because you refuse to accept the fact that the cut-off time for submitting payment to be credited on that day had passed.